Which seniors need life insurance?

Life insurance can be cost-effective and valuable, even for many seniors. 

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Life insurance provides vital financial protection both for policyholders and their loved ones. By paying a minimal fee to a provider each month (often discounted if paid annually), adults can secure coverage worth hundreds of thousands of dollars – or even millions. While many financial advisers tout the benefits of a robust life insurance policy, it’s often considered to be not “worth it” for seniors and older adults.

For this age group, life insurance can be expensive relative to the coverage amount that can be obtained. This doesn’t mean that life insurance for seniors is automatically a non-starter, however. There are many older adults who would find a life insurance policy helpful to have. And, if applied for in the right amount in the right type, it won’t have to break the bank either.

If you’re a senior interested in life insurance then start by getting a free price quote so you know exactly what to expect.

Which seniors need life insurance?

Some seniors can feel secure in skipping life insurance. There are others, however, who would benefit from having this protection in place. Here are three groups of seniors who should act now:

Seniors who have significant debt

If you’re an older adult with significant debt that is sure to outlive you – and can potentially pass on to your beneficiaries and relatives – then a life insurance policy in an amount that can pay the debt off is worth it. A death in the family is already difficult to deal with but a life insurance policy could at least help eliminate any financial burdens you otherwise would have left behind. If you owe substantial sums of money on personal loans, student loans, mortgages or any other traditional form of credit then you should have life insurance that can pay it off after you have died. 

Term life insurance can be had for a minimal cost and it can help pay off all or most of the debt you currently have. Get a free price estimate online now to see what you’re eligible for.

Seniors who want to leave an inheritance

Some other seniors may not have significant debt but they may not have any substantial savings or home equity, either. For these older adults, many of whom would still like to leave a small inheritance for loved ones, life insurance is worth getting. A policy worth $150,000, for example, can potentially be purchased for less than $100 a month, depending on your personal characteristics. Compare that to what many seniors currently have saved for their loved ones. If a life insurance policy offers substantially more than what you currently have – or can hope to save during your lifetime – then a policy is a worthy back-up.

Seniors who want to cover end-of-life expenses

If you’re a senior who simply doesn’t want to burden relatives with the expenses that come with end-of-life services then you should investigate how a life insurance policy can help. Life insurance doesn’t always have to come in large sizes and last forever. It can also be secured for smaller amounts with a defined goal in mind.

If you need money to pay for things like a wake, funeral and burial then life insurance can help foot the bill. Considering that the amount you would need would be minimal (think less than $20,000, approximately), the premium attached to such a policy would also be small.

Get a free price quote online now to see exactly what it would cost or use the table below to start shopping your options.

The bottom line

Life insurance may not always be valuable for seniors but in the above instances, it’s worth pursuing. If you have significant amounts of debt, a life insurance policy can pay it off (and you can avoid passing it on to loved ones). And if you’re looking for an alternative way to provide family members with an inheritance, life insurance can help with that too. Seniors should also turn to life insurance for help paying end-of-life expenses.

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