Life insurance is a fundamental part of sound financial planning. Whether you are a young adult just starting your career or a newlywed, a new parent or a new home owner,It’s important to stay. Some financial advisors would even say it’s mandatory.
Seniors, however, make up a demographic that is often left out of the life insurance conversation. For older adults, life insurance is often considered a no-no– Costs associated with coverage that can be secured can be discouraging. There are some seniors, however, who actually can be From life insurance and they don’t have to break the bank to get a policy.
If you’re a senior looking to cover end-of-life expenses or leave an inheritance to a loved one, life insurance can be valuable. It can also be used to pay off any debts that your death would otherwise leave to your beneficiaries. For this reason, and for someLife insurance for seniors can actually be .
What type of life insurance is appropriate? Seniors must buyOr something else? If you’re in the market for life insurance, start by getting a free price quote so you know what to expect.
Should Seniors Buy Term Life Insurance?
Here are three reasons.
It is less expensive than whole life insurance
If you are a senior who wants the protection life insurance offers – but can’t afford to buy onePolicy – Then term life insurance is a valuable option to pursue. Term life insurance is generally less expensive than whole life insurance, mainly because the latter type comes with a desirable cash reserve whereas term life insurance does not.
But that doesn’t mean term life insurance isn’t worth it. In many cases this is often the case. And it doesn’t have to be expensive. For a 64-year-old man living in New York, Haven LifeA 10-year term life insurance policy in an amount of $150,000 at $98.74 per month. This is for a non-smoker who is considered to be in good health. A woman with all the same characteristics was quoted $70.11 for the same amount of coverage.
If you can afford a monthly bill within that price range and want the convenience of getting a term life insurance policy for your loved one, get started by getting your own free price estimate now.
It will only last for a selected time frame
As mentioned earlier, whole life insurance policies have an attractive cash savings for the policyholders. But it takes time to build. But if you want protection now and only for a certain period of time, term life insurance is a good option.
For example, if you want to cover your children until they move out, a term life insurance policy for 10 years may be worth it. Or if you want to cover your mortgage until you pay it off (and don’t want to get involved with the high costs associated with a whole life insurance policy), you can apply for a policy at the same time as your mortgage.
If you are an older adult, the window to take advantage of a whole life insurance policy may have already passed. But a term life insurance policy can be worth for one term.
It is easy to use
Life insurance types, costs and coverage options can be difficult to navigate. This is especially true for policies with cash and investment options. Although whole life insurance policies have that cash component, it can be stressful to deal with, especially when dealing with deductibles and managing cash flow.
Policies, meanwhile, allow you to invest your money in various securities and stocks, allowing you to grow your account and death benefit over time. But that can put pressure on adjustments, especially in a volatile stock market.
However, term life insurance is one of the simplest life insurance policies. For seniors who want to streamline their personal finances into a more manageable form, this benefit can be particularly attractive. If you want to get a life insurance policy, but don’t want to bother with the complications that come with a policy with a cash component, term life insurance is the way to go.
As previously mentioned, life insurance for seniors is not always worth it. But if you have specific financial goals in mind – and think life insurance is the way to meet them – then you should review term life insurance options. Get started by getting a free price quote or use the table below to compare some of the top providers
MoneyWatch: Managing Your Money
more and more