As with many other financial issues, this one is is not that easy to answer. I cannot tell you about one perfect senior health insurance policy for everybody, and I cannot answer this question without knowing more about an individual situation. But what I can do is give you some reasons that an older person may benefit from coverage. If some of the reasons apply to you, or to an older person that you help care for, it may be time to start shopping for a policy.

Consider the transfer of wealth.

Lots of older peopple just want a way to leave some wealth to their spouse or children, and this is one traditional use of coverage. Most of the time the proceeds from the death benefit will not be taxed. And since most of us just pay a monthly premium, it can be an affordable way to plan for an estate transfer.

So if your goal is leaving money to your spouse or kids after you pass away, consider using a policy.

Consider other issues of inheritence.

Here is a very common situation. Consider the example of a man who owns a small law firm he wants to leave to his daughter who is also a lawyer. He also has two sons, but they decided to become teachers, so they have no real interest in running a law firm. But the man wants to be fair to his sons, and he knows the law firm is his largest asset.

He could buy a policy with the sons named as beneficiaries. This policy actually buys them out of any interest in the law firm. The law firm owner has used his coverage in order to distribute his assets fairly to all children.

Do you need business insurance?

One common reasons that older people look for coverage is because they need it for their company. Many top business people are over 65. Some lenders may ask for a policy to guarantee the investment. In addition, key man insurance can insure that a company can recover financially in case it loses a valuable member of the team. So companies, large and small, are one major purchaser of policies for older people.

What about final expenses?

Probably the most common type of senior life we see advertised is a smaller face value whole life policy. Insurers call these policies burial or final expense policies. They usually have death benefits from a couple thousand dollars to twenty-five thousand dollars. They are meant to help the insured person’s family pay for final expenses. These could be things like funerals, medical bills, debts, and travel.

If an older person has little money saved and does not want to push the burden of final expenses on to a spouse or children, a small policy can provide security. Sometimes older people buy these for themselves, but many times the grown children will pay the premium for their parents. Sometimes it is hard to start talking about this subject, but it can also be very important.

Do you need a life insurance policy for yourself, or for somebody you help take care of?

Your unique situation has to figure into your decision. For some people, it would be better to put aside a few dollars every month to plan for final expenses. Lots of us just do better when we have a premium bill to pay.

Source: http://www.submityourarticle.com

Permalink: http://www.submityourarticle.com/a.php?a=80365

Share This

When researching life insurance for older people I came upon an interesting statistic! According to a 2002 article in the Wall Street Journal:

“[i]ndividuals age 65 and over have a total of $492 billion of life
insurance in force.”

That total may seem like a lot of money, but it is only four percent of the total US life insurance policies that are in force. Meanwhile, the age group over 65 makes thatlmost 75% of all deaths. It does seem odd that an age group which should be most concerned about passing away is not covered.

Older People Can Find Life Insurance

If you are over 65, you can find life insurance, and you can even find term life insurance for older people! Rates are dropping because people are living longer. In addition, insurers are marketing many simplified issue policies, so you can even find no medical exam life insurance for seniors.

Share This

Many people reach middle age, or even retirement age, and realize that they have outlasted their life insurance policies. They may have had coverage at work or had a term policy that expired after 20 or 30 years. Even though they no longer had coverage, though, the people realized they had not outgrown their need for life insurance.

However, the time has never been better to find life insurance for older people! As people are living and working longer, insurers are making coverage more available and cheaper too! These days, you can find term life insurance at 70 or final expense life insurance at 85 in some situations.  

The internet makes it much easier to compare plans and policies. One online life insurance quote form allows you to sit back and compare all of the plans and policies that are available to you.

Share This

Also See Term Life Insurance For Older People

We see lots of people performing a search for the best term life insurance policy. However, having worked in the industry, we can tell you that it would be impossible to present the same life insurance product for everybody. When you are shopping for a car or a home you understand that your own individual needs, likes, and what you can afford to pay will affect your decision to buy. Since you are probably signing a long term contract when you purchase a large physical product,, you know you need to take the time to compare before you buy. The same logic would certainly apply to a financial product, and yet many consumers simply sign off with the first life insurance agent they speak too.

For one thing, people who are a little older, may find that premiums are unaffordable for a level term policy with enough coverage to fit their needs. Consider a family who has just purchased a home, and is carrying a large mortgage. The husband and wife decide to cover the mortgage in case one of the passes away and leaves the family without that breadwinner’s income. They could buy a level policy, but as their debt decreases over time, they may have more coverage then they need. If the insured person is older, they may find that the cost of buying more coverage then they really need is not really affordable.

A decreasing term policy may be in order. As the home debt decreases, so will the value of the policy. The insurer will have less risk, since later in the contract, they will have less liability. The insured people will enjoy a lower premium because of this.

Return of Premium is an attractive option (rider). If the insured person survives the policy term, all of the premiums they paid will be refunded. This rider costs a little extra, but it is very popular because it provides a cash payment at the end. Many people combine decreasing term and return of premium with a type of life coverage called mortgage protection insurance.

Before you buy, be sure to shop around too. We found hundreds of dollars a year difference between the major companies in our state. Learn about the advantages and disadvantages of different products, and then shop for the best rates. That’s how you will find the best life insurance policy.

Let us help you find the best term life insurance quotes with our fast, safe, and free online quote form!

life insurance

Share This

Technorati Tags: life insurance

Term life insurance is probably the most popular type of coverage these days. As the name implies, this coverage is intended to cover an person’s life for a span of time. The term can be almost anything from 1 to 30 years, and I have seen some that covers up to age 65. But people usually buy for a period of 10, 20, or 30 years. Since you are only buying life insurance, and not any sort of cash value, you will probably find that the rates are less expensive then any other type of coverage you could purchase. Rates are also cheaper because the insurance company only has to accept the risk on your life for a period of time. You do need to fill out an application, and you need to answer health questions, so the insurer is taking the risk that you will survive the policy. That’s another reason rates are less then other coverage, like for instance, whole life.

The lower rates allow you to purchase a larger face value. It is common for people to buy enough to cover their home mortgage, other debts, and to provide money for their spouse and children. In other words, values of hundreds of thousands of dollars are common. Now some policies allow you to attach some riders that make your plan more valuable. A return of premium rider, for instance, costs a bit more, but guarantees that all premiums will be refunded at the end of the term if you survive. You can also find disability and critical illness riders that will provide money if you cannot work. Other riders may also pay the premiums if you are unable to work.

The whole idea between buying coverage for a set amount of time is that you are covering your life during peak working years, and when children need to be raised and mortgages need to be paid. The logic behind this is that you will work to save and invest during this time, so that by the time your coverage term expires, you will not need a large amount of life insurance any more. And many long term policies are convertible. In other words, the company will give their customer an option to convert the term policy to a smaller whole life policy when it expires. This whole life policy will have a smaller face value, but will provide cash for things like burials and other final expenses.

Getting a term policy is an affordable way to protect your loved ones if something happens to you, but just make sure you understand what you are buying.

Quote and Compare No Medical Exam Term Life with our safe, fast, and free online forms.

Compare Insurance Quotes Online

Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
http://EzineArticles.com/?Term-Life-Insurance-Basics-Explained&id=1281931

Share This

You can save time and protect your policy with a simple issue policy like this. Now older people, over 50, may have a bit tougher time finding very large face value policies without a physical, though they can still get smaller simple issue policies. If you are in your 50’s to 85, or if you care for somebody who is, look at life insurance for older people. Another resource for seniors life insurance is final expense for senior citizens.

Share This

The number of 55 plus Americans has been steadily increasing as the baby boomers move into that age bracket. Additionally, more people are living longer lives. These trends have caused term life insurance prices to fall by approximately 33% in the last 10 years. To keep pace with the growing senior market many life insurance companies are expanding their product lines to provide protection that meets older people’s needs.

Older consumers now have many new alternatives to choose from. Industry sources explain that even as recently as 10 years ago, many of these options for senior life insurance were unavailable. For instance term life insurance coverage is now being enhanced to be suitable for purchase at older ages with longer guaranteed insurance periods – twenty-five to thirty years, lower costs at all ages and higher issue ages. As matter of fact, many companies offer life insurance to people age 80 and beyond. For older people, there are a variety of reasons life insurance makes sense:

Funeral expenses – Sometimes the family needs money to pay for funeral expenses and other costs related to death.

Estate taxes - Big estates have big taxes starting at 37% for estate assets over $675,000. Our recent bout of inflation may have pushed some people into the estate-tax bracket without them even realizing it. Life insurance when it resides in an irrevocable life insurance trust is outside of the estate and can be used to provide monies to pay for any estate tax liability.

Lifestyle maintenance – These days both spouses may work and when one dies the other may be left with a reduced income. The cash from the policy could be invested to produce an income stream that would help make up for the loss of the deceased spouse’s salary.

Retirement Income – If you have the permanent (whole life) life insurance the asset grows tax deferred. By the time you retire you will have a nice cash value which you can turn into an annuity or simply put it in a money market fund for emergencies. If you don’t have whole life but have term instead you can cash in other conservative assets such as CD’s and purchase fixed income life insurance which covers your insurance needs and strengthens your financial base.

Finally there is an interesting new twist that some seniors are employing with their life insurance policies called Life Settlement. Essentially a senior sells his/her policy to a third party for a specified amount and the investor receives the pay out value when the person dies. There is a great deal of controversy about this practice so make sure you understand how it works and check with your attorney before you choose this option.

Visit us to learn more about Life Insurance For Old People.

http://www.bestquoteus.com/life-insurance-old.html

Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
http://EzineArticles.com/?Life-Insurance-For-Older-People&id=1208405

Share This