3 good reasons seniors should buy life insurance

3 good reasons seniors should buy life insurance

life insurance There are some very good reasons seniors may want to take out a life insurance policy.

Most financial advisers agree that life insurance is both valuable and an integral part of sound financial planning. In exchange for a monthly fee to a provider, this unique form of protection can provide a financial safety net for loved ones in the event of the insured’s death.

While life insurance is generally considered advantageous to have for a wide variety of adults, there is one demographic that is usually left out of the discussion: senior citizens.

For these older adults, life insurance is often considered cost-prohibitive relative to the coverage that can be secured. But when it comes to life insurance for seniors, there are some exceptions worth understanding in which case a policy can be both valuable and inexpensive.

If you’re considering life insurance then start by getting a free online price quote so you know exactly what to expect.

life insurance

3 good reasons seniors should buy life insurance

As with any financial product, the benefits are specific to the individual’s personal circumstances and goals. With that being said, there are some very good reasons seniors may want to take out a life insurance policy. Here are three:

It can be used as cash while alive

Life insurance is traditionally thought of as something you set and forget, only to be used by beneficiaries in your absence. But there are whole life insurance policy types that actually let you access a cash element of your policy while alive. This can be used to pay off debt, cover household expenses or for any other thing you wish.

Granted, these policies tend to be more expensive for obvious reasons. And it will take some time to build up the cash reserves to eventually access. But still, a policy that can be used as a cash alternative is promising, particularly for seniors on a tight budget.

Get a free price estimate online now to see how much you’re eligible for.

life insurance

It can serve as an inheritance

Some seniors have robust savings and home equity that they plan to pass on to their children and loved ones. And some, unfortunately, do not. For those in the latter category a life insurance policy can help fill the gap.

For a 64-year-old male living in New York, Haven Life will provide a 10-year term life insurance policy in the amount of $150,000 for $98.74 per month. This is a quote for a non-smoking male considered to be in good health.

$150,000 to leave to loved ones is significant, particularly if it can be secured for less than $100 per month. Do the math and see what you can afford/are eligible for. You may be surprised about how much coverage you can get – and leave – for your beneficiaries.

It can pay end-of-life expenses

If you’re a senior looking for an inexpensive policy, but still want to have coverage for end-of-life expenses like a funeral and burial, then life insurance is a good alternative. These sort of expenses can be worth approximately $10,000-$20,000 – an amount that many life insurance providers would happily provide a senior in good health.

life insurance

A death in the family is already hard enough. You won’t want to add financial burdens into the mix. Fortunately, a cost-effective and reliable life insurance policy can help eliminate those concerns.

If you think you’d benefit from having a life insurance policy that can cover end-of-life expenses then start by getting a free price estimate online now.

The bottom line

Despite conventional wisdom, there are very good reasons some seniors should buy life insurance. Depending on your personal situation, a policy can be used as cash, as inheritance or simply to help loved ones pay end-of-life bills.

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