Why Do Seniors Need Life Insurance?
Many people understand the need for life insurance at a younger age. You have significant liabilities such as a home mortgage or business loans. You have a
spouse and children and you want to ensure their well being and future education. But what about when you move
onto the next stage in life and retire? Then what? Why do seniors need life insurance coverage?
Well, there are many reasons why senior citizens obtain the protection that comes with life insurance. For some,
there are still debts and liabilities that need to be covered, but in many cases seniors simply want to make sure
that their family members are not burdened with the final
expenses that come along with the death of a loved one.
Let's face it, death is an inevitable part of life and unfortunately it comes with many expenses. These expenses
can be as little as a few thousand dollars to as much as $25,000 or more. Some
costs to consider are:
- Funeral and burial expenses
- Legal fees and probate costs
- Medical and hospital bills
- Outstanding debts
- Mortgage pay-off, car loans, credit card balances
If you can't guarantee that your family is able to pay these expenses without putting a strain on their own
finances, then it is important to obtain a policy so that they will have the money needed when the time comes.
Fortunately many carriers now offer affordable and easy to obtain coverage for seniors. The senior market is unique
because as you age, you often have health issues that would otherwise make it difficult to obtain an affordable
life insurance policy. Senior life insurance coverage is designed to be affordable and simple to apply for. There
is no medical exam and there are even guaranteed acceptance
policies for seniors who have serious medical issues.
If you are a senior citizen shopping for term or whole life insurance coverage, then get started now by doing a
simple rate comparison. You can view rates from several different companies, and
choose which company is right for you.
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