Types of Elderly Life Insurance Coverage
- Burial Life Insurance
- Permanent whole life insurance.
- Premiums never increase & benefits never decrease.
- Available for ages 50 to 85.
- Face amounts range from $2,000 to $30,000
- No medical exam is needed to qualify.
- Builds cash value over time.
- Traditional Whole Life Insurance
- Permanent insurance coverage.
- A medical exam may be necessary for coverage.
- Most suitable for ages 20 to age 50.
- Term Life Insurance
- Temporary insurance coverage.
- Term depends on your age.
- Cheaper than whole life insurance.
- Does not build cash value.
- Coverage ends at a certain age unless renewed at a higher rate or converted to whole life
insurance.
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