In many ways, being a senior is as much or more stressful than at other times in our lives. We will explore some of the questions asked most often by seniors about life insurance for seniors. Some seniors are convinced life insurance at their age either is either not available or very expensive.. Let’s dispel some common myths and answer some of the nagging questions you may have. You will hopefully get some peace of mind about insurance and be able to determine what to look for.
Senior Life Insurance Is Too Difficult or Too Expensive to Get
This is one of the concerns most frequently mentioned by seniors have about life insurance. First, your age and even your health should never be obstacles to getting the coverage you need. There are many good policies you can get at any age or state of health.
There are many companies willing to provide coverage and policy types that are both readily available and priced to fit nearly everyone’s pocketbook. Some companies even offer senior discounts on all kinds of policies designed for seniors. This is one concern you can remove from your list now – you CAN get life insurance.
Are My Final Expenses Covered without Senior Life Insurance?
An average funeral costs $10,000-$20,000 in the U.S. today. So that these costs are taken care of and to avoid burdening family and loved ones with these expenses, many seniors choose to secure senior life insurance that covers these costs.
Another way to handle these expenses is to allocate part of an existing policy may have to distribute the funds necessary for these expenses. Other possible options include having a cash value or permanent policy. These kinds of policies can be secured when you retire and be dedicated to this specific purpose.
Many seniors with insufficient assets or life insurance already in place often choose to make sure these costs are covered by applying for a universal or whole life policy. These policies are popular with seniors and there are many insurance companies that offer them at discounted rates for seniors. Many even have provisions that have few or even no medical examination requirements as conditions for approval.
Senior Life Insurance Policies Can Allow You to Build a Legacy
A few of the wealthiest families in America built fortunes and estates spanning numerous generations using the proceeds from life insurance policies. For just a few cents on the dollar, a life policy can be instrumental in creating a noteworthy estate for your heirs or assigns.
The funds can be combined with other assets that you have accumulated during your life. Using this approach, a far more considerable estate can be created, rather than needing to treat each asset individually.
The use of funds can be utilized to take care of your final expenses, to fund a contribution to a preferred charity, or for the expressed purpose of creating a family legacy. For any of these causes, a whole or term life policy is a superior choice to make these outcomes – realities – for seniors.
A reasonable amount of time should be spent to evaluate which type of life insurance is the best vehicle to use in achieving your objectives and wishes. Additionally, your risk tolerance, income, total assets, expenses and mortality rate are all factors that need to be considered when making a decision about your best options for life insurance as a senior.
Always Weigh the Benefits and Costs of Life Insurance for Seniors
It is always to your benefit to review several rate quotes and plans from selected insurers before deciding. If you are already covered by a life insurance policy, discuss your options with them before doing business with another company or setting up another policy.
Talk candidly with a representative about how you may be able to increase or modify your existing coverage. It is possible they may offer to furnish the additional coverage without a medical exam or for only a small premium. Talk with trusted friends and family members to gain insights about the kinds of policies they have.
You can obtain firsthand information about the kinds of services offered by other companies this way. It is crucial to gain good information about other companies because all life insurance companies do not have acceptable reputations. Some companies will be more senior-friendly than others.
Check the references of the companies you are considering and base your choice on good information. Consider becoming a member of a senior group or organization that can assist you with great recommendations about these choices. Some of these organizations and groups offer life insurance plans for their membership group and offer fantastic savings on all kinds of life insurance policies.