16 Apr Life Insurance for Seniors—Is It Too Late?
Should seniors think about getting life insurance coverage?
For many seniors, life insurance may not be their top priority. Yet, so many can benefit from taking out life insurance coverage and protecting their loved ones. For seniors aged between 8- and 85, getting affordable life insurance is still very possible. There are several reasons and benefits why seniors should consider getting life insurance.
Should seniors buy life insurance in their 80s?
There are many different situations in which life insurance can help elderly people in their 80s and beyond. However, a few typical reasons why a senior might look to purchase insurance include:
- They can benefit from final expense life insurance and obtain peace of mind their loved ones are protected.
- They meant to buy coverage earlier in life and forgot about it, but still want coverage in their later years.
- Someone close passed away and left the family responsible for funeral expenses and remaining debt. This can prompt a senior to check their own life insurance and take out coverage.
What life insurance can I get in my 80s?
Believe it or not, but you’ll have choices of which type of life insurance you can purchase in your later years. A few options include:
- Term life insurance – You can purchase coverage for a set period of time such as 5 0r 10 years. Keep in mind that if you outlive your policy, you will not receive any death benefit.
- Guaranteed universal life insurance – This product is similar to traditional universal life but the focus is on the death benefit and length of coverage rather than cash accumulation. Most applicants will typically have to go through medical underwriting but this coverage will be in force until the age of 105. You’re able to purchase coverage up to until the age of 121 for an additional premium.
- Final expense whole life insurance – These policies are available to seniors up to the age of 85 with face amounts of $3,000 to $30,000, depending on your age when you apply for coverage. No medical exam is required, and it comes with guarantees and benefits found in traditional whole life insurance.
Life insurance is the gift that keeps on giving to your family even when you’re gone. If you need help securing a life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!