       6 - Seniors life insurance


Do you really need seniors’ life insurance?

Many seniors worry that they do not have enough life insurance to meet their final needs. Others worry that they are too old to get good, reasonably priced life insurance. Seniors life insurance is sometimes called final expense insurance.  Research will show that there is affordable seniors’ life insurance on the market. One reason for the affordability of seniors’ life insurance today is the fact that more persons are living longer. Before committing to purchasing seniors life insurance, do determine the following:

* What are your financial goals
* How much can you afford to spend

Seniors life insurance can be purchased for persons aged fifty-five to seventy-five. Deciding between the different types of seniors’ life insurance available can be a challenge, but insurance agents or brokers can help to demystify the insurance landscape.  Additionally, the savvy senior or someone acting on his or her belief can search online and get free quotes before making a final decision.  

It is good to also know that many seniors’ life insurance options cover most medical expenses. Seniors’ life insurance can result in big savings for medical expenses, especially if you are suffering from chronic illnesses. The major expense apart from housing fro most seniors is housing.

Most seniors’ life insurance policies offer special incentives such as:

* No medical examinations
* Death benefits that will not decrease after a set number of years, normally between two and three years depending on the insurance company. If the insurer dies before the two or three years, the beneficiary gets only a portion of the sum insured.
* Fixed monthly premiums throughout the life of the policy, that is, the premium will never go up
* Many offer cash value on the tax deferred portion, that is, you can borrow money against that portion
* Allows the individual to sell his or her seniors life insurance policy for cash. This is becoming a lucrative business and provides seniors with much needed income for immediate needs. This is known as life settlements.

Seniors life insurance policies are also a good way to help your beneficiaries pay taxes on land or property left to them upon your death. Based on your next worth, death taxes can be quite high. 

Seniors’ life insurance helps seniors live without the worry that their loved ones will be left to deal with their debts and funeral expenses. Spouses know that seniors’ life insurance can provide the financial strength their partners may need to continue to live comfortably. So, regardless of your age it may well make economic sense to take out a seniors’ life insurance policy to help your loved ones cope with any financial issues that may arise.


