When it comes to whole life insurance for seniors, there are some pretty important contrasts to consider compared to term life insurance. The reality is that both term and whole life insurance have been around for a long time and make up significant portion of the life insurance industry. Sales of whole life insurance policies for seniors in the US continues to grow more popular for those looking for an affordable life insurance policy online. The reason is, many whole life insurance carries with it cash value which means it has a death benefit and a living benefit.
Whole life insurance for seniors provides a payment once the policy holder passes away, regardless of the timing of the death. Let’s say you purchase a $100,000 whole life insurance policy. When you die, that $100,000 is paid to the beneficiary of your choosing (wife, children, partner etc) regardless of when you pass away. If you live to 100 you can than cash out that whole life insurance plan for the full $100,000.
So in essence whole life insurance is meant to cover you your whole life, thus it’s name. There are many different types of whole life insurance policies so in this sense, we’re speaking of the broad overview of whole life insurance. Again, the key thing about whole life insurance for seniors is that it also allows you to build up cash value on the account. You can think of it like a savings account. The great thing about whole life insurance is that you can use the cash value that builds up within the policy. You can borrow against it or you can cash it out whenever you like. Again, if you live to 100 you get the entire cash value of the policy.
The great thing about whole life insurance is that it has a death benefit but because of the cash value, it also has a living benefit. However, this means that whole life insurance for seniors is typically more expensive than a term life insurance policy. So again, whole life insurance is typically more expensive but it has cash value in it that you can borrow or cash out, whereas term life insurance only has a death benefit. Again, whole life insurance for seniors is not available once you turn 100.
No matter where you live in the continental US, you can compare whole life insurance for seniors using the search box at the top of the page. We’ve helped people find life insurance for seniors in California, Florida, New York and most of the other fifty states.
Many people end up purchasing a whole life insurance policy when they are younger and then once they turn 65 they flip it and turn it into an annuity. There are some other options out there as well if you are looking to compare affordable life insurance for seniors online.