Compare Senior Life Insurance Rates

Written on August 6, 2010 – 3:06 am | by Connor McLeay

Senior Life Insurance Rates

Tips for Comparing Senior Life Insurance Rates:

If youre a senior shopping for term life insurance you may be on a fixed budget.

That means its important to find quality life insurance at a price that fits your monthly budget.

So, how can you save money on your life insurance?

Heres several tips to do just that:

• Compare rates from several life insurers.
• Review the financial rating of the companies.
• Consider different durations of coverage 10, 15, 20 or 30 years.
• Determine how much you can afford to pay life insurance does help if you have to cancel your policy.
• Dont buy more life insurance than you really need.

We all want to provide the money needed to pay for our final expenses so we dont burden our family with financial problems when we pass away.

Life insurance can provide the money need not only to help pay for your burial and funeral expenses, it can provide money to help your surviving spouse pay for living expenses, pay off your mortgage, and provide money for your spouse to enjoy retirement, instead of struggling financially in the golden years.

Important Note: Term life insurance is a type of life insurance that provides temporary coverage.

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Insurance Settlement Options

Written on August 4, 2010 – 2:57 pm | by Eden Rudduck

1. elderly/man and woman leaving hand in hand image by L. Shat from Fotolia.com  Life insurance settlements are a way to gain cash from a life insurance policy. Life insurance settlements, or viatical settlements, involve selling the life insurance policy to a viatical settlement company or investor in order to obtain cash from the policy before the death of the insured. In recent years there has been a number of fraud schemes that have given viatical settlements a bad name. This has led many in the industry to begin using the terms senior settlement or life settlements. They are all the same.

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Accelerated Death Benefit Definition

Written on August 4, 2010 – 4:43 am | by Eden Rudduck

The Dictionary of Insurance Terms and Definitions

An accelerated death benefit is the payment of a death benefit prior to the death of the insured.  Life insurance policies may have a provision (it may be silent, standard, or attached as a rider) which promises an accelerated death benefit in the event of an exceptional medical condition, such as a terminal illness, disability, or need for long-term care.  Under these circumstances—particularly that of a need for long-term care—accelerated benefits are of particular value, since the medical conditions of concern often introduce pressing financial needs, such as the need to alter one’s living arrangements and hire a professional caregiver.

Accelerated death benefits may be less in value than the benefit that the policy would pay in the event of the insured’s death.  It is often 70 or 80 percent of the policy’s face value (ordinary death benefit).

An alternative to accelerated benefits is viatical settlments.  If yours is a cash value life insurance policy and if you are terminally ill, you can probably find a buyer who is willing to purchase ownership of your life insurance policy.  The buyer of a life insurance settlement is usually a financial company, and as with an accelerated death benefit, the payment is usually in the neighborhood of 70 percent of the policy’s face value.

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