Life Insurance Needs For Seniors

You have now worked your entire life, and it is time to sit back and enjoy your life. However you also need to think about planning for your final expenses so your family is not burdened when that time comes. You may have sufficient savings to pay these expenses out of pocket, but what if there are additional hospital bills along with the cost of your funeral? The last thing that you want is to have worked your entire life, only to leave nothing to your spouse or heirs.

This can be solved very easily, and at a much lower cost that you may think. There are basically two options: term life insurance and final expenses insurance. Depending on your health, term life insurance may or may not be available to you. However, final expense insurance is generally available to anyone up until age 85 with a lot of policies.

If all that you are trying to do is to make sure that your funeral expenses are covered, as well as minor miscellaneous expenses, then final expense insurance is probably your best option. There is usually not a required physical, and nearly anyone can qualify. However, these policies are generally only issued for relatively small face values. Most policies will be for a maximum of $30,000.

If you are looking to cover additional expenses, such as coverage for medical expenses or to leave money to relatives, then you will want to look into term life insurance. Although term life insurance is the least expensive form of life insurance, it will be relatively expensive once you reach your senior years unless you are in good health. You will also have higher face value coverage, because it is rare to find a term life insurance policy that can be issued for less than $100,000. Term insurance can also be used to clean up any debts that follow you into retirement so your spouse is not burdened with these debts.

Every person’s situation is different, but unless you have been able to build up significant savings during your working years, you should look into making sure that you have some coverage during your golden years. Social Security will only pay about $250 toward funeral expenses, so your spouse will need some help with this. At least you can give them this peace of mind. You don’t want them to have to deal with money stress while in the midst of mourning your loss.