Can You Find An Affordable Over 65 Life Insurance Policy?
Do people over age sixty-five need life insurance policies.
Many people associate life insurance policies with younger parents, growing kids and a big home loan, but retired people may need coverage too. You may think that people over 65 are already covered, but actually there are lots of reasons that people in their older years do not have enough coverage.
Some people used to have life insurance through their jobs. Or sometimes they had a term policy that expired. As these people retire or leave their jobs, they lose their policy!
Not everybody over 65 is retired. In fact, more and more people are working well past age 65. They may keep working because they do not have enough money to retire, or they may own their own business or really enjoy their profession.
Just because people have passed 65 does not mean they have outgrown all of their family responsibilities. Lots of grown kids are moving back home these days, and sometimes they come back with their own kids!
Business owners, even in their senior years, may have many uses for a policy. They may need to it ensure financing, settle the business transfer to a partner or family member, or just make sure the company can keep going when they pass away.
Families with modest means may worry about paying for a funeral. Right now the best estimates tel us that funerals will cost eight or ten thousand dollars, or even more. Very common senior life policies are sold to help with this concern.
How can people over sixty-five find the right policy?
It is not difficult to find insurers that want to compete for your business. You, as an individual, need to consider your needs and budget in order to make a good decision. If you want to leave your business to one child, for example, but compensate your other children, you will want to find a policy that can leave them enough cash to satisfy them.
If you just want to make sure that there is some cash to pay for a funeral, you can look for a smaller face value senior life insurance policy. Your own individual situation will affect your own best choic!
Sometimes a specialized broker can help you.
Some brokers actually specialize in finding life insurance for the elderly. Beyond that, some specialize in different types of coverage like final expense or business policies. One simple way to find the right agent and insurance company is to use an internet quote form. You will enter your basic details, like the type and amount of coverage you are looking for. The system uses this information to come up with the right local agent or national insurance company for you.
This makes it simple to get quotes. You simply key in the basic details, and then you can get online quotes or local phone numbers of qualified insurance agents. You will get a choice of multiple competitors so you still get to shop. But this can make the job of shopping for over 65 life insurance much easier!
by: Marilyn Katz
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