Life insurance is designed to provide financial stability for your loved one in the event of your death.
Think for a moment what would happen to your family if you passed away unexpectedly, would they be able to afford to pay the monthly bills?
Life insurance is designed to provide financial relief for your family.
Considering the grief and difficulties facing your family following your untimely death, leaving behind a smart life insurance policy is one of the kindest, most loving things you can do for them.
Term life insurance provides protection at a fixed premium for a period of time. Term policies are usually 10, 15, 20 or 30 years.
This is a permanent policy that doesn’t build any cash value, but like term policies, provides you protection to age 90, 95 or age 121.
It is more expensive than term but not as expensive as whole life which builds cash value.
This coverage has been a good fit for seniors that want protection and are not interested in building cash value.
These policies are small whole life policies that do have a high monthly premium and stay the same as long as the coverage is in force.
Final expense insurance is a type of life insurance that helps seniors cover end-of-life bills, such as funeral expenses and healthcare.
If you don’t have a final expense life insurance plan in place for these bills, your loved ones will be responsible for them by default.
Funeral costs are expensive, and there are probably more costs than you were aware of.
According to the National Funeral Directors Association, the national median cost for a funeral with a burial and vault is $8,755. The national median cost for a funeral with cremation is $6,260.
These cost estimates do not include the cemetery plot ($2,000), monument (up to $10,000) or grave marker ($1,000), or miscellaneous items like flowers ($200) or an obituary ($200).
If we factor those costs in, the average cost for a funeral with a burial and vault can be more like $15,000.
There is one type of life insurance policy that claims no health examinations, and you will qualify regardless of your health complications.
So far, for those seniors who are dealing with health issues, this is an important option to consider if unable to get back to full strength medically any time soon.
These polices are known as guaranteed issue or graded benefit policies and they are available to you as you are not confined to a nursing home, incarcerated, or in an assisted living facility.
Guaranteed issue policies are usually the only option available to someone over the age of 80.