Senior Life Insurance As Seen on TV
You’ve probably seen a senior life insurance commercial on TV and left wondering how efficient it would be. After all, do senior individuals really need life insurance? And even if so, how well does it play out? The thing is, life insurance is perhaps the most helpful way to support friends and family after you’ve passed.
But are the low rates you see on TV realistic? Choosing which policy is ideal for you can be challenging. For example, what sort of senior life insurance protection would it be advisable for you to have? What amount is sufficient? What’s the best security to have at your age?
Even though the facts demonstrate that you’ll pay more for life insurance whenever you’ve arrived at your golden years, that doesn’t mean you don’t have choices. For the individuals who need to leave cash benefits for their family — or the individuals who need to guarantee their final expenses are covered — moderate senior life insurance options do exist.
You might have the option to pay just $15 per month, or you could wind up paying more than $1,000 per month. In this article, we’ll cover the entirety of your choices – including life insurance costs for seniors – so you can settle on the correct choice.
What is the Best Life Insurance for Seniors?
Through TV commercials, a lot of companies will advertise different life insurance products for seniors. And given your age, it is only sensible to conduct research to help determine the best senior life package for you. Beforehand, ascertain your need for a life insurance policy before you decide on which one will be the best for you. As such, it’s imperative to pose the following inquiries:
· How much coverage do I require?
· What sort of extra security would it be advisable for me to get?
· What sort of policy is best for my family?
· How much would I be able to bear?
· Can I get support for the policy I need?
You can begin addressing these inquiries by evaluating your financial situation.
For instance, do you have a spouse, children, or any other person who is dependent on you?
Do you have enormous bills like a home loan or vehicle loan that you’d want paid when you’ve passed?
If anybody in your life relies on you monetarily, you might want to consider an approach to shield them from unanticipated expenses. Whether you think your financial dependents are taken care of or not, extra insurance may in any case merit consideration because your family may have to cover extra charges, end-of-life doctor’s visit expenses, and entombment costs (which can cost $9,000 or more).
Deciding how much insurance you need relies upon an assortment of individual variables, including your marital status, family size, obligations, resources, and end-of-life objectives. As a dependable guideline, the Wall Street Journal prescribes buying insurance equivalent to 8 times your yearly pay. If you have life insurance protection through your employer, the insurance may not be sufficient and may end when you resign or retire.
With the right life insurance plan, your loved ones will easily take care of burial service costs, obligation reimbursement (like your home loan, vehicle advances, and Visa obligation), and any hospital expenses after your demise.
Best Senior Life Insurance Policies as Seen on TV
With chances of being limited to the number of life insurance plans accessible to you as a senior, it is important to understand what your options are. There are permanent and term policies as discussed below.
Term Life Insurance for Seniors
Term protection pays benefits just if demise happens during the policy term, which ordinarily is from five to 30 years. Most term policies don’t offer some other extra advantages. Term policies normally come as a level-term where advantages continue as before through the length of the strategy. The premium and the coverage amount stay the same for the length of the term.
Whole Life Insurance for Seniors
At times called whole or permanent life, this life insurance protection pays benefits paying little mind to when the policyholder dies as long as the policy is paid to date. Most whole life policies keep going as long as the policyholder lives, and some amass cash value. Policy advances should be reimbursed while the policyholder is still alive, or the advance sum will be deducted from the benefit at the hour of death. For most conventional whole life policies, the death benefit and the protection premium continue as before for the length of the policy.
Universal Life Insurance for Seniors
Universal life is often said to be more flexible than a whole life policy. You can decrease or even skip installments for certain all-inclusive arrangements, albeit this may make the policy accrue slower since you are covering your installments with the current premiums.
Final Expense Insurance for Seniors
Final Expense – also called “funeral protection” or “burial service protection” – is a sort of entire life coverage intended to assist your friends and family with burial service costs and other end-of-life costs like neglected doctor’s visit expenses.
Today, memorial services can cost up to $9,000 or more, as indicated by the National Funeral Directors Association. Final expense policies are mainstream with seniors since you regularly don’t need to take a clinical test to qualify – insurance is given dependent on responses to well-being inquiries on the application.
Rates are regularly more moderate than different life insurance coverage types because the approach sum is normally a lot more modest, ordinarily $10,000 – $15,000.
All in all, final expense protection is commonly the most reasonable because you can purchase a policy for just $15 per month. These policies are ideal for seniors on a fixed payment or for the individuals who may experience difficulty fitting the bill for bigger arrangements.
No Medical Exam Life Insurance for Seniors
A few people feel that they won’t be able to qualify for life insurance coverage due to their age or well-being. However, understanding your options will quickly inform you that there is always something you can get to protect yourself.
To qualify for insurance, you’ll need to give some close-to-home data about yourself, like your age, your height and weight, any medical issues you have, and any medication you take. For certain life insurance policies, you might need to do a medical exam to qualify. This is not the case with no exam life insurance though which of course is why it’s called no medical exam life insurance!
Final expense coverage for seniors is available based on medical history and medications taken. It’s imperative to address all questions sincerely when completing your application so your insurance can be given precisely. Distorting reality…in other words not being truthful on an application which of course is fraud can result in your policy not paying out to your beneficiaries.
Is it a Worthwhile Purchase?
Given the different options available, is purchasing life insurance for a senior worthwhile? To a great extent, yes! And there are different reasons that validate this as explained below.
If You Have Dependants
If your children no longer live in your home and they are able to financially support themselves, then life insurance is not necessary. This also goes if you have a spouse who is financially independent. On the contrary, if you are financially responsible for your spouse and children, then you might need to buy a life insurance policy. This policy would also help to bridge the gap for significant monthly income lost by your spouse.
Are You a Retiree With an External Income?
Perhaps you have retired and don’t have to work to financially support yourself and your family, then you will not need life insurance. You won’t need to replace any income if you already have reliable retirement savings and/or Social Security.
Having life insurance in place will help ensure that your loved ones have enough to live by. Buy enough coverage to account for the additional income needed for your surviving spouse and kids to comfortably live on.
Do you Have a Large Estate?
Don’t just impulse purchase life insurance because the deal seems too good! Do you have an estate? If yes, then find an expert to help you determine the best policy for you but if not, then you might want to reconsider buying one. If you have assets, then life insurance could be used to pay off any business debt, estate taxes, and even finance buy-sell agreements.
If You Have Debt
It is only logical that the highest percentage of individuals in debt are young people and not senior individuals. As counterintuitive as it is, a lot of senior people have large sums of debt. A mortgage is one of the most common types of debt among older people and statistics in a 2018 study have shown that 46% of homeowners at 65 years and older still had unpaid mortgage payments.
For a lot of people that tend to further studies as they progress with their careers, student loan debt carries over to their senior years. Life insurance is highly advisable, for such individuals who have debt as it goes a long way to ensuring that no financial burden is left for the bereaved spouse and children.
Senior Life Insurance Sample Rates
Looking for extra security for seniors older than 60 is a very different interaction than for those in their 50s. When you arrive at age 60, things in your day-to-day existence start to change, and that can influence what you look like to a life insurance company. For example, you may quit working, your well-being could start to break down, your everyday costs may diminish, or you could start work on an arrangement to pass your business to your beneficiaries. These life changes may make you question your present life coverage strategy.
For instance, on the off chance that you right now have term life protection, which is useful for just a predefined period, you may choose to change to a whole life policy. With this kind of policy, you can bring down your death benefit as the policy ages and your conditions change. Likewise, on the off chance that you first purchased the strategy to cover, say, your home loan after your passing, you can bring down the death benefit as your home loan diminishes.
You can also earn cash value in these life insurance policies. What’s more, Uncle Sam will not take a portion of your income because the cash value grows tax deferred. Furthermore, when you eventually pass away your beneficiary will receive the death benefit from the policy tax free.
Examples of 10-year-old term life insurance rates for non-smoker senior men and women are as below;
|65-year-old woman (non-smoker)||$38.26||$66.85||$90.23||$148.65|
|65-year-old man (non-smoker)||$63.65||$122.72||$141.75||$235.15|
|70-year-old woman (non-smoker)||$57.53||$106.24||$156.83||$246.65|
|70-year-old man (non-smoker)||$117.69||$229.75||$246.18||$406.12|
|75-year-old woman (non-smoker)||$102.00||$193.60||$340.75||$453.90|
|75-year-old man (non-smoker)||$220.53||$435.12||$494.35||$820.52|
Individuals are working longer these days than they used to, and in case you’re older than 65 and working, that implies you likely have individuals who depend on your pay. It very well might be your life partner, or you may deal with kin or another relative whose well-being is fizzling. Likewise, individuals who are 65 and over normally have a type of obligation, and having a life insurance coverage strategy can help guarantee that you will not leave debts for your friends and family to pay.
When choosing which kind of protection is better at this age, you need to take a gander at your life circumstances and objectives. On the off chance that you have an exact spending plan, you will likely want to ensure your friends and family aren’t burdened with your obligations when you pass away, then a term life insurance policy may be the best option for you.
The difference in cost between a term life coverage policy and a whole life protection policy are unmistakable. For instance, a healthy 65-year-elderly person will pay about $110 for a ten-year $250,000 term policy, while a whole life protection strategy with a similar death benefit would cost roughly $1,122.84 every month. Also, a woman’s life insurance policy for a similar policy runs about $934.82 per month.
TV commercials might not be comprehensive enough for you to outrightly make a decision about the life insurance product you want. Surprisingly, the rates advertised might not be as great as they are portrayed. This is because your unique situation will be used to determine which life insurance policy you qualify for, how much coverage you get, and how much you will pay for it. If any product interests you then it is good to thoroughly research it and even get a second opinion from an expert.
If you’re ready to pick your life insurance plan and check out your options, consider working with over50lifeinsure.com because we are independent agents that shop around with different companies to get you the best rates at no extra cost. Contact us, and we can get the best options to you quickly!