subject: Whole Life Insurance For Seniors [print this page] Whole life insurance for seniors can be a great way to help you protect a portion of your wealth and transfer it to any intended beneficiaries once you pass on. However, life insurance policies such as this one are rarely a one-size-fits-all product which you will need to find the best one for your coverage needs from an affordable and reliable insurance provider, as inadequate coverage or an unstable or fly-by-night insurance company could leave you or your beneficiaries in the lurch when coverage is needed the most.
Buying life insurance for seniors is somewhat more complicated than buying coverage for younger policyholders. For one, seniors need specialized coverage that will help them in case chronic or terminal illness or other retiree-specific concerns occur. Some senior life insurance policies come with immediate coverage (which will be helpful in case the plan holder passes on soon after the policy is implemented), or a rider that has provisions for terminal illness, for example. These types of coverage can be good choices for seniors with health problems, although younger seniors who are active and healthy will find features such as these an unnecessary drain on their finances. When it comes to whole life insurance for seniors, a policyholder who is found to be unhealthy may not be able to purchase immediate coverage. In this case, the insurer will delay insurance coverage for a few years, at least, until they have received some portion of compensation in the guise of regular insurance premiums. If the insured individual dies within those few years that the coverage is still inactive, the beneficiaries of the policy will only be given an amount equal to the sum of the paid premiums and a bit of interest.
For seniors who do not qualify for conventional life insurance policies, graded life insurance may be a viable choice. Up until the beneficiaries or the policyholder is qualified to receive the full face value from the plan, payouts are somewhere between five to ten percent of your money for the first few years. This percentage makes it a good investment for some retirees who are not in the pink of health, as it can result in a sizeable return on investment that some conventional investment options cannot generate in the most conducive economic conditions in the same time frame. For retirees over 70 who are not able to qualify for conventional life insurance for seniors due to bad health or the threat of a terminal illness, graded life insurance policies can be a good way to obtain much-needed coverage.
by: Katherine Smith
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