It is a common question asked by more people than you would think. You have worked all your life and now you have retired, what would you possibly need with Life Insurance?
These days the average funeral expenses are between $7,000 - $10,000. On top this there are potential state and federal taxes on your estate and that is before you think of any gifts or donations. Gifts of paying for education for any grandchildren are becoming more common as the costs of education continues to rise.
Any outstanding debts need to be taken care of as well as providing some financial support you to your partner or spouse. Does your pension continue to be paid or part paid in the event of your death? These are items that you may need to investigate further.
It is worth considering these points to answer the question. On balance, most people require some level of life insurance even though they have retired. This reduces or removes any financial burden on their family.
Yes, it is possible for seniors to buy both term and permanent life insurance. Beware though, all life insurance companies have cut off ages for the issuing of life insurance. Normally this would be 85, however, it is worth checking with the individual companies for their individual policy restrictions.
Also note that the length of term that is available to you may also be restricted. Normally if you are 75 years old, you maybe able to purchase a 10 year plan, but 15 or 20 years may not be an option. Again it is worth checking with the individual insurance companies.
Many people as they get older worry about having to take a medical exam. This should not put you off applying for life insurance. You will find nowadays that many companies are will to provide life insurance based on a few simple questions. There are many reasons why people don't want to have to go to the trouble of having a medical exam.
The level of life cover the insurance companies are will to provide without a medical maybe lower, but you may be surprised to find out just how much cover they are willing to give you without the need for a medical.
For people who are worried about an existing medical condition there is the option of guaranteed life insurance. These types of plans are expensive and the amount of life insurance that you can obtain is limited. However it does allow the policy to be provided on the basis of a few medical questions, with no contact to your doctor.
Of course if you are happy to undertake a medical exam, you find that the rates offered to you will be lower and the level of coverage available far higher.
To see just how affordable senior life insurance can be, enter your zip code below.
It is important that you obtain at least three different term life insurance quotes to ensure you obtain the best value for money. You should check the benefits and costs of each quote to make sure they match what you are looking for. What ever policy you consider to be most appropriate ensure that its is affordable and within the budget you have set aside for its purchase. Remember that the life insurance policy is only in force whilst you pay the premiums.