life insurance for elderly

Because all of us will be "elderly" and will need more health care, this can affect our choice of life insurance. Premium cost, coverage, beneficiaries, and type of insurance are some of the choices to be made. It appears that Term Life Insurance would allow the policy holder to pay a set premium amount whether his or her health worsens. Also, the beneficiaries receive a set amount as long as the policy holder dies within the time frame (example, 10 years) stated in the policy.

Find information on life insurance for elderly by first looking over the different types of insurance. Two main groups include term and whole life:

"The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to the named beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance, on the other hand, combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable. With both whole life and term, you can lock in the same monthly payment over the life of the policy."

If you are a Suze Orman viewer, she adamantly advises not to use whole life insurance. Watch her show to hear her reasons. She says that insurance is for insurance and investments are for investments. Keep the two separated. Whole Life mixes the two. This is a topic that is usually reiterated in her show. Click on her show's link under theTV category at

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A good article about term life insurance

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