Term Life Insurance: What Seniors Need to Know - Lifelong Insurance
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Term life insurance is an insurance plan that provides an individual with coverage for a fixed period of time at a fixed rate. For seniors, depending on current age, who want an affordable, easily accessed life insurance policy- term life insurance is worth investigating.

Term vs. Permanent Life Insurance

Unlike permanent life insurance, which pays a death benefit no matter when you die, term insurance provides beneficiaries with benefits only if you die during the term of the policy. Because of this key difference, term life insurance is very inexpensive, compared to permanent. Within in a term life insurance plan, an individual pays the insurance company a premium during only the stated term of the policy.

If the individual dies during the term of that policy, his or her beneficiaries receive benefits. If the individual survives the policy, no benefits are paid. It’s that simple!

With that in mind, here are the four things you need to know about term life insurance policies:

Term Premiums are Refundable: For people who purchase a term life insurance policy, there’s never the concern of not getting your premiums back. Most policies offer an added option called Return of Premium that means that, if you live to the end of the term offered by the life insurance policy, all of your paid premiums will be returned to you. Of course, this will cost you more per month in premium.

Term Life Insurance Policies are Affordable: Seniors know that insurance can be expensive and one of the many benefits of term life insurance policies is that they are generally inexpensive and more affordable. In other words, more bang for your buck!

Term Coverage is Temporary: Unlike permanent life insurance, term life insurance covers an individual for a limited time. Seniors can buy a plan that covers them for a pre-determined period of years and, if they die within that period of time, the beneficiaries receive disbursed benefits. Once you’re over the age of 65, term life periods are much lower- such as a 10- year term. Permanent life insurance may be more attractive at this point.

Term Life Insurance Can Help With Life Event Planning: Term life policies give you the security and peace of mind of knowing that if you were to pass away within the set term of your policy, your beneficiaries could use the allocated funds from your policy to pay for expenses like mortgages or tuition.

The  Case for Term Life Insurance
These policies offer seniors with a very accessible way to provide for their loved ones. By paying death benefits only during a set period of time, term life manages to be substantially less expensive and, in many ways, substantially more practical than permanent life insurance. Ideal for those who want to ensure their family is cared for in the event of their death, term life insurance can be a great option for meeting your insurance needs. Again, depending on your current age and health, term life may be or may not be the right solution for you.

To learn more about term life insurance and whether it’s the correct fit for you, visit Lifelong Insurance, LLC today.

Lifelong Insurance
Lifelong Insurance
I’m Chad Cason, owner of Lifelong Insurance, LLC, and I specialize in helping people with their Medicare, Medigap and Medicare Advantage decisions. As an independent health and life insurance broker, I’m not tied to any one carrier. Instead, I’m free to walk you through any of the major reputable carriers in your area and help you make the right decision for your individual circumstances.

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