You may believe you have things covered for your eventual passing, but what if an unexpected emergency changes your situation? Lifeinsurance seniors over 70 is also important for seniors because it can provide financial protection for final expenses, income replacement, estate planning, legacy planning, and peace of mind.
Understanding Life Insurance
Start with the basics: Life insurance is a contract between you and an insurance company. In exchange for a premium, they agree to pay a death benefit to your beneficiaries once you pass away. The goal, of course, is to provide financial protection to your loved ones in the event of your untimely death.
But those over 70 have two main types of life insurance to consider: term life insurance and permanent life insurance.
Term life insurance covers a set period (typically between 10 and 30 years).
On the other hand, permanent life insurance provides coverage for your entire life as long as you continue to pay the premiums.