If you search for life insurance for seniors or just “life insurance” and include qualifiers that include words like “senior”, “over 65”, “mature”, “elder” or “retired”, you will likely be given multiple selections for cheap burial insurance. I don’t know about you, but when I’m considering a life insurance purchase the last thing on my mind is “How am I going to pay for a mortician?” Personally when I die, I’m requesting an inexpensive cremation with scattered ashes. If I were intending to buy life insurance, it’s going to be to improve my retirement or support a living individual.
Don’t get me wrong, burial insurance may have its place in some people’s financial plans, but even with those people, it’s going to be a minor expense.
As an person who has long passed the age of 55 and have not fixated on coffin costs, I’ve learned that life insurance has many other purposes. Those include retirement management, long term care planning, asset or estate transfer or business requirements, just to mention a few.
When considering a life insurance purchase a senior should consider practical implications. Obviously as you get older, mortality costs (the odds of dying) increase and with that the price of life insurance will go up. Companies will look to mitigate those costs with a number of devices, including health questionnaires, blood tests, family history, and life style investigation. The more insurance you purchase, the greater the scrutiny. But for all practical uses, all forms of life insurance are available for your consideration.
For instance some companies might be looking to exclude insuring individuals with heart disease, or type 1 of type 2 diabetes. However just because you have a rising glucose level doesn’t mean you will be excluded by all companies. Many life insurance companies recognize that glucose levels rise as much as 6 – 14 mg every 10 years after age 50. That indicates to them that an elevated glucose level is to be expected and taken into account when considering your eligibility for life insurance.
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As you age, one factor that must be considered is the method of payout. A death benefit is only a small piece of a life insurance agreement. A life insurance product should offer as much flexibility in payouts as possible. Obviously a life insurance investment that offers a payout after a minimum of 20 years would not be of much use for an 80 year old. Only a person with a highly positive outlook would have any use for that scenario. But a life insurance plan attached to an annuity that funds a long-term care policy makes a lot of sense to many people.
Cheap life insurance or term life insurance policies may make sense if you are looking to guarantee a continuing income in the event an untimely demise. By working with a local life insurance agent, who is familiar with the multiple types of policies available, you could maximize the payout for a specific number of years. If you have specific health issues that have to be considered, he might suggest certain companies or strategies that limit your investment options.
Remember that life insurance is nothing more than a financial vehicle that transfers wealth from one entity to another. How that is accomplished, and at what cost, are the major considerations for you. A local licensed life insurance salesman can help you find affordable life insurance quotes that make sense for seniors, beyond the cost of a funeral procession. His experience can make sure that you are offered the right products to improve every position of your life, including enjoying it.
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