Most people think that you can’t get life insurance once you’ve reached your senior years. One thing is true and that’s life insurance premiums get more expensive for seniors, but it’s still possible to get it. No matter the age life insurance is still worth the investment.
Why Seniors Should Consider Life Insurance
Finding the right life insurance for you can be a challenge, depending on your financial situation, health, and age. Determine which one will fit your needs and why you should still consider it:
People Are Living Longer than Ever
Life expectancy has increased over 20 years since the 1930s, men living to 84 and women to 87. Modern medicine is to thank for an increase in life expectancy, but it can be expensive to afford medical costs.
The idea of families is changing in modern times with seniors now caring for grandchildren, putting a strain on their savings. Seniors in retirement make a limited income, so these extra costs can cause difficulties. In this case, life insurance can offer security.
Life Insurance Provides Extra Help
Life insurance provides your loved ones with the benefit of an offset income in the event of death. Besides this, there are other added perks to having life insurance coverage, such as:
- Covering funeral expenses
- Cushioning the burden of estate tax
- Leaving behind a financial legacy for a charity or other heirs
- Paying off unsecured debt such as credit cards or a mortgage
- Providing for medical or long-term care expenses
At a Fair Price for Seniors
In your 50s life insurance coverage is affordable with options of customizable policies, fixed rates, and traditional benefits. It might even be possible to convert a current policy into a permanent one with little hassle.
Seniors in their 60s might find that guaranteed universal life coverage offers the best option. Those in their 70s may find that sticking to policies with limited death benefits and lower premiums is ideal. Senior life insurance should be chosen based on your age and the financial burdens and dependents left behind.
Making a Positive Investment
Choosing a life insurance can be like making a private investment. Universal life insurance policies can earn cash while avoiding taxes, but other life insurance policies can come with risk. Due to these factors, it’s good to consult with a qualified profession to decide what insurance is the best for you.
Missing out on the benefits of life insurance as your health declines can be avoided by getting whole life policies with living benefits. This allows terminally ill policyholders to access the total value of the insurance.
The different kinds of insurance offered to adults over 50 are:
- Annual renewal term: Like term life but with the option to renew annually.
- Burial or final expense insurance: Small death benefit for lower premiums.
- Guaranteed universal life: Flexible policies that have qualities of both term and whole life insurance.
- Term life insurance: Fixed premiums for a specific period of coverage.
- Whole life insurance: Higher premiums but permanent coverage for life.
As a senior, when you take out a plan when you’re young , you’ll have more coverage options. It’s an inevitable fact that older adults cost more to cover because there’s a greater risk of death than for healthy and younger people. Though, in your 60s, 70s, and even 80s, there are still plenty of ways to get affordable coverage.
Reno Valley Assisted Living and Retirement Community
Reno Valley is an assisted living and retirement community that makes living independently, while at the same time feeling safe and secure, a reality. We strive to provide the best quality of life for all residents including those suffering from loneliness and depression.
We offer a comprehensive activity program that includes both physical and social activities to encourage emotional well-being. Our staff is trained to assist those with depression. If you or a loved one are considering assisted living, contact Reno Valley today to learn more about our services or tour our community.