I have had this question asked several times. Seniors or
children of seniors simply want to know; what is the difference between senior life
insurance and regular life insurance. Is there even such a thing as senior life
insurance? Read on!

A few weeks ago,
I received a call from the child of a senior who only wanted one type of life coverage
– Senior Life Insurance! I explained to her that senior life insurance is not
really a type of life insurance but rather a name given to life insurance for
the senior market. For example, if a senior needs a small insurance policy and
the senior is age 84, it is more likely that this person will need a whole life
policy. In order for an individual to find this information on the internet or
elsewhere they would need to know that whole life is more likely to suit their
needs. If, they would search only for life insurance (SLI), then they would get
all sorts results that could pertain to anyone from the ages of 0 and up.

By naming the type of insurance that a senior would purchase
senior life insurance (SLI), it hopefully simplifies your search and gets you
closer to what you or a senior needs.

Other names seniors use to find life coverage are final expense
insurance and burial insurance, elderly insurance… Again these are just added
description to help you get the insurance that best suits you.

Now that we have made that clear, what can you expect when you ask
for SLI? In most cases, a small whole insurance is what you may be offered.
Most seniors looking for life coverage (particularly over age 75) are mainly
concerned with final expenses and burial costs. In some instances, seniors have
a different idea of what SLI is and how life coverage can meet their needs. We
have had request for policies as large as $1,000,000+. That is a far cry from
what we, in the insurance business, may consider a senior insurance plan.
Obviously, an individual who requests anything over $50,000 has more than just
burial expenses in mind. When we do get requests for larger amounts of
insurance, term life is usually what the individual is looking for. Keep in
mind, that term life at older ages, may be limited to just 10 years. If you do
select a term policy, please make sure that it is convertible to a whole or
universal life.

I hope that this short article has given you a better idea of what
SLI is. In any case, once you do get your policy, please review it carefully
and make sure that the coverage is truly what you need and expected. You can
also feel free to ask me any questions.
Be well.

A few weeks ago,
I received a call from the child of a senior who only wanted one type of life coverage
– Senior Life Insurance! I explained to her that senior life insurance is not
really a type of life insurance but rather a name given to life insurance for
the senior market. For example, if a senior needs a small insurance policy and
the senior is age 84, it is more likely that this person will need a whole life
policy. In order for an individual to find this information on the internet or
elsewhere they would need to know that whole life is more likely to suit their
needs. If, they would search only for life insurance (SLI), then they would get
all sorts results that could pertain to anyone from the ages of 0 and up.

By naming the type of insurance that a senior would purchase
senior life insurance (SLI), it hopefully simplifies your search and gets you
closer to what you or a senior needs.

Other names seniors use to find life coverage are final expense
insurance and burial insurance, elderly insurance… Again these are just added
description to help you get the insurance that best suits you.

Now that we have made that clear, what can you expect when you ask
for SLI? In most cases, a small whole insurance is what you may be offered.
Most seniors looking for life coverage (particularly over age 75) are mainly
concerned with final expenses and burial costs. In some instances, seniors have
a different idea of what SLI is and how life coverage can meet their needs. We
have had request for policies as large as $1,000,000+. That is a far cry from
what we, in the insurance business, may consider a senior insurance plan.
Obviously, an individual who requests anything over $50,000 has more than just
burial expenses in mind. When we do get requests for larger amounts of
insurance, term life is usually what the individual is looking for. Keep in
mind, that term life at older ages, may be limited to just 10 years. If you do
select a term policy, please make sure that it is convertible to a whole or
universal life.

I hope that this short article has given you a better idea of what
SLI is. In any case, once you do get your policy, please review it carefully
and make sure that the coverage is truly what you need and expected. You can
also feel free to ask me any questions.
Be well.

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ABOUT THE AUTHOR

Philippe Deray – About the Author:

Philippe Deray is President and CEO of MCD Financial
Services and MCD Life. Our web site address is http://www.mcdlife.com/life_insurance/seniors_life_insurance/life_insurance_for_seniors.htm

Our focus is Senior Life Insurance

With many years of experience in the insurance business,
we have developed proprietary methods to help individuals get affordable life
insurance.