Senior life insurance policies are provided for older citizens who have bypassed their middle years but limited to a predetermined older age like eighty. Some cover providers do not demand for health check ups and other examinations. There are two types of life insurance policies for seniors including that where premiums are payable annually at the same amount for a lifetime which is very ideal for those in working stations. The other kind is one that requires a one time payment plan where the person pays a net premium to last them all their lives which is ideal for retirees who would like to save their social security retirement benefits.
The charter of repayment by the insurer depends on the type of death of the insured. Most senior life insurance quotes provide complete benefits for deaths caused by accidents. On the other hand if the demise was caused by other factors like natural death, the amount paid will depend on the financial extent of the bought cover at that point.
The cover is often quite huge and in some cases it can provide senior life insurance rates of up to one million dollars in a policy that supports no more payments for the remaining lifetime of the person. In this form one can be able to borrow credit against the cover they have bought for themselves. But in case of sudden death before the loan is fully repaid, the benefits will be lower than those which would be provided against the net premiums paid for the senior life insurance policy.