Is Senior Life Insurance A Good Investment?
It's been quite awhile since any member of the Baby Boomer generation was close to being a baby. Now, even the youngest of the boomers is in their late fifties.
The reality is that as soon as you are born you start to die. The probability is that the older you get the closer you are to passing.
Many of the boomers did not live up to their promise of making the world a better place to live. You can see the results in today's headlines. An ill-advised oil well has been gushing millions of gallons of oil into the Gulf of Mexico, countries are going bankrupt and the economy is in the worst shape it has been in since the Great Depression of the 1930s.
As a result, many people, young and old, are in precarious financial situations. They have to deal with credit card bills, car loans and unpaid mortgages in addition to the everyday cost of life.
The older generation is probably concerned that they might not be able to pay for their grandchildren's future education or even their own medical bills and, of course, there is also a cost that goes along with dying.
Although the average funeral costs more than $6,500 Social Security only provides $225.
So, what can a senior citizen do to protect whatever assets they may have and yet still have enough money to take care of their final expenses?
One answer is that they can get a senior life insurance policy and there are a wide variety of affordable plans and options to choose from.
If you are a senior citizen and you don't want to burden your family with your final expenses then you can purchase the amount of senior life insurance that will cover the costs of your funeral and your burial.
If you are lucky enough to be able to provide your family with a substantial nest egg, the probate process will freeze your assets for between six to eighteen months. During that time your loved ones may be responsible for having to pay for your outstanding debts along with some of your other expenses.
If you decide to purchase a senior life insurance policy you will be happy to know that there aren't any restrictions on how your beneficiaries can use the money. In most cases, they will receive these tax free funds within two weeks. The money can be used for your final expenses, so that they will not have to take anything out of their savings or go into debt to take care of this responsibility.
It is very easy for seniors to qualify for this type of insurance. There aren't any medical exams that need to be passed. Many online insurance companies only require that you answer some basic health questions in order to get your policy.
by: Wendy Moyer