Whether or not a senior citizen needs life insurance protection will depend on that particular seniors situation.

However, many seniors do buy life insurance plans to provide for their final expenses, which may include the cost of their funeral and burial expenses.

Some of the most common reasons seniors need life insurance may include the following:

• To Pay for Final Expenses – Funeral and Burial Costs
  
• To Pay for Hospital Bills
  
• To Pay Off Credit Card Debt
  
• To Pay Off Personal Loans
  
• To Pay Off Home ...

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A Renewable Option is a Clause in a Term life insurance policy that allows you to extend your life insurance coverage beyond the original term, even if your health has declined, usually on an annual basis, and without a medical examination required in order to qualify for the renewal life insurance policy.

You won’t have to re-qualify for a new life insurance policy, but your extended renewable term life insurance coverage may raise your current policy premium. That means, if you want to ren...

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Converting a term life insurance policy is an option people who have convertible term life insurance may exercise to convert their existing term life insurance into a permanent life insurance policy.

Some people decide they need lifetime coverage after having purchased a term (temporary) life insurance policy.

The option to convert your term policy allows you to convert your temporary life insurance into a permanent life insurance plan.

You will not need to take a medical exam to prove insurabil...
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It depends on the type of life insurance policy you have.

There are a few different types of term life plans, including Level Term, Decreasing Term, and Annual renewable Term, among others.

Level term life insurance premiums remain the same for the entire duration of your policy term - for a period of 10, 15, 20, 25, 30, 35 or 40 years.

Decreasing term life policies have level premiums, but the amount of coverage provided by your life insurance policy decreases each year.

Annual renewable term li...
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Term life insurance, which provides temporary coverage lasting up to thirty years or more is good for several reasons.

1. Flexible – You can choose from 10, 15, 20, 25, 30, 35 or 40 years of coverage to meet your family’s specific need for life insurance.

2. Affordable – Term life is more affordable for 30 years or less of coverage than any other plan. Permanent life insurance can cost 5-10 times more than term insurance.

3. Easy to Understand – Term life is simple, you have coverage las...

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Term life insurance is a type of coverage providing temporary insurance for the duration of your life insurance policy term, which is usually either 10, 15, 20, 25 or 30 years.

If the insured person does not die during the policy term, the coverage expires with no payout of any benefits.

However, if you still need life insurance, you may contact the insurance company before the expiration date and request a renewal of your policy for an additional term, usually up to 5 or 10 years.

The renewal p...
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Yes, most term life insurance policies offer the insured the Option of Renewability.

A Renewable Term Insurance Policy means you may renew your coverage for an additional coverage term if you advise the insurance company by a specific date stated in your life insurance contract.

With term life you may select coverage lasting for a period of 10, 15, 20, 25 or 30 years, usually. Some life insurers do offer 35 or 40-year level term life plans.

However, when selecting to renew your coverage, your te...

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