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After you have decided how much insurance coverage you need and the type of life insurance that is best for you, you have yet another major decision to make. And that is, where you will by your insurance policy?
The way many people have done it in the past is to use an insurance agent. There are some advantages to using a good agent. If you do not know very much about life insurance then they can be information source to answer your questions and help to formulate a policy that best serves your needs. If they are an independent agent, they will be able to research a number of health insurance companies and their policies to find the best one in coverage and cost for you.
Another option is to purchase life insurance directly, cutting out the middleman. By going online or calling an 800 number you work with an insurance sales representative that helps you go through the process of choosing a life insurance product, making the application, and finalizing the process. Many people who already know basically the kind of coverage that they want, find this the best way to go as it is a big money saver.
Finally, many people are able to get very reasonably priced life insurance through their workplace. For the self-employed, there are also group Universal life insurance policies available.
Which of these routes should you take in securing your life insurance? It is a personal decision based on a number of factors. One, do you need the help of a professional agent to understand your insurance options, or do you feel you can do it on your own? Two, it may be that the insurance product you want is sold only through agents and therefore the decision is made for you. And third, you should evaluate your personal connection with any life insurance agent.
While maybe not as pressing an issue for you, find time in the near future to learn about self-employed dental insurance coverage.
Filed under: Life Insurance | Tags: best life insurace for elderly, Life Insurance, Permanent Life Insurance, WFG, World Financial Group | No Comments »
If you’re someone who is in their early to mid twenties and in good health you won’t have any issues getting life insurance. However, if you’re someone who is sixty or older you might have a tough time getting life insurance and if you do get it you might have to pay an arm and a leg to have it.
So what is the best life insurance for elderly people?
In this article I will be covering the two main kinds of life insurance available to elderly people, permanent life insurance and term life insurance.
Permanent Life Insurance
Back in the days when I worked with World Financial Group, better known as WFG, permanent life insurance was the main type of insurance I sold. The main reason being most of my clients were younger.
Being younger has its advantages. With permanent life insurance they could get a cheaper premium on the policy and by the time they retired they would have enough money built up inside the cash value that the policy run efficiently on its own without you contributing to the policy anymore.
This gives you the advantage of owning a life insurance policy without having to keep throwing more money into it. It also means you’ll also get to use what you paid for in the first place, a death benefit to take care of your family’s financial situations when you pass on.
Term Life Insurance
Term life on the other hand is not permanent. Term will only last for a specific amount of time, usually 5 to 30 years. Term is also cheaper than a permanent policy because they have no cash value and that you only pay for what you need. For example if you need a cheap policy to get by a 5 year term policy will be the cheapest.
If you need a policy for a longer period of time, go with a 30 year policy. However, the 30 year term policy will be more expensive than 5 year term policy, but on an apple to apples comparison a permanent policy will always be more expensive than a term.
So What Should You Get
If you’re over 60 and have no life insurance get the term policy. It will be cheaper than the permanent policy. Also make sure you talk a professional insurance agent as he will be able to price out which type of term is better suited for you.
