Should Seniors Buy Term Life Insurance?

Life insurance is considered a fundamental part of sound financial planning. Whether you are a young adult just starting your career or a newlywed, a new parent or a new home owner, life insurance Staying is often important. Some financial advisors would even call it mandatory.

Seniors, however, make up a demographic that is often left out of the life insurance conversation. For older adults, life insurance is often considered a no-no It’s worth it – Costs associated with coverage that can be secured can be discouraging. There are some seniors, however, who actually can be convenience From life insurance and they don’t have to break the bank to get a policy.

If you’re a senior looking to cover end-of-life expenses or leave an inheritance to a loved one, life insurance can be valuable. It can also be used to pay off any debts that your death would otherwise leave to your beneficiaries. For this reason, and for some Others are surprisingLife insurance for seniors may actually be worth pursuing.

But what type of life insurance is appropriate? Seniors must buy Term life insurance Or something else? If you’re in the market for life insurance, start by getting a free price quote so you know exactly what to expect.

Should Seniors Buy Term Life Insurance?

Here are three reasons why seniors should consider buying term life insurance.

It is less expensive than whole life insurance

If you are a senior who wants the protection life insurance offers – but can’t afford to buy one Whole life insurance Policy – ​​Then term life insurance is a valuable option to pursue. Term life insurance is generally less expensive than whole life insurance, mainly because the latter type comes with a desirable cash reserve whereas term life insurance does not.

But that doesn’t mean term life insurance isn’t worth it. In many cases this is often the case. And it doesn’t have to be expensive. For a 64-year-old man living in New York, Haven Life quote A 10-year term life insurance policy in an amount of $150,000 at $98.74 per month. This is for a non-smoking male who is considered to be in good health. A woman with all the same characteristics was quoted $70.11 for the same amount of coverage.

If you can afford a monthly bill within that price range and want the convenience of getting a term life insurance policy for your loved one, get started by getting your own free price estimate now.

It will only last for a selected time frame

As mentioned earlier, whole life insurance policies have an attractive cash savings for the policyholders. But it takes time to build. But if you want protection now – and only for a certain period of time – then term life insurance is a good option.

For example, if you want to cover your children until they move out, a 10-year term life insurance policy may be worth it. Or if you want to cover your mortgage until it’s paid off (and don’t want to get involved with the high costs associated with a whole life insurance policy), you can apply for a policy with the same term as your mortgage.

If you are an older adult, the window to take advantage of a whole life insurance policy may have already passed. But a term life insurance policy can be worth for one term.

It is easy to use

Life insurance types, costs and coverage options can be difficult to navigate. This is especially true for policies with cash and investment options. While whole life insurance policies have that cash component, it can be stressful to deal with, especially when dealing with deductibles and managing cash flow.

Variable life insurance Policies, meanwhile, allow you to invest your money in various securities and stocks, allowing you to grow your account and death benefits over time. But that can put pressure on adjustments, especially in a volatile stock market.

Term life insurance, however, is one of the simplest life insurance policies – if not the simplest. For seniors who want to streamline their personal finances into a more manageable form, this benefit can be particularly attractive. If you want to get a life insurance policy, but don’t want to bother with the complications that come with a policy with a cash component, term life insurance is the way to go.

Bottom line

As previously mentioned, life insurance for seniors is not always worth it. But if you have specific financial goals in mind – and think life insurance is the way to meet them – then you should review term life insurance options. Get started by getting a free price quote or use the table below to compare some of the top providers