Having some type of life insurance plan is a wonderful way to help provide support and solace for your loved ones after you pass. Finding the right life insurance can help your family cover funeral costs and new bills that occur after losing a relative. Having this form of financial support can allow your family to focus on the grieving process, rather than stressing about end-of-life costs.
There are a variety of senior life insurance plans to choose from at price points that make sense for your lifestyle. Life insurance for senior citizens works the same way it does for any other age. However, most companies have age restrictions that impact which plans are available.1 We can help you find a plan that may provide the coverage you are looking for.
Once you find a senior life insurance plan that suits your needs, you will pay regular premiums to keep the policy active. Some plans have a cash value aspect that can be accessed early, and most plans have a death benefit that your beneficiary receives when the plan ends (subject to limitations and exclusions).
Life insurance for seniors is similar to regular life insurance but can have different coverage and price points based on seniors’ age and needs. Those who are younger may have more life insurance options than those who are older.1 If you only need life insurance for a certain amount of time, term life insurance may be a good option for you. However, whole life insurance will provide coverage for the entirety of your life, regardless of when you pass.
Some plans offer a cash value component that can be used to help pay off large expenses, like mortgages and medical expenses. Additionally, most plans provide a death benefit, which is the portion of money that will be paid to your beneficiary when you pass.
Depending on how much you spend on premiums, the cash value and death benefit of your plan can vary. Choosing a life insurance plan for seniors can help your family prepare for the future and focus on healing.
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