Premium Choice On What to Look For In Life Insurance For Seniors

Premium Choice knows that those who have worked lived, and enjoyed a lifetime of family and friends are entitled to a peaceful, active, and healthy retirement. However, the transition to retirement depends on how well you plan for it. And life insurance for seniors is one of those major decisions that must be carefully weighed to get the most benefit from your investment.

What is Permanent Life Insurance?

Premium Choice offers a permanent life insurance plan that is the opposite of term life insurance. Term life insurance will last for a specific amount of time. A 20-year-term life insurance policy will pay out upon the death of the named policyholder. If you outlive this 20-year term insurance policy, it can be converted to a permanent one, or the contract expires.

Permanent life insurance lasts for a lifetime. But, there are different types of permanent life insurance, the most popular being whole life insurance and universal life insurance. With either of these insurance policies, you are insured for life, and your heir will benefit from the policy’s payout no matter when the policyholder passes away.

Best Life Insurance for Seniors

Choosing between whole life, universal, or even term life insurance should be discussed with your family and trusted financial advisor. But, no matter which option you choose, consider the following when it comes to seniors. Premium Choice offers the best life insurance for seniors because:

• There Are No Medical Exams – Many seniors may not be able to get affordable life insurance due to ongoing medical issues. Premium Choice offers no medical exam life insurance at competitive prices to give you peace of mind when needed.

• Guaranteed Insurance – With Premium Choice, some death benefits will decrease with some life insurance policies. Our payout upon death remains the same unless you decide to borrow against your policy.
• Tax-Protected Benefits – Tax protection is critical when seniors live on a fixed income and don’t want to pass on a tax burden to their loved ones. The payout of the Premium Choice final expense plan is not taxable, meaning you are indeed covered.

These are some of the seniors’ most important things to look for in a life insurance plan. You also want a reputable company and one that has staying power. Seniors need life insurance with benefits that are locked in and can’t be canceled as long as the policy is current on payments. Premium Choice suggests these other considerations when thinking about the best life insurance plan for seniors – the amount of outstanding debt they have, whether they have a high net worth and estate tax liabilities, and how much of an inheritance they want to leave for loved ones.