While I was searching for types of life coverage for myself, I came across 'deferred senior life insurance'? Can anyone explain what it is ? I am 27 yrs. Will it work for me?
Total Comments: 2
Posted: Thu Jan 17, 2013 02:34 pm Post Subject:
deferred senior life insurance
LOL!
All life insurance is "deferred" until someone dies.
I am 27 yrs. Will it work for me?
No. You're not a senior. Your need for life insurance will be met with a much less expensive product, not one designed for people over age 40 or 50.
Posted: Wed Jan 30, 2013 10:38 am Post Subject:
I presume it's a form of a guaranteed issue policy which charges high rates. It's expensive and those with critical illness can opt for it. There is usually a set time limit for such policy, and the benefits are only paid if the insured passes away after the specified number of years. You're 27 (young) and apparently a healthy individual (am guessing here since you haven't mentioned anything else). I don't think such a policy makes sense for you. You have several other options, if you want to insure your life (at cheaper rates as well).
Posted: Thu Jan 17, 2013 02:34 pm Post Subject:
deferred senior life insurance
LOL!
All life insurance is "deferred" until someone dies.
I am 27 yrs. Will it work for me?
No. You're not a senior. Your need for life insurance will be met with a much less expensive product, not one designed for people over age 40 or 50.
Posted: Wed Jan 30, 2013 10:38 am Post Subject:
I presume it's a form of a guaranteed issue policy which charges high rates. It's expensive and those with critical illness can opt for it. There is usually a set time limit for such policy, and the benefits are only paid if the insured passes away after the specified number of years. You're 27 (young) and apparently a healthy individual (am guessing here since you haven't mentioned anything else). I don't think such a policy makes sense for you. You have several other options, if you want to insure your life (at cheaper rates as well).
Add your comment