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You cannot have a second chance to live yesterday, and that is why insurance companies were created. A life insurance cover is a contract between the policyholder and the insurance company. In exchange for premiums, the insurance company offers death benefits to the beneficiaries in the event of the policyholder's death. The death benefits are normally paid up in a lump sum to cater for expenses including debt payment, medical and funeral expenses, among other expenses. When it comes to term life insurance, you will be in a position to receive the benefits while you are alive. The benefits of the [http://lifeinsuranceover65.com/senior-life-insurance/ life insurance for over 65] include:

* '''Life risk cover'''

The right life insurance policy will provide benefits to you and your loved ones. It offers you a high-risk cover that will play an important role of protecting the family in the event of an unfortunate outcome. In case you die, the sum assured together with a bonus is normally paid to the beneficiaries. It also helps to safeguard interests of people who are experiencing a diminishing income as a result of their advancing age, for retired people or people who get involved in an accident.

* '''Offer a peace of mind'''

It therefore goes a long way in offering the policyholders a peace of mind. The policy gets you to a point where you know your dependents will be in a position to receive financial security. Although several of the policy terms are similar for many individuals, the rates will depend on the applicant. For instance, if you are of a particular gender and in good health, you can expect the premiums to be cheaper. On the other hand, if you are not in good health you can expect to pay higher premiums. Normally, insurance companies include statistics for purposes of determining the insurance premiums. The statistics consider the gender, age and lifestyle of the applicant. Women usually attract cheaper premiums compared to men because they often live longer. Therefore, it is important to shop around to get the best insurance quotes.

* '''Cash value benefits'''

The cash value that is build up with the whole life insurance policy offers many benefits. First, it can be used to borrow against the insurance policy; you can take a loan by virtue of applying for the loan. Once the policy expires or the policyholder dies, the loan can be deducted from these cash benefits. Furthermore, the cash value can also be used to purchase more insurance.

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