Various types of insurance plans contain features that are useful to individuals over the age of 50. Here's a summary of some of the features available to you.
-A single insurance policy, also known as a paid-up policy, allows you to pay for the policy's entire term upfront, removing the need to think about monthly payments as you get older.
-Since your income power reduces when you grow older, an accelerated feature allows you to pay higher premiums at the start of the policy and pay lower premiums once you're retired.
-If you cancel your entire life insurance policy, the cash value stays yours. It's also tax-deferred.
-You can take out a loan against your cash value if you need to.