Life insurance is a way to provide for loved ones in the event of your death. For many, life insurance is part of their larger family financial plan. When there are mortgage payments, small children in the house, and reliance on a spouse’s income, it makes sense for many families to purchase a life insurance policy. If something happens to the policyholder, a death benefit is paid to the surviving spouse, children, dependents, or other beneficiaries.

For most families, a death benefit payout could provide financial support and allow them to pay off debts, cover final expenses, or have supplemental income. Life insurance makes sense for those with outstanding debts, dependents, or other financial obligations. As a result, many young people consider life insurance as a safety net for their families. However, when it comes to senior citizens, choosing coverage and finding a policy might require some different considerations.

As a general rule, the younger you are, the cheaper your life insurance premiums will be. Many people think that finding life insurance for senior citizens is not an option. While life insurance for seniors varies from company to company, and the requirements and options might be more limited, plans are available. No matter your age or your health condition, life insurance is possible for most people. Let’s look at some things that seniors should know when looking for life insurance coverage.

GetSure is an independent insurance agency.  We sell life insurance and health insurance policies, primarily to seniors. We started GetSure because we were tired of seeing misleading Medicare and final expense insurance commercials bombard seniors with poor quality advice. For more details please check the summary of the pros and cons of Colonial Penn life insurance.

What are your life insurance goals?

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As discussed, most people turn to life insurance to provide financial assistance to their spouses or dependents. Death benefits can be used to pay for a variety of things. In general, however, people over 60 years old no longer have mortgage payments, and their children have moved out. Aside from this, however, there are a few more reasons why a senior citizen might consider life insurance.

To determine if you need coverage, you need to consider your situation and your goals for a policy. For many people, a life insurance policy will ensure that their loved ones don’t have to pay for funeral expenses. Others use a policy to provide an inheritance for loved ones. Financially, a policy might make sense to help cover the estate taxes left behind in a will. Thinking about your goals will be an important step for any senior considering life insurance.

Why does age impact life insurance coverage?

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When insurers extend coverage for life insurance, they look at several factors to help determine the risk associated with potential policyholders. Age is a major consideration when determining possible longevity and the likelihood of paying out a policy. Typically, younger adults pay less for life insurance and have more options. This is because they are more likely to have a whole life policy for a long time or may not even use a term life policy. As a result, life insurance rates tend to increase with age.

What coverage options are available for seniors?

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Like any other person seeking life insurance, term life and whole life policy options are available for seniors. The best life insurance policy will be the one that meets your goals and provides the benefits you need. Given that age and health are major considerations, it will be important to carefully consider the type of policy you want.

Term life is usually cheaper but only provides benefits for a specified period. Seniors over 60 might have difficulty finding a term life policy that is valid for longer than 10 years. Whole life insurance is a permanent policy. However, seniors may end up with a premium payment of around $1,000 per month for coverage. Some insurers offer final expense life insurance that will pay a benefit of $10,000 for about $45 a month.

Robert Schmidt of Burialinsurancepro.org mentions “Many seniors will benefit from having a permanent form of burial insurance.  These policies require no medical exams, and are very affordable.  Several well known companies such as AARP, Gerber Life and Mutual of Omaha burial insurance plans are available to consumers.”

No matter what age you are, life insurance is a way to provide peace of mind and leave behind guaranteed financial support if you pass away. While finding life insurance for senior citizens may require more consideration, you can find the right coverage for your needs with time and research.