Senior Life Insurance Policy Choices

Why do elderly people even need life insurance

? Lots of people think that coverage is only for younger people who are worried about providing for a growing family or paying off a home loan. But the truth is, many older people may still not have outgrown their need for coverage. Kids may be grown, but that does not always mean that responsibilities are over.

I have some enncouraging statistics about life insurance for older people. Statistics show that people are living longer and healthier lives than they were in the past. In fact, people can even expect to live longer than they could 10 years ago. Because of this, insurers are willing to extend coverage to older people at more affordable ratees than ever before.

Insurers even market term policies for seniors. I have seen companies that will over 10 year term policies to reasonably healthy people that are 75 years old. Getting some protectionn will not ruin most family budgets.

Another type of life policy, called whole life, is usually associated with seniors. These policies do not expire after a term, and so they will cover the insured person for their whole life as long as the policy is active.

You may see these types of policies being sold as burial or final expense. They have been been sold to people who are concerned about paying for funerals. Since funerals can be very expensive, costing $8,000 to $10,000 or more, this can be a good way to plan for this.

The face value will be low, from about $2,500 to $25,000. A small death benefit is purchased to cover the burial and other funeral arrangements. The premiums should be kept affordable because the death benefit is fairly low.

So which type of life insurance should a senior purchase. The answer to that question really depends upon the financial situation and needs of a family. If a family has modest savings and a fairly low income, a final expense policy might be an affordable way to plan for the cost of a funeral. If a family is interested in giving more wealth to the next generation or protecting a business, it might be a good idea to check out a higher face value term life insurance policy.

How can you find the best life insurance for an older person? You actually see a lot of senior life advertised on TV, magazines, and the internet. I would advice anybody to compare quotes and policies. Your own premiums, which type of coverage you get, and making the best decision, all depend upon individual factors.

It used to be a big challenge to go out and shop for an insurance policy. If you wanted to get the best deal from one of the top companies, you really had to spend a lot of time calling around.

These days, internet quote forms make this much easier. You can simply find an online quote form that will give you competitive life insurance quotes from the comfort of your home or office.

by: Marilyn Katz

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