Thursday, July 23, 2009

Term Insurance For 70 Plus is the Easy Answer

When her husband passes away and the sun is slowly setting on her golden years, a widow doesn't ask "What type of life insurance did my husband get... term insurance for 70 plus or Whole life?" Instead of asking about term insurance for 70 plus, a widow usually asks something like "How much money do I have to finish raising my family?"

If you're shopping for term insurance for 70 plus, you've probably been faced with either buying term or permanent insurance. Both avenues have the their advantages and disadvantages.

Sometimes people get themselves bogged down in the subtleties of the different policies and end up losing sight of the real purpose of insurance. Term insurance for 70 plus doesn't have to be such a big worry.

Instead of obsessing over which kind of insurance to buy, first determine what to do about the risk of an early death. The isn't "what kind of insurance?" but "how much insurance?"

Often, the answer to "how much" term insurance for 70 plus will determine what kind of insurance you will want and it may not be "term insurance for 70 plus" at all.

If the amount of insurance needed is alot, term insurance for 70 plus may be the only option for you. The costs involved in whole life may simply be too large. It is best to look at how the different types of insurance compare.

Term insurance for 70 plus is pure insurance. There is no cash value or equity involved in this type of insurance. If you die during the term, your loved ones receive the term insurance for 70 plus benefit. If you outlive your term, the policy will lapse and you will get the peace of mind that your loved ones were protected during that time. Usually term insurance for 70 plus is the best option to any circumstance.