Life Insurance For Seniors - Can You Buy After Age 50
Many people delayed purchasing life insurance for seniors earlier in life becausethey felt they had adequate coverage through their employers, or because it was always something that could be taken care of later after the children's education cost were out of the way. Then the years passed and retirement came along, and they lost the life protection they had at work, now they are looking at investment portfolios, and are seeing a large gap that coverage once filled.
The looming debts of the elderly are not something they want to leave to their elderly surviving spouse or their grown children. For mature Americans who want to now obtain affordable life assurance for seniors the task does not have to be a difficult one; many insurance companies are now formulating policies designed to fit the needs of the rising elderly population.
Health and Credit of Older Americans is the Key
Older Americans have learned over the recent decades how to live longer healthier lives. They eat well, exercise, do not smoke, and are not overweight, and are taking superb care of their health. They are normally settled financially as well; the mortgages are paid off, they have no school expenses or large loans looming on the horizon. These are benefits that can help them afford life insurance for seniors. Insurance companies who offer life assurance for seniors at an affordable rate usually base it on a health screening, and a credit report.
Less Can Be Better
Life coverage for seniors does not have to carry the large face value a younger person looking to cover children's education, or large mortgages would need. The face value need only be enough to leave a small inheritance for a loved one, or to cover the debts you know you now have, plus the cost of your funeral. Instead of looking for a life policy with a face value far above what you realistically need, concentrate on the financial plan that will cover your needs as a mature person, who is financially stable otherwise.
Term Life for the Good Life
Mature people all across America are making the decision to use life assurance for seniors as a means to save money. These term or whole life policies have smaller face values that earn cash value as the years pass, as well as paying a death benefit. There are other choices to make in regard to term policies for life assurance for seniors, they can be sold to a capital settlement company, and the policy owners receives the cash for living expenses and other financial needs and enjoy their retirement years with peace of mind, that everything has been taken care of.
by: Carina Smith