Life Insurance for Senior Citizens




IMPORTANT RETIREMENT PLANNING

Life Insurance for Senior Citizens can be tricky to buy. But it is an important part of retirement planning and can be useful for several reasons.

First of all, do you need more insurance? Do you have a policy now that needs to be evaluated? Maybe it doesn't cover what you will ultimately need.

If you have a loved one that need to be cared for after you are gone, or even grown children or grandchildren that you have been assisting, you might consider getting a policy that will keep your loved ones safe when you are gone.

Costs that need to be paid for possibly by life insurance may include burial, cleanup of your home, moving for your loved ones or, if you own a home or car, payments on your mortgage or car.


DEBTS PAID OFF

Debts owed to banks, time-shares, or credit card debt may need to be paid up immediately to keep creditors from dragging your your loved ones into court for a lien or garnish against your assets.


LIVING EXPENSE COVERED

Living expense that are shared when you have a spouse or live-in partner, are suddenly cut in half once one of you is gone. These expenses may alter the life of that person dramatically if there is not senior life insurance

CATASTROPHIC ILLNESS

Life insurance can also help if there is a catastrophic illness. Many policies include an accelerated death benefit. Does your policy?

An accelerated death benefit in your policy can be borrowed against in case of long term nursing home care, or at home care needed due to an inability to perform daily activities that may include one or more of the following:

eating, toileting, transferring, bathing, dressing, and continence.

These are very necessary and important factors considering many seniors live well into their nineties and prefer staying at home but need long term care assistance from caregivers.

TAX FREE

Life insurance is tax free. It is not income. This way, it can be a blessing for you and your loved ones.

How much will it cost?

That depends on several factors that may include:

Your age

Your physical condition

How much do you want?

Type of Policy: Term, Whole Life, etc

MEDICAL CONDITIONS

If you have a medical condition, it can affect the monthly payment or even disqualify you from purchasing a new policy.

Fortunately, there are some life policies that do not require a physical. Your payment may be slightly higher and you may have a waiting period before the policy can be paid out.


GUARD AGAINST FINANCIAL HARDSHIPS

To guard against financial hardships that may occur, this may be the right time to have your professional insurance agent examine your current policy, update with an accelerated death benefit that will cover you in case of a catastrophic illness.