(PRWEB) November 30, 2013
Elderly life insurance can be bought by seniors as a way of covering their mortgage loans. A life insurance policy provides a death benefit after the policyholder passes away. This benefit can be used by the insured’s beneficiary to cover various costs including mortgage loans which will still be active.
More than even, seniors can now benefit from life coverage and other advantages that come with purchasing a life insurance plan. Since retired citizens form an important market demographic, insurance companies have adapted their policies to include coverage for seniors. This means that even a retired person can purchase a policy.
Some barriers, though, still persists. Seniors older than 65 years old cannot purchase a traditional life insurance policy like term, universal or whole life insurance, all of which require various medical examinations. Instead, seniors older than 65 years have access to what has become to be known as “elderly life insurance policies” which are plans that do not require medical examinations. These policies are: simplified issue, last expense insurance and guaranteed acceptance plans.
Seniors who purchase life insurance with the sole intention of covering mortgage loans should entrust a close family member as their direct beneficiary. Because once the beneficiary receives the insurance payout, he or she can spend the money on anything. Online Insurance Marketplace recommends either opening an insurance trust fund or designating as beneficiary someone who lives in the house and who will be directly affected by the mortgage loans.
“Life insurance can be used by seniors who haven’t managed to pay their mortgage loans to protect their homes! Life insurance is available for seniors at very advantageous prices!” said Russell Rabichev, Marketing Director of Internet Marketing Company.
Online Insurance Marketplace is an online provider of life, home, health, and auto insurance quotes. It is unique in that this website does not simply stick to one kind of insurance carrier, but brings the clients the best deals from many different online insurance carriers. This way, clients have offers from multiple carriers all in one place, this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
For more information, please visit http://www.affordableseniorlifeinsurance.com.