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Senior Life Insurance

Here are some explanations of different types of Life Insurance:

Whole Life Insurance:
  Senior Whole Life Insurance, referred to as Final Expense Insurance or Burial Insurance, is permanent life insurance policy that remains in force for the insured's whole life and generally builds cash value.  This type policy is generally purchased to free loved ones from assuming the burdens and expenses associated with death.  These costs can vary greatly and may include burial expenses, legal fees and doctor bills…as well as personal debts such as mortgage, car loans, credit card bills, etc.

Term Life Insurance:  Term Life Insurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time (the term). After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.

Universal Life Insurance:  Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index.


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