When people ages 50 – 85 get this type of life insurance,
it’s usually referred to as final expense or burial expense life
insurance. These policies vary from
$5,000 to $35,000. The rates for this
type of insurance are locked in and don’t change once purchased. Because those type of policies are designed
for seniors, they allow people to be covered even when they have experienced
some health issues.
Whole Life
isn’t only for seniors. It is permanent life insurance, which may
accumulate cash value on a tax-deferred basis over time. This cash value can be
borrowed against if need be. Generally, premiums remain at a fixed level for
the entire length of the contract and the contract has a specified death
benefit. Many people appreciate this feature, because it means their premiums
will never go up, regardless of age or health, once the policy is issued; this
is a particular advantage if you're young.
This type of coverage also "locks in"
your insurability as long as your insurance remains in force, which means you
don't have to worry about an increase in the cost of your insurance if you
acquire certain medical conditions in the future. Your coverage, your premium,
and your benefit are assured.
Depending
on your medical history, different companies work for different people. To find the best life insurance company for
you, it’s best to talk to a licensed life insurance agent.
