Senior Citizen Life Insurance

“Benefits of having a policy”

Senior citizen life insurance has quite a few benefits for your family.

Unfortunately, one of the main downsides of purchasing life insurance for seniors is that your premiums will be higher, which stops quite a few seniors who are on a fixed income.

If you haven’t already, you can read up on some pitfalls to be aware of on Life insurance for seniors - A few things to keep in mind.

It’s best to be fully prepared on what to expect before getting your senior life insurance quotes. So read up and be informed before you buy!

When you start thinking about purchasing life insurance, what you’re really wanting is protection for your family. After all… they will be the ones left behind.

So if you are a looking for insurance - life senior policy… yes those premiums will be higher…. However, I think it’s helpful to share
a little example of how beneficial a life insurance for senior citizen policy would be.

Take a look, you might be surprised!

Senior Citizen life insurance- Main Benefit

One of the main benefits of having even a small insurance life senior policy is that it will help pay for your final expenses! These expenses will have to be paid by somebody… it will either be you or your family.

So, which would you prefer?

A senior life insurance settlement, once paid out can alleviate the costs your family will have to bear if you don’t have anything saved up. Those costs include: funeral, flowers, cemetery plot and even medical bills!

You can also plan it so there is a little extra to leave as a gift to your loved ones.

Read more about the top benefits of life insurance.

Life Insurance – Senior policy example

Please note that the following is only an example! Premiums will depend on your age, health and a variety of other factors. It’s very important to speak to a professional to assist you in choosing life insurance that is a good fit for you and your budget!

So with all that in mind….here’s that example: Let’s say you’re 65 years old and purchase a general permanent policy and your monthly premium is say about $60 a month with a guaranteed death benefit of $25,000.

Yes.. that premium is more expensive than what a 20 year old would pay. However, look at it this way… if you die a year later… you would have paid out only a years worth of premiums and in return your beneficiary received the death benefit above.

From this example, the death benefit is more than enough to cover funeral costs and then some so your beneficiary can use as needed.

Now in reality…. of course you (and everyone else for that matter) are hoping to live a very, very long life. But the benefit of purchasing a life insurance for senior policy now versus later is to lock in a rate with a permanent life insurance policy.

Remember, the longer you wait the higher your premiums will be.

Be sure to contact an agent today to help you choose a senior citizen life insurance policy that is just right for you! Also remember to shop around!

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