Advantages of the Senior Whole Life Insurance

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Although it is not possible to predict the future, it is obvious that one day, you will die and thus the future of your dependants could be at risk. Fortunately, you can consider a whole life insurance policy. When shopping for a whole life insurance, the price should not be the sole determining factor that can be relied upon to make an informed decision. You need to determine your present and future needs to choose the best policy. The advantages of the whole life policy for seniors include:

· Covers your entire life

The policy is often made available for people between the 18 and 65 age bracket. The coverage amount varies from company to company. Because the plan is permanent, you get to keep the cover your entire life, at competitive premium rates. The rates remain constant and do not fluctuate. The policy is also recommended because it builds up a guaranteed cash value which you or your dependants can use when you need immediate cash.

· Budget-friendly premiums that never increase

As you shop around, you can expect to find plans that require affordable monthly premiums. Furthermore, the rates do not increase. Therefore, you can rest assured you will not be called upon in future to pay more than you are already paying today. Insurance rates often increase with age and thus it is advisable to purchase the policy as soon as possible. You need to know the quoted premiums are often based on the applicants assumed good health and tobacco use.

· Optional waiver of premiums

You can consider purchasing a policy that provides for a waiver of the premium rider. This provides an additional safeguard for you. In the event of becoming disabled- a condition that continues for more than 6 months- you can consider stopping to pay premiums on the cover. The rider will then pay the policy premiums as the insurance company continues to provide the coverage. Therefore, your loved ones will continue to receive full protection while the cash value continues to build up. Furthermore, you maintain the privileges of borrowing against cash value to finance your needs.

· Easy process of application

If your health is good you can consider the no-medical exam policy. However, you will need to respond to several basic health questions. The coverage and approval will be dependent on the answers given. Therefore, it is important to respond honestly to ensure successful insurance claims in the future.

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