Why one should choose term life insurance for seniors over age 70
There is a fine line between different insurance policies. However, there is something common about them that seniors tend to forget. No insurance company sells term life insurance over age 70. Insurance is becoming a popular option simply because it allows them to purchase plenty of coverage for relatively low premiums.
Term Life Insurance
Before going into the further details, it is advisable to define and understand term life insurance. Term life insurance serves the same purpose with final expense insurance but on different terms. The motive of term life insurance is to protect you and your family for a specific time period. If you purchase the right insurance, it does the job perfectly well.
This is also term life insurance for seniors over age 60 which offers coverage for a certain time period. It is usually referred to as “pure life insurance” simply because it is plotted only to protect dependents in case you pass earlier than expected. If you have a term policy and die within the term, your beneficiaries will receive the payout. This policy has no other value.
When shopping for insurance, choose the one that coincides with the years you will be paying your debts. Also consider the insurance that will surely cover expenses when you die earlier. It is also safe to buy the amount your family will need when you are no longer there to provide for them.
Whole Life Insurance
Just like all indefinite life insurance policies, whole life insurance offers lifelong coverage. This also covers a component known as the policy’s cash value.
This cash value grows gradually and tax-deferred. This means you will no longer pay taxes on its gains while the amount is accumulating.
The most interesting thing is you may borrow against the account or surrender the policy for the cash. However, if one cannot repay policy loans with interest, the insurance will reduce the death benefit. In addition, if the policy is surrendered, that person will no longer have coverage.
Take note that this is not the same with burial insurance. That kind of insurance also has different policies.
Consequences of not living without life insurance
It might be too late to think and consider about term life insurance for seniors over age 70. Insurance companies stop selling term life insurance for seniors over age 60. The absence of insurance literacy plays a huge role in senior’s reluctance to buy life insurance coverage.
There are consequences of not having life insurance to cover someone. Some of these consequences are having no financial back-up for future emergencies, their child’s future financial insecurities, post-retirement financial problems and loss of tax benefits. There are two more consequences that will surely have a huge impact on someone’s loss.
Death means never again having to face the biggest consequence of not having life insurance, but their loved ones will. Any outstanding loan can easily be taken care of when you purchase the right insurance coverage. It would be endearing not to leave loved ones burdened with financial liabilities. There is no better way than buying the best life insurance provides comprehensive life coverage.
When someone dies, the debts don’t die with them. In fact, the debts become the responsibility of the family left behind. Such a burden isn’t it? Term life insurance for seniors over age 60 can cover debts after their death. Insurance provide death benefits for a set number of years which is suitable for most people’s final expense insurance needs.
Death is not the easiest topic to discuss. However, failure to think about having one will also fail to cover the costs of someone’s funeral. Having no burial insurance could cause further distress to the family in the event of one’s passing.
No harm will do if one purchases final expense insurance. There is so much expense associated with death, such as embalming and caskets. Believe it or not, these expenses can cause a massive financial impact on the family left behind.
A funeral may cost a rough estimation between seven thousand dollars ($7,000) to twelve thousand dollars ($12,000). Funerals are so expensive and overlooked that grieving families are considering alternative ways putting their loved ones to rest.
There is so much to consider and benefits to reap on term life insurance for seniors over age 70. The cost of funerals is increasing rapidly and paying for it immediately or by agreed monthly installments can provide comfort.
A life insurance can go a long way, especially covering someone’s debts and funeral plans. The insurance can cover the cost, and the money reaped on someone’s passing can likely pay for everything. It would be wise to seek an insurance expert when considering life insurance.
Insurance Companies Can Help You
We can help you in any scenario. Our insurance company represents different firms and clients which assures you that you will be in good hands. We are also proud in helping seniors find the right life insurance policy every day. We’ll help you find the term life insurance for seniors over age 70 based on health conditions and financial needs.