Life Insurance for Seniors

Life insurance for seniors can provide many benefits, like the ability to cover funeral costs or provide for the loved ones you leave behind. However, it is important to note that most insurance companies have age restrictions on how old you can be for them to issue a policy. This means that younger people will have more options than those who are more advanced in years. In this article, we will go over the basics of life insurance for seniors.

Types of Plans

There are 3 main types of life insurance plans. First, is term life insurance. It will cover you for a set period like 10, 20, or 30 years. If you pass away within this time frame your beneficiaries will receive payment. If you die outside of that time frame your beneficiaries will receive nothing. This is a popular choice of life insurance for seniors because it is generally more affordable. Second, is whole life insurance. This type of policy will provide coverage for your entire life. This is more expensive because the insurance company has a guarantee for payout. Lastly, is final expense insurance. This is a whole policy that comes with a small death benefit. Its main goal is to cover funeral and burial expenses. It is very affordable because of the small death benefit.

Why Should Seniors Get Life Insurance

Your life insurance policy can provide financial security for your beneficiaries. It can cover a variety of expenses like funeral costs, medical bills, a mortgage, credit cards, or an auto loan. If you have a partner, you can use life insurance to provide for them. Or if you are parenting grandchildren you would want to care for their needs after you pass.

How to Find the Best Life Insurance for Seniors

First, you will need to figure out what your coverage needs are. You may want your policy to pay for things like final costs, replacement income for your partner, or paying off large debts. Then you will need to decide if you want a term or whole life policy. If you work with an insurance advisor, they can help you navigate your options and find the best policy for your situation.

Questions? Want to schedule an appointment? Contact us by clicking here.