With Americans living longer than ever before, strong financial planning is a necessity. Life insurance for seniors can help pay for things like funeral expenses, medical debt, loss of income, and more. Let’s explore 10 reasons for having a good senior life insurance policy.
1. Senior Life Insurance Helps Take Care of Your Loved Ones
The number one reason to purchase senior life insurance today is to ensure your loved ones are taken care of; give your spouse a safety net or your adult children a means of continued support. Purchasing life insurance for seniors offers a means to pay mortgages or other continued financial obligations. You’re not only purchasing senior life insurance, but also peace of mind.
2. Senior Life Insurance Eases the Burden of Loss
Beyond the immense grief that comes with loss, it can also cause fear and stress over the future. Senior life insurance can help ease that concern. Pre-planning relieves the additional burden from your loved ones, assuring your last wishes are met. They won’t be left with paying for any uncovered expenses at a difficult enough time.
3. Senior Life Insurance Offers You Peace of Mind
Financial security is one of the most important aspects of a quality of life as we age. Changing economic times, inflation, shrinking pensions and unexpected life changes can make that quality of life more difficult, limiting what we are able to leave for our families when we are gone. Senior life insurance gives that peace of mind back to you, with an assured payout to your beneficiary.
4. Senior Life Insurance Provides Clear Support
At a time when your loved ones are navigating confusing and complex processes, life insurance for seniors offers clear and simple support. You know exactly how much your loved ones will receive and there are no restrictions on what they can do with the benefit. You may also provide even more clarity in your will of how you would like them to apply the funds.
5. Senior Life Insurance Can Supplement Other Term or Permanent Policies
If you have a current term policy that is about to expire, or you have another permanent policy that won’t cover outstanding debt and other financial obligations, an additional life insurance policy known as final expense insurance may offer you just enough additional coverage. Final expense insurance covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary.
6. Senior Life Insurance Offers Cash Benefit
A certain type of life insurance for seniors, called whole life insurance, not only offers all the benefits of a permanent life insurance policy but it also offers cash value benefits. If tough times arise, you can borrow from it instead of reaching for a high-interest loan.
7. Senior Life Insurance Gets More Expensive The Longer You Wait
Whether you choose term life or whole life insurance for seniors, the longer you wait to purchase a policy, the more expensive it becomes. While there are affordable senior life insurance options for those in their 50s, 60s, and 70s, the costs do go up with each passing year. Lock in your rate now and save more in the long run.
8. Senior Life Insurance is Not Accessible Beyond 85
As mentioned, there are plenty of senior life insurance policies available to those in their golden years. For most plans, though, once you reach 85, you are no longer eligible for insurance. Some insurance companies stop offering coverage at even younger ages, so don’t delay.
9. Senior Life Insurance Covers a Longer Life
The average life span continues to get longer, necessitating more secure retirement plans. Technological advances in medicine have drastically increased our likelihood of getting additional years, sometimes even decades, more out of life. What hasn’t changed as much, though, is our retirement plan. Even if you are financially secure for 20 more years, outliving that security is entirely possible. Add an extra financial cushion with senior life insurance, and you will have a little something to leave your loved ones and cover final expenses.
10. Senior Life Insurance Lets You Leave a Legacy
Speaking of what we leave for loved ones, many times it becomes wrapped up in our legacy. While memories and love will always outlast us, too often, what else is left behind is debt and other financial obligations. Getting senior life insurance ensures you can continue your legacy of love, support, and care.
Get a Senior Life Insurance Quote Today
If you still have questions, find answers on our Life Insurance FAQ page. If you’re ready to explore what kind of life insurance for seniors best suits your needs, Americo Senior Life has trusted agents ready to help. Our decades-long legacy of quality, affordable, and accessible life insurance has offered comfort, peace of mind, and clear support to families across the nation. Get started with a no-obligation quote from Americo today!