Senior life insurance policies are useful because they can better serve the unique needs of seniors.
Senior life insurance policies are useful because they can better serve the unique needs of seniors. Although you may not have any dependents, a senior life insurance policy can help you to begin formulating a plan that will protect your assets and finance your final expenses.
Multiple types of affordable plans and options from which you can choose are available.
And it is easy to qualify for senior life insurance. There is no medical exam; all you have to do is answer some health questions. It is important to seek out a policy that will not be cancelled just because you have grown older.
For example, your top priority should be purchasing an amount of senior life insurance that will provide adequate coverage for burial and funeral costs. According to the American Association of retired Persons (AARP), funerals and burials are among the most expensive purchases older Americans make. 1Funeral costs average over $65002 and Social Security provides only $225.3 Naturally, most people don’t want to put that kind of burden on their loved ones. Also, you must consider the likelihood of incurring medical bills or other outstanding debts that will need to be immediately addressed. This is important because even if you leave your family a large nest egg, they may have to wait a long time to receive any money from your estate. Meanwhile your loved ones could be responsible for paying your outstanding debts and other expenses.
Probate is a process that freezes your assets and can take a long time, anywhere from 6-18 months.4 After probate, any further debts that are still outstanding will be either taken from your estate or inherited by your loved ones.5 As a result, they may have to borrow the money or take the necessary funds from their savings. In contrast, there are no restrictions on how your loved ones may use the proceeds from your senior life insurance policy. The money can be used for any expense, and your loved ones are usually given this tax free money within 2 weeks. Therefore, your final expenses will not rest on your family.
Furthermore, if you have a spouse, consider that he or she will only receive a portion of your social security after your death. Since that may affect his or her standard of living, the option of purchasing a senior life insurance policy may offer protection against the stress of having to move in with a child. Or you may wish to leave a legacy gift by making your favorite charity the beneficiary of your senior life insurance policy.
Seniors need to be informed about senior life insurance policies and the different options that can serve their needs. A senior life insurance policy is more than just a way to pay for a funeral. It is a ticket to peace of mind.