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Life Insurance To Cover Funeral Costs Or Critical Illness Plans? What Should Seniors Choose?

(PRWEB) January 08, 2014

Online Insurance Marketplace has released a blog comparing life insurance policies and critical illness plans for seniors!

Life insurance plans can cover funeral rates and taxes, providing financial stability for family members. Critical illness plans pay out a benefit if the insured is diagnosed with one of the critical illnesses mentioned in the insurance policy. While the first type of insured is designed to financially protect family members, the second type of coverage provides financial income for the insured. Before making a choice, seniors should read some advice from professional insurance brokers.

Since an average funeral can cost up to $10,000, covering burial expenses is a priority for many families. Seniors can play an important part in the family’s financial well-being by purchasing a life insurance plan. The benefit can provide much needed income during hard time. On the other hand, life insurance policies for seniors can be expensive and seniors may end up paying more than what their families will receive.

Since many seniors risk being diagnosed with a critical disease, a critical illness plan can offer much needed financial income during a difficult period. Supplement income can be used for treatment and medical costs or on whatever the insured wants. The advantage is that the insured receives a benefit which can be useful during retirement.

“When it is time to decide between a life insurance or critical illness plans, financial advice is very important! Seniors should judge every option carefully before making a decision,” 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.

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