Senior Term Life Insurance

Thursday, 23 November 2017

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Senior Term Life Insurance For Older People

Getting old is not without its advantages. A lot of insurance is cheaper for older people because experience is rewarded with lower premiums. The more mature driver, for example, will usually get a much better insurance deal than the newly qualified teenage driver. Life insurance is not necessarily the same, because, of course, an older person might be expected to die sooner. Before discussing this further, let's look again at what term life insurance is.

Term Life Insurance

The key word here is term. Your life is being insured for a fixed term, or time. For example, you might take out a 10 year term insurance policy. This means that if you die within the 10 years then the policy will pay out. If you do not die then you get nothing from the policy and you will have paid your premiums for 10 years.

This makes perfect sense. It's an insurance policy. A new parent might take out a 20 year policy to cover the period while the children are growing up. If the policy holder dies within the 20 years then there will be a sum left to the surviving parent; assuming the will has been structured that way, of course.

After a certain age there will be more chance of someone dieing within any given period and life insurance premiums will be reflected in this increased chance. As with all insurance the key is to shop around. Insurance companies want your business so before buying, speak to different companies, or a financial adviser, to get the best senior term life insurance deal.

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