The loss of a
family member can be a traumatic
experience. Furthermore, if the
family is left without enough money to cater for the essential living
needs and to prepare for future
goals, the loved ones will, in addition to grieving the loss of a family
member, have to deal with a financial
crisis. The best life
insurance policy helps the family to
be financially safe even when
the breadwinner is not around.
The hints to follow when
purchasing life insurance over 65 comprise of:
• Type of Cover
The two main types of insurance
policies are the term life and the
whole life insurance. The
previous one is a personal policy where the benefits are paid out upon the expiry of the policy or upon the
death of the policy holder - whichever happens first. Alternatively, the whole life policy is definitely
the type where the cash lump sum is
paid out upon the death of the policy holder.
Just like the home or car
insurance, the term life policy works as long as the premiums are paid. The
insurance policy lapses when the
premiums cease. You will discover that there are no savings or investment element with the term life
insurance - the premiums are paid to cater for the insured event making the policy cost effective in securing a financial position of the
dependents.
• Reasons for Applying for Life Insurance Policy
It is quite emotionally
devastating to lose a love member of the family prematurely. In addition to
proving emotionally overwhelming, the loss can affect their finances. The
magnitude of the risk can be determined by how much you will get to earn yearly, multiplied
by the years leading to your retirement. The insurance policy can be taken to cater for mortgage, pay
college fees, medical and
funeral expenses- among other reasons. The right life
insurance policy translates to a comfortable home, food on the table, proper
schooling for the children and
many others.
• Beneficiaries of the Policy
When shopping for insurance for
people more than 65, it is important to determine the person(s) who will receive the benefits thereof. The insurance
claim or benefits paid are typically of an agreed amount that is paid for in a lump sum to the person(s) nominated on the insurance policy. Typically, in the case of a family, the spouse and/or
kids are named as the
beneficiaries. The beneficiaries get a chance to spend or invest
the benefits as they select.
The benefits can be utilized to
cater for mortgage, pay college fees and also the balance used to provide for an ongoing family income.
We provide the ideal information
about senior life insurance
quotes. For further details on this topic, click here!
