A lot of young adults choose to purchase life insurance simply because they have just taken on significant responsibilities—they’ve gotten married or bought a home, or maybe they’re starting a family. However, that doesn’t imply that seniors don’t have some of the same responsibilities: dependent spouses, kids and grandchildren, and home mortgages they must continue to pay.
To be honest, those responsibilities you took on when you were younger don’t always disappear as you age. Consequently, turning 65 doesn’t mean you have outlived your need for life insurance. Fortunately, the good news is you can still find life insurance at age 65 and older, especially affordable final expense insurance.
Can Seniors even Buy Life Insurance?
Thankfully, lots of life insurance companies offer life insurance choices to individuals of almost any age, including life insurance for senior citizens. Some insurers even offer term insurance to individuals in their seventies and they also offer whole life policies to individuals up to age 85, therefore it may be much easier than you think to find a life insurance policy that provides you and your family peace of mind.
While just about anybody can purchase life insurance, it’s important to understand the different kinds of policies available to seniors who are 65 and older. Doing so helps you understand all of your available choices and therefore choose the ideal type of life insurance for you and your loved ones, no matter how old you might be.
Why Should Seniors Consider Life Insurance Benefits?
The very first thing you need to decide is how you and your family might benefit from life insurance coverage. Once you understand what you want, and how life insurance for seniors can easily benefit you, it will be much easier to pick the ideal senior life insurance for your circumstances. Here are some typical reasons seniors might consider life insurance:
You have Someone who Relies on Your Income:
Are you concerned how you would provide for dependent loved one if you pass away? This is a fairly common question that individuals of any age may have to deal with but you may have specific concerns if a dependent or spouse suffers from a disability and depends upon you for income or care. And neither is disability or age the only aspect when it comes to dependents: to be honest, these days, the economy has sent many children of Baby Boomers back home to live with their parents. Additionally, if you didn’t have children until you were older, your children may not have finished with their primary education yet.
Your Debt
A lot of people reach retirement age with debt— debt that could easily reduce the amount your family might inherit from your estate. If your surviving loved ones are unable to handle that debt without you, it's possible they might lose important assets. Can your family pay the mortgage or other obligations without your financial support? Would your estate lose a great deal of value if it first had to pay your outstanding debts? If so, life insurance can help.
Final Expense Concerns
Nowadays, funerals and burials can cost about $8,000, and your surviving loved ones may find themselves trapped between honoring you in the way they want to and the expected financial burden a funeral service might impose on them. If you and your family don’t have the resources needed, a final expense insurance policy can help your loved ones plan a dignified burial and funeral without added stress while they are grieving.
Charitable Causes
As some people age, they discover they want to build a legacy by donating money to a favorite charity or other worthy cause. A life insurance policy will allow you to bequeath some or all of the death benefit from a life insurance policy to your favorite charities.
Finally, while many seniors on a fixed income consider purchasing life insurance mainly for the death benefit that their beneficiaries will receive when they die, you might also take advantage of some of the other benefits that many types of life insurance policies offer. Some examples include cash value that you have access to or the ability to sell your policy in a life settlement.
Seniors on a Fixed Income - Can afford LifeShield Insurance
Today, there are many seniors who are living on fixed incomes that might include a pension or social security or both and don’t think they have enough money at the end of the month to afford life insurance. Actually, this is a misconception that many seniors may be guilty of. Today’s life insurance marketplace is likely more competitive than ever before and seniors can benefit from this competition.
For example, most seniors don’t know that they can purchase a $10,000 life insurance policy for less than a night out for dinner, and the best part is there is no requirement for a medical exam or blood tests.
When seniors on a fixed income are looking for low-cost life insurance, they can contact an independent insurance broker who specializes in senior life insurance benefits like Life Policy Shopper and speaks with insurance professionals who understand their circumstances and will find an affordable solution that will fit their budget.
Using the right insurance broker is critical to finding insurance carriers who can deliver low-cost life insurance but are financially stable so that they will be there when you need them the most. The folks at Life Policy Shopper represent highly-rated insurance carriers who are “senior friendly” and understand the challenge of getting quality insurance products for seniors on a fixed income.
Here is an example of actual rates for a $10,000 insurance policy from LifeShield National Insurance for a senior male or female non-smoker:
For accurate insurance rates for your actual age, please use our world-class quote engine on the right side of the page or call us at (540) 226-8715 during normal business hours.
Last Updated on November 22, 2018 by lifepolicyshopper