Term Life Insurance Coverage for the Elderly in Alabama
Reader’s Question:
I’m in my late 60s but I’ve taken responsibility over my grand daughter here in Alabama. Is term life insurance coverage a good option for me?
Cheryl
Mobile, AL
Good question. The right kind of life insurance that you should go with is the one that reflects your particular needs and circumstances. In this case, term life insurance coverage maybe a better option for you (contrary to what any insurance agent/broker there in Alabama might tell you). This is because a term life plan is much more affordable than a whole life policy and I don’t think a permanent life insurance plan would be much benefit for you at your age.
Term Life Insurance for the Elderly – Bane or Boon?
Although elderly life insurance is typically more expensive compared to any other age group (not counting smokers or those with serious medical conditions), you would still save money on a term plan. Permanent life policies tend to charge huge premiums early on to accumulate value in the long-run. It can take decades before you start to feel the benefits of a permanent life insurance. With term life coverage, you only pay for simple and straight-forward life coverage.
With a term life policy will also allow you to choose for how long you want your policy to continue (5, 10, 15 up to 30-year coverage terms). You also get significant amounts of death benefits for your dependents for the relatively cheap price of this kind of policy. If you are relatively health for your age and is on a tight budget and is only really getting life coverage to protect your grand daughter, then I highly recommend term life insurance.
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