It’s often true that the younger you are, the less expensive your life insurance policy will be. This, of course, doesn’t mean that you can’t or shouldn’t purchase life insurance as a senior.
Even if your children are grown and financially independent, your mortgage is paid off, and your expenses are fully covered by pensions and social security, you may have a good reason for senior life insurance. Here are a few common reasons older individuals sign up for a policy:
1. Medical expenses
It’s no secret that aging often comes with health problems. It’s an unfortunate but inevitable fact of life. As medical conditions worsen, expenses can start to add up. Between doctor visits, prescriptions, in-home care, and hospital bills — the costs of which are all rising every year — your healthcare expenses can get out of hand, and fast. While Medicare and Medicare Supplement Insurance policies can help with the costs, there could still be some bills left. After you die, who is going to pay all those bills? Having a life insurance plan can help your surviving loved ones take care of those expenses without emptying their own bank accounts. Grief is painful enough without coupling it with a financial crisis, too.
2. Funeral expenses
You don’t want your loved ones to be stuck with the burden of financing your funeral. They will certainly want what’s best for you, and these days, funerals aren’t cheap. Your death benefit can help them honor your life with a proper service.
3. Inheritance
According to the Pew Research Center, 83% of Americans ages 65 and older report that they have grandchildren. Your life insurance can act as a way of accumulating financial resources to give to your grandkids after you’re gone. Additionally, if you are among the 2.7 million or so grandparents who are the primary caregivers of grandchildren, you may need that death benefit to ensure that your beneficiaries continue happy, healthy lives.
4. Charity
Perhaps your loved ones won’t need any financial assistance after your passing. Instead, you can use your life insurance death benefit as a charitable gift for an organization you care about. If there is a cause you are involved in, consider giving to them even after you’re gone.
Life insurance is an important investment at any age. To learn more about the different types of life insurance, including the benefits of senior life insurance, contact Bankers Fidelity today.
