Over 50? Why You Need Life Insurance
No matter how old you are, it is so important that you are covered for life. It is now common for seniors or those over the age of 50 to be without life insurance. Most people are usually covered by a life insurance policy through their employer, or they could have had a term life insurance policy. But once you retire, change careers, or your term policy expires you are most often left without any coverage.
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Some assume that at an older age they will no longer need life insurance, and will be able to pay off any expenses that may arise with all the money they have saved throughout their life. Nevertheless, you should never assume that that will be the case for you, because as we all know, things don’t go always go the way we plan. For example, your kids may still rely on you for financial help for longer than you expected. In this current economy, financial obligations arise that may have not been foreseen. We have all heard the expression, “hope for the best, but plan for the worst.” This is truly the case when considering getting life insurance if you are over the age of 50.
There are many reasons why getting life insurance at a older age is beneficial. For example, there are a number of financial burdens that are easily handled when covered by life insurance. It becomes easier to cover funeral costs, leave money for the widowed spouse, provide a college fund for grand-kids, etc.
Many Senior Citizens are concerned that they will not be able to find affordable life insurance. However, there are a number of insurance companies that are making policies for someone of just about any age. They are trying to make it easier or persons over the age of 50 to find a plan that fits their needs. In reality, it is possible for someone of just about any age to find good life insurance.
Senior Life Insurance – Preparing for the Inevitable
Youth is not permanent. You are not always energetic and physically active. That is the reality in life. Because of this preparing for the inevitable takes a lot of form; also called as final expense insurance, senior life insurance (for over 50’s) is intended for older people specifically those in their senior years. It is actually a smaller face value of the whole life insurance policy. It takes effect during the times when people need it most in their latest years in life. Senior citizens until their 85th birthday are allowed to get hold of this insurance. There is no term expiration for this type of insurance.
Before going further, you might come to wonder why you need to apply for senior (over 50) life insurance. Well, one of the great things that your loved ones can take opportunity is to use this life insurance for paying your funeral expense. This is especially true if they do not have enough cash to pay for it. You see, funeral expenses are not cheap. The most reasonable price that your loved ones can take hold of may range from $7,000 to $10,000. There are even much higher funeral costs if they are not lucky enough to discover cheaper choices. With a senior life policy, your bereaved loved ones would not be at a lost on where to get the money to pay for your funeral costs. This would lessen the grief that they are going through at the time of the death of a loved one. And they never have to worry of paying for taxes because money from a life insurance policy is certainly tax-free.
In applying for a senior life insurance, you would be asked few health questions. You would be determined which between Immediate Benefit or Guaranteed Issue Life Insurance is applicable for your case. Healthy people especially those without any life-threatening disease can qualify for an immediate death benefit. As soon as the insurance policy is in force, the beneficiaries would be awarded the whole amount of the policy once you died. The money can be used for funeral expenses, paying some debts or anything that the beneficiaries would choose to spend it for. This is considered as a cheaper insurance policy compared to Guaranteed Issue Life Insurance Policy.
Senior Life Insurance Plans can range from $50 to $100 monthly premiums. There are other choices but these are often the most affordable choice for average individuals. There are also cash value policies for those who intend to buy it cash. If you are 65 and you want to be more prepared for the inevitable this insurance program is best fitted for you.