Life insurance is an essential component of family finance. If you don’t already have insurance coverage, comparing your options for life insurance coverage is a great idea.

Life insurance offers financial security in the case of death or an illness, accident, or injury that renders you unable to work and provide for your loved ones. This is a particularly important consideration for those with young families. However, more and more seniors are falling back on a life insurance policy in order to provide themselves with crucial peace of mind as they age. If you are considering a life insurance policy, this guide is the perfect resource for you and your needs.

Term life insurance has always been a key asset for families.

The death benefit on a term life insurance policy is designed to protect your family through the remaining years of work that you would have contributed toward younger children’s livelihoods. As the USDA estimates a child will cost a family around $234,000 to raise, this is a key asset for those who are just starting out in life as a parent or married spouse.

In return for this security, you pay a premium (a monthly payment) in order to keep current with your insurer and the insurance policy that you’ve taken out. In the current time of public health crisis, adding in a financial resource that can provide a backstop for your family in the event of a tragedy is a must for anyone (younger parents and seniors alike). The coronavirus pandemic has created a unique situation in which more and more people are considering their own mortality, and as a result, many people are thinking about the introduction of a new life insurance policy to provide enhanced peace of mind for their families and themselves.

Whole life insurance and certain term policies are perfect for seniors.

While many term life insurance options are great for younger families, they aren’t the only ones who benefit from the addition of a life insurance option. Many people ask, “Should seniors get life insurance?” And the answer is almost always, absolutely! Whole life and term life insurance are the traditional options for life coverage. These are structured in a simple way: You pay monthly premiums, and then named beneficiaries receive the death benefit paid out in a lump sum after you’ve passed. While this might seem a little morbid, the truth is that a life insurance policy can be the best option for someone who is still paying a mortgage on a new home or a new home loan. Likewise, insurance coverage can eliminate the need for your loved ones to pay for costly funeral expenses out of pocket.

For seniors, a life insurance policy can provide an essential resource for staving off debts in a time when income is likely minimized or altogether gone. Many seniors live off their retirement accounts and social security benefits. This fixed income arrangement isn’t quite conducive to new debts and sudden expenses, but that doesn’t mean that life is done throwing curveballs your way as a senior. Life insurance protection can help you to eliminate the worry about paying off medical bills or a mortgage loan.

Fortunately, there are several life insurance companies to work with to obtain a life insurance policy to help address final expenses.  Lincoln Heritage and AARP burial insurance plans are two popular choices.  Both companies provide immediate death benefit policies to their consumers, and the premiums are affordable.

However, with a viatical settlement, for those who are lucky enough to stop needing the death benefit to cover end-of-life expenses, a lump sum payout in relation to the face value of the policy can give you an influx of cash for that once-in-a-lifetime vacation or home renovation that you’ve been considering for many years.

The bottom line is that life insurance coverage is a great option for everyone from young adults to elderly citizens.