Life insurance is considered valuable for a wide variety of people. Whether you’ve recently got married, just bought a home or are the parent of young children,are numerous and significant.
While life insurance is considered advantageous for many (and often a fundamental part of sound financial planning),are often overlooked as a segment of the population that could benefit from having a policy.
This can be due to price (seniors are usually saddled with higher premiums) or necessity (seniors typically have fewer financial dependents than those in other age groups). Still, there are benefits to having a life insurance policy that some seniors may find helpful.
If you’re a senior considering life insurance then get a free price quote online right now so you know exactly what to expect.
3 reasons seniors should consider life insurance
While everyone’s personal financial situation is different, there are some times when it may make sense to buck the conventional wisdom. Here are three reasons why seniors should consider life insurance.
It can cover end-of-life expenses
Life insurance is often associated with a large lump sum payout upon death (you can potentially get a policy). But that may not be needed for a senior citizen – and it would be cost-prohibitive to secure anyway.
A cost-effective policy in an amount that could potentially cover end-of-life expenses like a wake, cemetery plot, funeral costs and more could be valuable. Considering the payout amount would be minimal (think under $30,000, approximately) the premium to get such a policy could be reasonable, too.
A death in the family is already difficult to deal with but leaving family members and friends with end-of-life expenses can be avoided. Simply plug in some numbers online now and see how much life insurance coverage you can qualify for. It may be worth setting up.
It can leave money for loved ones
As mentioned above, seniors may not qualify for large sums of money, particularly those with advanced ages. Still, a small policy with properly designated beneficiaries is better than nothing at all.
This is particularly true for seniors who want to leave something for their family and friends after they die. If they don’t have a home or a savings account to transfer to someone a life insurance policy (albeit in a smaller amount) could suffice. It may not be a lot but it’s still something. And that may be all you need.
It can help pay off your debt
If you’re a senior with a mortgage or other outstanding debt, then you already know how difficult it can be to make ends meet. You don’t want to pass those financial burdens on to your beneficiaries. With a life insurance policy in place, you may not have to.
Life insurance policies come in. It’s worth investigating to see if you can find a type that can cover your debt in the event of your death. This could be particularly helpful for seniors who want to leave real estate to their heirs – but still owe a significant amount to their lender. A life insurance policy could potentially bridge that gap.
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The bottom line
Conventional wisdom dictates that seniors don’t need life insurance. And it’s true that there are likely, in particular, when it comes to life insurance. While many financial advisers agree that adults should have at least some level of coverage, the particular type you need may vary based on your age.
Everyone’s financial situation and long-term goals are different. It’s possible that a life insurance policy could help. There are policies available for all age ranges that will both protect you and your bank account.
Speak to a life insurance expert now or consult a financial adviser to see if a life insurance policy is right for you.