When it comes to selecting burial insurance for seniors, the Internet is the place to look for the best offers. Life insurance companies have flocked to the Internet in recent times, supplying online life insurance hunters with an extensive choice of life policies. The growth in the number of life insurance companies servicing life insurance polices has made a significant impact on life insurance premiums too, bringing them down to record low levels. Basic life insurance coverage can now be acquired for less than 50 cents per day, and in some instances for as little as 20 cents per day.
Besides choice and price, the Internet also offers convenience to people who are looking for life insurance polices. Life insurance information can be gathered and insurance quotes asked for at any time of the day or night. If it suits you to search out information on life insurance policies at five in the morning, then life insurance companies on the Internet are there for you at five in the morning.
Choosing between life insurance policies
There are four types of life insurance policy available from most life insurance companies. These are level term life insurance, level term life insurance with critical illness, reducing term life insurance and reducing term life insurance with critical illness.
Level term life insurance is the most basic type of the four policies. It guarantees pay out upon death of the policyholder should he or she die during the term of the policy. The premiums remain the same throughout the life cover as does the amount paid out in the event of death. It is important to note that many level term policies have an upper age limit after which the life company becomes free of its obligation to pay out.
Reducing term life insurance, which is also known as mortgage life insurance, works a little differently to level term policies. These are shorter policies that are normally taken out over the same term as a mortgage and guarantees pay out in the event of death during the term. However, unlike level term insurance the amount paid out on a claim reduces in line with the outstanding mortgage balance, so ensuring that loved ones left behind are not in danger of losing the roof over their heads.
Both level term life & reducing term life policies can be coupled with a critical illness product. This ensures that the policyholder and their family have an income for a certain period of time should the policyholder become critically ill and be unable to return to work. Critical illness policies also come with life insurance payment waivers so you don’t have to worry about your life insurance premium payments while you are in a critically ill state.
One of the more difficult things to plan for is a funeral. Seniors insurance funeral planning is especially difficult when if the love one is already sick and having health problems. This is why Family Legacy Insurance recommends tackling this task as early as possible.
Lately we found many clients asking the questions on “How to sell my life insurance policy” and we have been seen many company enter the Life Insurance Marketplace.