Due to increased life expectancy, it has become essential for seniors to get a life insurance plan. According to the Social Security Administration, the average lifespan of women and men is 87 and 84 respectively, which clearly demonstrates the need for prolonged financial protection. However, a life insurance not just safeguards a senior’s financial interests but also secures the future of their loved ones.

Term life insurance is a basic life insurance policy that is affordable for most people. Although not as beneficial as a permanent or universal life insurance policy, it is definitely a cheaper option. If you, the insured, are relatively young and healthy, then the premium amount would be less and the term of the insurance long.

Life insurance has become a necessity more than a luxury these days. With the increasing costs of medical services, insurance plays an important role in reducing the expenditure incurred during medical treatments. There are many different policies available today. These policies are suitable for people for all sections of society and have different levels of income.

Life insurance policies and plans are an asset, and one should always have a plan for yourself and for your family. When selecting a life insurance an individual has 2 choices- term life insurance and permanent whole life insurance. The Differences between Term and Permanent (Whole Life) Insurance There are a lot of differences between the two insurance which might help you in making your decision:

Taking out a life insurance policy is one of the very important, even essential aspects of long-term financial planning. Life insurance cover offers you protection against risks posed by unforeseen accidents and even death so that one’s family or dependents are not suddenly deprived of a source of income. In choosing the life insurance policy that works best for your specific needs, you would have to take life insurance quotes from a number of insurance agents.

Permanent whole life insurance is a type of insurance that provides a very low-cost protection of term life insurance (life insurance that does not expire) and a death benefit with a savings portion. The insurance component, as expected, pays a fixed amount of the premium to the deceased’s family. The investment component, on the other hand, allows the insured individual to borrow or withdraw a certain sum of money against their premium value.

Stress impacts not only our physical health but also our emotional health, which can lead to some severe health issues. The significant causes of stress are money, work, relationships, and family. We cannot avoid stress but can do few things to manage and reduce it. Insurance helps us ensure that any contingencies can be taken care of.

Life insurance companies take a lot of factors into consideration before making the final judgment call of offering one a life insurance plan. However, it is also important that one reviews affordable life insurance, what the plan entails, the time period it is associated with, and many other factors and only then make a decision.