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Life Insurance Options for Seniors

What type of insurance policy will you need as a senior citizen after the mortgage is paid off, bills are minimal, and your life insurance policy remained with your employer after you retired?

Would you need a term life insurance product, or would it be more prudent to get a whole life policy to cover final expenses? How much coverage would you need at this point in your life? These are some crucial questions that you may need to ask yourself.

We all know that life insurance gets more expensive the longer we wait to buy it. This cost of protection may not have been an issue in prior years because of your good health or age.

Now that you’re older, it’s a good time to review policies and determine your options. Usually underwritten policies are less expensive than automatic issue policies, but you should ask questions to make sure you get the coverage that’s right for you.

Do you still need to have some sort of protection for final expenses? Do you plan to leave a policy as a legacy for your beneficiaries? Sometimes you are the one providing peace of mind for living expenses for loved ones, based on your income. When family members depend on this earned income to support them, you shouldn’t go without life insurance protection.

Some types of life insurance that may be available to seniors are level term policies, permanent whole life, or a universal life product.

Term products get more expensive after the first term and may result in an annual renewable term later in the policy. Whole life premiums can be anticipated to remain level for the life of the policy and will not expire until age 110 or after. Universal life can be structured in many ways and it gives you the freedom to determine the premium based on your needs.

Just because you may be older doesn’t mean you don’t have a need for life insurance, or that you are not insurable due to health issues. Learn about your options and don’t shy away from buying coverage.

Contact our office to learn more about your life insurance options.