I have had this question asked several times. Seniors orchildren of seniors simply want to know; what is the difference between senior lifeinsurance and regular life insurance. Is there even such a thing as senior lifeinsurance? Read on!
A few weeks ago,I received a call from the child of a senior who only wanted one type of life coverage Senior Life Insurance! I explained to her that senior life insurance is notreally a type of life insurance but rather a name given to life insurance forthe senior market. For example, if a senior needs a small insurance policy andthe senior is age 84, it is more likely that this person will need a whole lifepolicy. In order for an individual to find this information on the internet orelsewhere they would need to know that whole life is more likely to suit theirneeds. If, they would search only for life insurance (SLI), then they would getall sorts results that could pertain to anyone from the ages of 0 and up.
By naming the type of insurance that a senior would purchasesenior life insurance (SLI), it hopefully simplifies your search and gets youcloser to what you or a senior needs.
Other names seniors use to find life coverage are final expenseinsurance and burial insurance, elderly insurance… Again these are just addeddescription to help you get the insurance that best suits you.
Now that we have made that clear, what can you expect when you askfor SLI? In most cases, a small whole insurance is what you may be offered.Most seniors looking for life coverage (particularly over age 75) are mainlyconcerned with final expenses and burial costs. In some instances, seniors havea different idea of what SLI is and how life coverage can meet their needs. Wehave had request for policies as large as $1,000,000+. That is a far cry fromwhat we, in the insurance business, may consider a senior insurance plan.Obviously, an individual who requests anything over $50,000 has more than justburial expenses in mind. When we do get requests for larger amounts ofinsurance, term life is usually what the individual is looking for. Keep inmind, that term life at older ages, may be limited to just 10 years. If you doselect a term policy, please make sure that it is convertible to a whole oruniversal life.
I hope that this short article has given you a better idea of whatSLI is. In any case, once you do get your policy, please review it carefullyand make sure that the coverage is truly what you need and expected. You canalso feel free to ask me any questions.Be well.