The main objective of a life insurance plan is to replace loss of income should an earning member of the family die unexpectedly. So if youre a retired 70-year old, do you really need life insurance? This article will help you explore the reasons why the elderly may find buying life insurance the perfect solution to their financial woes.
Over 70? Why You Should Buy Life Insurance!
The weakening economy. The economic downturn has unsettled us all. For some of us, nest eggs have dwindled overnight. Concerns loom over the future, whether savings would suffice for future needs and what you can do to solidify your nest egg to ensure financial security. This is the primary reason why the elderly, today, are buying life insurance. Consider these questions:
- Will your savings last to allow you and your spouse to live comfortably for the rest of your lives?
- In the light of a shaky economic climate, can you really count on Social Security and other government welfare programs to provide you with the kind of quality healthcare you desire?
- Would a surviving spouse have the financial resources to live a financially independent life?
If youre uncertain about any of the above questions, you should consider seriously the option of purchasing life insurance or an additional policy, should you already have one.
Provide Supplemental Income. Inflation rates are high and climbing. The value of money continues to de-escalate. The amount you saved up for retirement may not have much value today. Buying a life insurance policy would provide the surviving spouse with additional financial recourse. It will allow your spouse to live in dignity and comfort during the rest of her/his days of life.
Provide an Inheritance. Who doesnt want additional income in these hard times? Life insurance can provide a significant amount of death benefits that can be apportioned amongst your children and grandchildren to help them through life or allow them to pursue their dreams.
Pay off estate taxes. If you have a large estate, liable for taxation after you die, a life insurance policy can offset the payment of those taxes.
Life Insurance is Affordable even at 70!
With life spans increasing, life insurance rates for the elderly have become affordable. Most life insurance companies will allow you to buy coverage up to the age of 74 with a variety of options for you to consider:
- Term life insurance: This is the cheapest option but term periods maybe limited to 15 years if youre considering a term life policy. Your term life policy may be effective up to the age of 85 years.
- Whole life insurance: Whole life policies will cover you for your entire life, guaranteeing your beneficiary will receive death benefits.
- Graded Life Insurance Policies: Graded policies are a good option for those who suffer from deteriorating health conditions. They are more expensive, but totally worth it when you think of the benefits it could give to your family.
- Final Expense Life Insurance. You can purchase a cheap life insurance policy that will cover just your funeral expenses, so that your family members are not burdened by this expense.
- No-Medical Exam Life Insurance: The longer you live, the more likely you are to suffer from some of the common ailments prevalent to our times. Health conditions such as diabetes, heart disease, being overweight, or other conditions that may affect your mortality rate do not necessarily disqualify you from getting coverage. Most people can easily get lifetime coverage through no-medical exam life insurance. These policies are more expensive than traditional life insurance coverage, but you can get immediate coverage for up to $300,000, without a medical exam.
Term or Whole? Its Up to You!
Term life insurance offers temporary coverage. Most life insurance companies will offer protection up to the age of 85. The advantage of term life insurance is that you can buy more coverage for a cheaper premium.
Whole life insurance is permanent it will guarantee your beneficiaries get death benefits no matter when you die hopefully to a ripe old age which you will be able to enjoy to the fullest. Poor interest rates of whole life policies may not make it an attractive buy for the young but for those over 70, may find whole life insurance a better option.
Compare Life Insurance Quotes before You Purchase
There are several life insurance carriers that specialize in affordable life insurance rates for the elderly. Youll easily locate such companies through online life insurance quoting services. Youll have access to instant life insurance quotes which you can easily compare side-by-side to see which ones offer you the best value for your money. These sites offer personalized services as well through their customer service. So if youre 70, considering life insurance and have questions, licensed life insurance professionals will answer any of queries you may have.
