January marks a good time for reflection. Many people use the start of the new year to review the previous 12 months to determine what worked and what didn’t. This is a good time to reevaluate your personal finances for opportunities to grow and to open up where appropriateAnd In the new year.
For older Americans, many of whom live on tight budgets, this assessment is especially important. There may be ways to save that they are not taking advantage of. There may also be financial security that they have not yet secured but will benefit from now.
One of these safeguards.
Although not traditionally considered a valuable product for older adults, compared to the costs typically associated, life insurance for seniors can actually be beneficial. This is especially true if it helps meet financial goals and provides some additional financial security.
If you’re considering life insurance, start by getting a free price quote so you know how much it will cost.
Why Seniors Should Consider Life Insurance in 2023
Life insurance for seniors may not always be available. But, as with any financial product, the benefits are unique to each individual. Here are three reasons why seniors should consider life insurance now:
It can help pay end-of-life expenses
Life insurance is often thought of as exorbitant amounts ranging from hundreds to thousandsOr more. And while many providers will offer that amount of coverage, you may only need a smaller policy to cover your end-of-life expenses.
Such policies, which can be secured at a relatively low cost, can come in amounts as small as $10-$20,000. It can be used to pay for things like a wake, funeral, coffin and other end-of-life expenses. It may not be pleasant to think about – or prepare for – but a life insurance policy that covers these costs can be beneficial, especially if you’d otherwise leave relatives and loved ones to pay.
You can easily get a free price estimate now to see if it makes sense for you
It can serve as a legacy for loved ones
If you have little or no savings to leave as an inheritance for loved ones (and no home equity), a life insurance policy can help fill the gap. Again, depending on your age, and other traditional influencesThe amount you can secure will vary.
For a 64-year-old man living in New York, Haven LifeA 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.
$150,000 for $70-$100 per month may be worth it to you, especially if your family doesn’t currently have much to leave.
It can help pay off your debt
Life insurance is primarily designed to ease the financial worries of loved ones and. One way you can do this is to buy a plan to help pay off debt that you would otherwise have left for others.
There are some debts that could end with your death so it pays to do your research first. But there are other types that will remain regardless. For example, if you know you won’t be able to pay off your home in full while you’re alive — but know a life insurance policy can do that for you — you may want to buy a policy for that specific amount. This will ensure that the home you leave to your family is fully theirs and the value is complete (minus any remaining payments to the lender).
Get started now by getting a free life insurance quote to see how much it will cost, or use the table below to compare some of the top providers.
. Seniors need to be more discerning, though, as cost-benefit analysis isn’t always convenient. With that being said, if you’re a senior looking for ways to pay for end-of-life expenses, buying a smaller policy may make sense. Similarly, if you want to leave a legacy for loved ones or need a way to pay off debts in your absence, a life insurance policy may be worth considering this year.