Finding Senior Life Insurance can be as confusing as finding the proverbial needle in the haystack. Each policy has its own little quirks you should be aware of.
You have reached your Senior years. Do you still need a Seniors Life Insurance policy? Yes.
Just because you have accomplished so much in life, most of your hardships are in the past, and your financial hardships are not an unsolvable issue, you probably still need to consider getting a good policy.
What if you would not out live your spouse? Would your current insurance policy be sufficient to cover the cost of their living on without you?
If you have illnesses now that have accumulated over and above your coverage now?
You might consider a Final Expenses or Burial Insurance Policy. These are considered a Whole Life Insurance, and means your policy does not expired as long as you are paying the premiums.
A Whole Life policy, can be obtained without a medical examination. They usually range from $3,000 to $30,000, and the rates on most policies does not increase as you age.
A Term Life Insurance policy will not expire for as long as the policy is written. They are normally lower costing than other types of policies, it is based on age, health, sex, if you are a smoker or not, and the condition of your driving record. If all these statuses are in good shape, this policy will be an inexpensive rate. If you are in bad health, a smoker, or in ill health, the rates will be an increased rate. Then once you age out of your policy, it may be difficult to get another policy written thereafter.
A Guaranteed Life Insurance policy is a blessing if you have been denied life insurance due to health issues. Almost all of these policies carry a two-year limited benefit period, and there is a payout on the policy only if your death is accidental. In other words, if you die from any disease, the company basically refund your premiums, plus interest on the policy terms.
Even though the need for Life insurance usually declines with age, there can still be important factors to consider.
There are Estate Transfer Life insurance policies that accumulate and are paid out tax free. They have become a common way to transfer your estate values to your heirs when you die.
Maybe you owned your own business, and want to be assured your financial obligations are covered after your death, and not left to your family to deal with.
You also want to protect your surviving dependents so they can pay off your final expenses, your funeral costs, any loans that were not paid off, mortgages, and any other remaining bills.
Each of these circumstances should be analyzed on an individual basis, and some have found their survivors may be better off by your investing your money wisely instead of buying a policy.
Above all else, make sure you purchase a Senior Life insurance policy that does not overcharge you for coverage you really don’t or won’t need.
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