Life insurance provides important financial protection to both policyholders and their loved ones. Pays a provider a minimum fee each month (oftenIf paid annually), adults can secure hundreds of thousands of dollars worth of coverage – or even . Although many financial advisors tout the benefits of a strong life insurance policy, it is often not considered For seniors and older adults.
For this age group, life insurance can be expensive compared to the amount of coverage that can be obtained. That doesn’t mean life insurance for seniors is automatically a non-starter. There are many older adults who will get a life insurance policy. And, if applied to the right correctly It won’t break the bank.
If you’re a senior interested in life insurance, start by getting a free price quote so you know exactly what to expect.
Do any seniors need life insurance?
Some seniors may feel safer skipping life insurance. But there are others, who would benefit from this place of protection. Here are three groups of seniors who should act now:
Seniors who have significant debt
If you’re an older adult with significant debt that will almost certainly outlive you — and potentially pass down to youand relatives – then a life insurance policy is worth the amount that can pay off the debt. A death in the family is already difficult to deal with but a life insurance policy can at least help alleviate any financial burden you would have otherwise been left behind. If you owe a significant amount on personal loans, student loans, mortgages, or other traditional credit, you should have life insurance that can pay it off after your death.
Can be done for a minimal cost and can help pay off all or most of the debt you currently have. Get a free price estimate online now to see what you qualify for.
Seniors who want to leave a legacy
Some other seniors may not have significant debt but may not have significant savings or home equity. For these older adults, many of whom still want to leave a small legacy for loved ones, life insurance is worth getting. For example, a policy worth $150,000 could potentially be purchasedDepends on your personal characteristics. Compare that to what many seniors currently save for their loved ones. If a life insurance policy offers significantly more than what you currently have – or can expect to save over your lifetime – then a policy is a worthy back-up.
Seniors who want to cover end-of-life expenses
If you’re a senior who just doesn’t want to burden relatives with the costs that come with end-of-life services, you should investigate how a life insurance policy can help. Life insurance doesn’t always have to come in large amounts and won’t last forever. It can also be secured for a small amount with a defined goal in mind.
If you need money for things like wakes, funerals and burials, life insurance can help foot the bill. Considering that the amount you will need will be minimal (think less than $20,000), the premium attached to such a policy will also be small.
Get a free price quote online now to see exactly what it will cost, or use the table below to start shopping for your options.
Life insurance may not always be worth it for seniors but in the above cases, it is worth pursuing. If you have a significant amount of debt, a life insurance policy can pay it off (and you can avoid passing it on to a loved one). And if you’re looking for an alternative way to provide family members with an inheritance, life insurance can help with that too. Seniors should also have life insurance to help pay for end-of-life expenses.