Choosing a life insurance policy can be a slightly different experience for seniors because there are more risks involved. Age and health play a significant role in determining premiums; sometimes, these can be high. Choosing the best life insurance policy for seniors doesn’t have to be a harrowing task or one that puts a strain on the finances. Check out some best practices to make the right choice. 1. Assess needs and budget Buying life insurance shouldn’t be a hasty decision, and one should assess all factors before picking one. Budget and needs should be the first consideration. Evaluate all outstanding debts, future payments, and one’s current financial situation before choosing life insurance. One can factor in funeral costs, medical bills, and help for surviving spouses or dependents before determining the coverage amount and policy type. 2. Understand the types of life insurance There are a few types of life insurance that seniors can choose from, and some of them are as follows: Term Life Insurance This type of life insurance provides coverage to the buyer for a specific period. If the insured passes away during the term, beneficiaries receive the death benefit. While term life insurance is typically more affordable, for seniors, it could be the reverse.