You’ve dedicated your life to building a legacy for your family. Your children have left home, and maybe now have children of their own. You have a comfortable nest egg and are entering your golden years in style. Now is the time for a well-earned rest, and that’s just what life insurance can help you do.
Term and Whole Life Insurance Simplified
You may have heard of “term life insurance” and “whole life insurance,” but what do they mean? They are both types of life insurance for seniors that have similarities, but also are different in how they work. Let’s explore them both.
Term life insurance: This type of life insurance policy is purchased for a set amount of time, usually between 5 and 30 years. The younger you are, the more affordable this policy is. Rates for this type of coverage usually don’t increase during your term, but can become much more expensive with each renewal. And because this type of coverage has an expiration date, you may very well outlive your policy. Looking at the typical age limit for renewals, term life insurance often becomes unusable and inaccessible to seniors looking for a policy.
Whole life insurance: Just as the name suggests, this type of life insurance policy does not expire as long as you pay your premiums. Premiums are also typically locked in for life, meaning your costs won’t go up each year. Plus, some whole life insurance plans don’t even require a medical exam for approval. You can determine exactly how much coverage you need, applying for up to $30,000 in benefits. Whole life insurance also has an added cash value which can be borrowed against in a pinch.
Considerations For a Life Insurance Policy
Now that we have touched upon the types of life insurance, it’s time to explore ways to protect your family with a life insurance policy.
- Covering final expenses: With the cost of everything on the rise, it should come as no surprise that burial costs have gone up as well. The average funeral costs are upwards of $10,000, and that just covers the basics. If you don’t already have final expense insurance or a prepaid funeral, it would be wise to purchase insurance coverage so that these expenses don’t fall to your loved ones.
- Paying off debt: If you still have a mortgage, credit cards, or a car loan, these expenses could fall to your spouse in the event of your death. Losing your life partner is hard enough. Imagine adding the stress of potential financial ruin if you don’t have a life insurance plan to cover these costs. Make sure to consider these outstanding debts when calculating how much death benefit you will need.
- Helping with unexpected expenses: Unexpected expenses such as auto repairs, appliance replacement, and hospital bills are unavoidable realities most of us face. A policy loan can help mitigate these costs by putting the funds you need in your pocket hassle-free (companies have the right to delay payment up to 6 months).
- Leaving an inheritance: You have spent a lifetime ensuring your family is safe and well cared for. That doesn’t need to stop in the event of your death. Consider a whole life insurance policy to leave a legacy behind for those you care about most.
Ask Americo Senior Life How They Can Help
Whether you are looking to cover final expenses or leave an inheritance, senior life insurance is an affordable option to help cover these costs. Americo Senior Life has been helping seniors get the coverage they need at a price they can afford. With no medical exam required and flexible benefit options, we have a plan tailored to meet your needs. Contact us or go online to get your free quote in minutes.