Considering Life Insurance Coverage as a Senior? These Policies Are For You
Life insurance for seniors, namely those in their 50s and 60s, may be more expensive than a policy for someone younger. However, life insurance can still benefit people of this age and provide reliable coverage for their family’s financial future. To help you decide on the right life insurance in Valatie, NY as a senior, read on.
- Term life insurance
Term life insurance is coverage for a certain amount of years, such as 10 to 30 years. These policies tend to be more affordable and are ideal for seniors that are in good health and want an affordable premium. If the policyholder dies within the policy term, the beneficiaries would receive the death benefit of the value of the policy. If the policyholder survives the term, no benefit is paid out and the individual can purchase insurance again.
- Whole life insurance
Whole life insurance is permanent coverage that stays with you throughout your entire life. Premiums remain the same every year, and the policy pays out a death benefit after you die to your named beneficiaries. A whole life policy also accumulates a cash value that you can borrow against to help pay for things when you need cash quickly.
Need help selecting the right insurance? We can help. The team at Kneller Agency is here to help with all of your life insurance needs. Visit us today in New York to get started.
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