Why seniors should consider life insurance

Seniors are often overlooked as a group that could benefit from a life insurance policy.

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Life insurance is considered valuable to a wide variety of people. Whether you’ve just got married, just bought a house or are the parent of young children, benefits of having life insurance are numerous and significant.

Although life insurance is considered beneficial to many (and often a fundamental part of good financial planning), the elderly are often overlooked as a segment of the population that could benefit from a policy.

This may be due to price (seniors generally struggle with higher premiums) or necessity (seniors generally have fewer dependents financially than those in other age groups).

Still, there are benefits to having a life insurance policy that some seniors may find helpful.

If you’re a senior considering life insurance, get a free online quote now so you know exactly what to expect.

3 Reasons Seniors Should Consider Life Insurance

While everyone’s personal financial situation is different, there are times when it can be wise to buck conventional wisdom. Here are three reasons seniors should consider life insurance.

It can cover end-of-life expenses

Life insurance is often seen as coming in large amounts (you can potentially get a policy worth millions). But this may not be necessary for an elderly person – and it would be prohibitively expensive to secure it anyway.

A cost-effective policy, however, in an amount that could potentially cover end-of-life expenses like a wake, cemetery land, funeral expenses and more could be invaluable. Considering the payout amount would be minimal (think less than $30,000, or so), the premium for getting such a policy might also be reasonable.

A death in the family is difficult enough to manage, but it is possible to avoid leaving family members and friends with end-of-life expenses. Just plug in a few numbers online now and see what life insurance coverage you can qualify for. It may be worth installing.

He can leave money to loved ones

As mentioned above, older people may not qualify for large sums of money, especially those who are of advanced age. Still, a small policy with properly named beneficiaries is better than none at all.

This is especially true for seniors who wish to leave something to family and friends after their death. If they don’t have a house or a savings account to transfer to someone, a life insurance policy (albeit for a lower amount) might suffice.

It may not be much, but it’s still something. And that might be all you need.

It can help you pay off your debt

If you’re a senior with a mortgage or other unpaid debt, you already know how hard it can be to make ends meet. You don’t want to pass these financial burdens on to your beneficiaries. With a life insurance policy in place, however, you may not have to.

Life insurance policies come into play all shapes and sizes. It’s worth investigating to see if you can find a type that can cover your debt in the event of your death. This could be particularly useful for seniors who want to bequeath real estate to their heirs, but still owe a large sum to their lender. A life insurance policy could potentially bridge this gap.

Shop life insurance providers by clicking here or using the table below to explore your options now.

The bottom line

Conventional wisdom holds that older people do not need life insurance. However, everyone’s financial situation and long-term goals are different. It is possible that a life insurance policy can help. Speak to a life insurance expert now or consult with a financial advisor to determine your next steps.

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