Permanent life insurance quote. Life Insurance Choices for Seniors, Aging In Place

Many younger adults decide to buy life insurance because they have just assumed major responsibilities—they’ve gotten married, or bought a house, or they’re starting a family. But that doesn’t mean that older folks don’t have the same responsibilities: dependent spouses, children and grandchildren, and home mortgages. After all, those responsibilities you assumed when you were younger rarely neatly evaporate as you age. For that reason, turning 65 doesn’t mean you’ve outlived your use for life insurance coverage. Which means it’s good news is that you can still find life insurance at age 65 and even when you’re older. Cheap life insurance.

Can You Buy Life Insurance After Age 65?

Luckily, many life insurance companies offer policy choices to people of almost any age, including life insurance for seniors. Some insurers offer term policies to people in their seventies and offer whole life policies to those up to age 85, so it may be easier than you think to find a life insurance policy that offers your family peace of mind.

While most people can purchase a life insurance policy, it’s important to learn about the different kinds of policies available to people 65 years of age and older. That way you can understand all of your available options and choose the right type of life insurance for yourself and your loved ones, no matter your age.

Why Do Seniors Consider Buying Life Insurance Plans?

The first thing you need to decide is how you and your loved ones could benefit from life insurance coverage. Once you have a grasp of what you want, and how life insurance for seniors will benefit you, it will be easier to choose the best senior life insurance for your situation.

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An article on CNBC.com covers some of the main reasons that senior citizens might benefit from having life insurance coverage:

Dependents who rely upon you for income: Do you know how you would provide for your loved ones if you pass away? This is a question that people of any age might have to wrestle with, obviously, but you may have particular concerns if a dependent suffers from a disability and relies upon you for income or care, or if your spouse is no longer of working age. Nor is disability or age the only factor when it comes to dependents: after all, these days, the economy has sent many children of Baby Boomers back home to live with their parents, and grandchildren as well. In addition, if you didn’t have children until you were older, your kids may not even have finished with their education yet.

Debt: Large debt—and many reach retirement age with debt—could reduce the amount your family would inherit from an estate. If your loved ones couldn’t handle the debt without you, they may lose important assets. Could your family pay your mortgage or other obligations without your support? Would your estate lose a lot of value if it first had to pay debts? If so, life insurance coverage may help.

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Business or farm ownership: Inheritance taxes or family squabbles could force your loved ones to liquidate a farm or business after the owner passes away. For instance, you could have most of your money tied up in assets needed to run your farm or small business. In other cases, you might want to leave your business to one child but still give other children an inheritance. The proceeds from a life insurance policy could solve some of these problems, and bring you peace of mind in your old age.

Concerns over final expenses: These days, funerals and burials can cost several thousand dollars, and your survivors may find themselves caught between honoring you in the way they want to and the potential financial burden a funeral could impose on them. If you and your family don’t have a lot of cash, a final expense policy can help your loved ones plan a dignified burial and funeral without added stress.

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