Life insurance is key if you want to ensure that your loved ones are not left with the burden of expensive funeral costs and can be taken care of financially. No matter how old you are, getting life insurance should be a priority, especially if you have dependants.
Why would a senior choose to take out life insurance?
The reasons for getting life insurance vary depending on situations and ages. Young married couples may choose to take out an insurance policy to ensure that their children will be looked after no matter what happens. Older people have different priorities and reasoning for getting cover, and here are some of the main ones. The first is to pay for funeral costs further down the road. Funerals are very expensive, often totalling thousands of pounds. A life insurance policy can provide coverage for funerals, so the costs are sorted and the family have less to worry about. Seniors may also wish to pay off any debts, and life insurance can help them do this. With life cover, you can often choose to use it to pay off any outstanding debts or loans, so these costs don’t fall to someone else.
Which policies cater for seniors?
Here are three life insurance policies that are perfect for seniors.
Guaranteed Universal Life
A guaranteed universal life insurance policy is similar to whole life insurance, but the main difference is the cash value it can gain. This type of policy is also very flexible regarding premiums which can suit the budget of someone who is already retired. It is one of the most affordable options for seniors.
Guaranteed Acceptance Life
This is a more expensive option, but can be beneficial to some. The main reason is that you can’t be turned down when applying for this type of cover. You will also have a limit on how much coverage you will get, which can be quite low. However, if you are only interested in keeping funeral costs covered, then this type of policy could work for you.
A survivorship life insurance policy is different from others as it will only give pay outs once both people insured have passed away. This can be beneficial as it is less likely that the insurance provider will pay out earlier than plan planned, which allows you to enjoy a more affordable policy.
Where can I find life insurance policies for seniors?
The best and easiest way of finding the greatest deal is to use price comparison website to compare all of your options. You can see a range of life insurance polices specifically designed for people over the age of 65, and you can take lots of time researching all your options and finding the ideal quote for your needs and budge.