Does Life Insurance for Seniors Makes Sense?
Posted by Lenny Robbins on Tue, Jan 31, 2012 @ 03:41 AM
Don’t think that because you’re a senior, you don’t need life insurance. The reasons for life insurance do change as you age, but most seniors still need coverage. Fortunately, reasonably priced life insurance for seniors can be found, even for seniors with health problems.
How Seniors Benefit From Life Insurance
Each situation is unique, but common purposes for life insurance for seniors are:
- to allow enough money for a surviving spouse to live comfortably
- to pay off debt
- to leave money for other family members to ensure a self-owned business or partnership can continue to operate
- to provide funding for a charitable cause
- to take advantage of taxation laws
- to cover funeral and burial costs
It’s important to understand what your goals are. Otherwise, you may end up with the wrong policy.
How to Get the Best Deal
Working with an experienced, licensed independent life insurance agent who specializes in life insurance for seniors is the surest way to find the best rates for your specific circumstances.
Unlike agents working for a particular carrier or website, an independent agent will take the time to help you realistically answer critical questions such as:
- What are the purposes of the life insurance?
- How much coverage do you need?
- What type of policy should you buy (term or permanent or a combination)?
- Which carriers offer the best rates for your age and health issues?
Once your situation and needs are clear, an independent agent will use their knowledge of the market and their relationships with many carriers to find the best buy for you. And they can continue to work with you to monitor and evaluate your ongoing insurance needs, always making sure your interests are best served.
The Bottom Line
Even in the senior years, life insurance is usually a necessary expense—and it can be a big one. However, you can minimize the cost and maximize the benefit by working with an independent agent with expertise in life insurance for seniors.
Photo Credit: Alex Proimos