Seniors enjoy longer life expectancies due to medical advances, so getting affordable life insurance coverage no longer presents insurmountable obstacles for older citizens. Many people buy life insurance during their working years to protect their families, but seniors continue to have financial obligations during their retirement years. AffordingTomorrow.org can help you find the right seniors life insurance policies for your needs to protect your way of life, cover burial expenses, pay off debts and leave something substantial for your loved ones and families. Concerned children can also buy policies on their elderly parents or relatives to ease the financial burdens of death.
Why Seniors Need Protection
Seniors often have few debts and obligations when they reach retirement age, but many continue to pay off mortgages, credit card bills, car loans and other debts. Typically, you or your loved ones might choose to buy senior life insurance policies when changing policies, arranging to pay off debts, planning for longer lives, protecting a spouse or dependents or covering burial expenses. Seniors choose life insurance for three primary reasons:
– You might want to pay final expenses and retire debts so that your family doesn’t face crushing financial burdens.
– You want to provide a nest egg for your surviving spouse, dependent child, grandchild or disabled relative.
– Most people want to provide some financial security for their families.
In addition to these basic assumptions, seniors often remarry after the death of their spouses, which could have a big impact on their financial situations. Life insurance could help to address the needs of adding another family to your life.
Considerations for Senior Financial Planning
Affordable life insurance options for seniors provide income for beneficiaries, but finding the right policy could prove challenging. We offer the kind of specialized comparisons and assistance for people who are looking for senior life insurance quotes. The recent economic downturn and losses in real estate values have caused many Americans to reconsider their financial plans.
Retirement plans might prove inadequate for longer life spans and rising inflation.
Booming stock market prices and IRA investments have experienced nearly universal losses of expected benefits. Re-examining life insurance plans makes sense to help you navigate your senior years comfortably.
Your financial resources consist of any existing insurance policies, business and personal assets, pensions and annuities, and business income after subtracting your debts for outstanding mortgages, loans, living expenses and personal obligations to families and friends. You might also need to insure your business or protect your partner.
Taxes and Estate Expenses
Taxes, estate expenses and burial arrangements could wipe out many legacies that seniors plan for their dependents. Other reasons for investigating seniors life insurance include the following situations:
– Business Partnerships: You might want to help your partner buy out the company or insure its continued operation.
– Many seniors want to leave equal bequests to their children. One child might get the family home while another gets an equivalent cash bequest.
– Some people have favorite charities that they might wish to support.
Types of Insurance Policies
Seniors face confusing choices, but we try to simplify your search by breaking down life insurance options into understandable language. Basically, you can choose from two basic types of life insurance coverage: cash value and term insurance.
Term Life Insurance
Term policies offer the most affordable protection, and you can choose from policies for one to 30 years. Renewable term insurance guarantees renewals at standard rates for your age, but health conditions would no longer raise your premiums or cause companies to deny coverage.
Cash Value Policies
These policies combine the benefits of insurance coverage with an investment or savings component, building cash values that you could draw on for financial security during your retirement years. Borrowing against the policy’s cash value would reduce the benefit that your beneficiaries receive. These policies cost more than term insurance because the premiums get divided for insurance and investment purposes.
We can help you find the right policy for your needs in most cases, but some health problems could limit your options. You might simply need to pay your burial expenses or want to plan for sophisticated protection from numerous financial situations. Getting multiple quotes offers the best options for finding fair prices for seniors life insurance policies, so let use help you with your financial strategy. We offer information resources to make your planning more effective and affordable.