(PRWEB) August 08, 2013
When purchasing life insurance elderly, must be very cautious and read all the terms of the contract. It is better to search for quotes and additional information about each policy type and some insurance companies.
Basically, there are two major types of life insurance available for seniors. These are term life insurance and whole life insurance.
The differences between those two policy types are the length of coverage, premium value and policy cost. As suggested, term life insurance covers a person only for a limited amount of time.
The main advantage is the cheaper value of premiums. The disadvantage is that this policy is mostly available only for those that are young and healthy. Old persons are required to pay more, due to their age, but if they have a good health status, they can lower a bit the price for premiums. It all depends on the chosen company and negotiation skills.
The other major policy type, whole life insurance, is a type of insurance that grants permanent coverage. The main disadvantage is the premium value that is not that cheap as initial premium value of term life. Its main advantages are: locked value of premiums (they will not increase in time, like in the case of term life) and the possibility to borrow against policy.
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://elderlylifeinsurance.us/.