The Many Uses Of Life Insurance For Seniors
When we think of life insurance for seniors, many of us think about impending deathand covering expenses such as funerals, hospital bills and paying off outstanding debts. While all of these are possible uses for life assurance proceeds, there's so much more that life insurance can do for you.
For those of you who own a family business, you may have heirs who have no wish to be a part of the business. Say you own a restaurant and you have 3 children, one of which is a chef and one of whom is in school for restaurant management. The third is a very successful lawyer. The chef and the manager will, of course, want a part of the family restaurant when their turn comes, and that makes you proud. You're just as proud of your lawyer son, but for obvious reasons an active role in the family restaurant probably isn't going to appeal to him. A life policy can be used to guarantee him an inheritance, as well as the other two children, on top of paying your final expenses.
Many life policies build cash value over time which can be annuitized, providing a source of income in the event that you become hurt or ill and can no longer work, or you decide to retire earlier than intended. You've worked long and hard over the course of your life to help your family and children to have things you never did, putting your children through school and they've now grown to be very successful. If this is the case, they may even encourage you to retire early, telling you that your final arrangements will be taken care by them if need be. It's their way of thanking you for all you did for them, and who could pass up such an offer? Your life insurance policy may be able to provide income for your retirement that you didn't expect, and that can make your golden years that much better.
Of course, the main reason most people buy life assurance for seniors is to insure that their families aren't stuck covering any outstanding debts, final expenses or medical bills the insured may incur in the event of sickness or poor health. Planning your funeral and grieving is going to be difficult enough for your family, and trying to figure out a way to pay for the thousands of dollars in funeral expense is not something else they need to be left with. Life insurance for seniors can be used for that purpose. Whatever your reasons, life coverage for seniors is a valuable resource for your family to have.
by: Carina SmithAbout the Author:Life Insurance for Seniors has always been an essential tool in financial planning, but historically has been reserved for younger people who plenty of kids and a large mortgage. The myth that seniors don't need Life Insurance for Seniorshasn't kept up with the world we live in today. Let's discuss why.