It is never too late to purchase life insurance, even life insurance for seniors. You may fear purchasing a policy because at your age. Usually, advancing age groups mean insurance premiums rise drastically. This is not always the case. There are many plans that offer life insurance policies for seniors at reasonable rates.
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It used to be that insurance companies refused coverage to the elderly. Today, laws are different. Many states require life insurance companies to proved guaranteed coverage to those over the age of 63. Policies are general short term, and only pay a limited death benefit for the first two years. After two years, the full price of the insurance is payable to your beneficiary at the time of your death. Before two years, most policies will pay the total of your monthly payments plus interest - this form of life insurance is called deferred life.
Thursday, September 23, 2010
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