While it may be somewhat uncomfortable to think about, the older we get, the more present our sense of mortality becomes. As a result, your thoughts may fall strongly on the kind of life insurance you will need to invest in prior to, and during, the twilight of your life. Apart from protecting your spouse and loved ones financially in the event of illness or death, there are many other aspects that seniors need to keep in mind when deliberating life insurance. By investing in a comprehensive life insurance policy as a senior, you can look forward to benefits such as maximizing your retirement income, providing capital or cash flow for a family business, an ability to provide for a differently-able child within the family and even the opportunity to protect your estate from taxes. But these benefits do not come easily, as acquiring life insurance at any age—especially for a senior—can prove to be somewhat complicated. Here are two tips that you, as a responsible senior, should incorporate in your life insurance planning process:
- The senior of today is informed, intuitive and extremely tech savvy. More and more of the mature members of our population are logging onto their computers to do more than merely check the weather or reply to an email. While some agents may tell you it is in your best interest to go in person to an agency to get a life insurance quote, this is not necessarily cast in stone. Any insurance agency worth its standing in the industry will have an intelligent quote generator built into their website. Many online life insurance companies provide no-obligations quotes, but the best ones will always incorporate the facets that are important to their potential senior clients. Medical issues such as diabetes, various heart conditions, weight problems, high blood pressure and cholesterol can impact the type and cost of coverage a senior citizen can accrue. It’s important that the site you choose to sign with, offers you the ability to input these variables.
- Whole life insurance policies can accumulate cash value. Were you aware however, that when these policies are borrowed upon, the death benefits are reduced by the value of the outstanding loan amount? Conversely, if the policy is not borrowed upon, your beneficiaries will also not be able to acquire the cash value. The money value is often absorbed by the Insurance Company post mortem to offset the costs incurred by paying your beneficiaries. Is there any way around all of this? Of course! As a senior looking for life insurance, you may want to research a Guaranteed Premium Universal Life Policy. These types of policies offer you several steadfast benefits, which include a premium that never changes, and a death benefit that doesn’t waiver, all at a reduced cost in comparison to whole life, because it can be structured for no-cash accumulation.
These are merely two of the considerations that seniors should keep in the forefront of their decision making process when it comes to life insurance. Don’t take the first shiny policy that comes your way! Do the research and find ways and providers who can offer you the kind of coverage you need, want and can afford. Find cheap life insurance online today!