3 Good Reasons Seniors Should Buy Life Insurance
As with any financial product, the benefits are specific to an individual’s individual circumstances and goals. That being said, there are some very good reasons why senior citizens want to take a life insurance policy. Here are three:
Can be used as cash while alive
Life insurance has traditionally been 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 the cash element of your policy while you’re alive. It can be used to pay off debt, cover household expenses or do anything else you want.
Granted, these policies tend to be more expensive for obvious reasons. And it will take some time to build up cash reserves to use eventually. But still, a policy that can be used as a cash alternative is promising, especially for senior citizens on a tight budget.
Get a free price estimate online now to see how much you’re worth.
It can serve as a legacy
Some seniors have strong savings and home equity that they plan to pass on to their children and loved ones. And some, unfortunately, no. For the latter category of people, 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 who is assumed to be in good health.
$150,000 is significant enough to leave behind for loved ones, especially if it can be secured for less than $100 a month. Do the math and see what you can afford / are eligible for. You might be surprised how much coverage you can get — and give up — for your beneficiaries.
It can pay for end-of-life expenses
If you are a senior and looking for an affordable policy, but still want coverage for end-of-life expenses such as funeral and burial, then life insurance is a good option. Such expenses can amount to approximately $10,000-$20,000 – an amount that many life insurance providers will happily cover for a senior citizen in good health.
A death in the family is hard enough already. You don’t want to add financial burden to the mix. Fortunately, a cost-effective and reliable life insurance policy can help take away those worries.
If you think you would benefit from taking out a life insurance policy that can cover end-of-life expenses, get started now by getting a free online price estimate.
Bottom-line
Despite conventional wisdom, there are very good reasons why some seniors should buy life insurance. Depending on your individual situation, a policy can be used as cash, as an inheritance, or simply to help loved ones pay end-of-life bills.
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