3 Reasons Seniors Should Get Life Insurance

Financial advisor shaking hands with senior man at home
There are several very good reasons for seniors to want life insurance.

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Most financial advisors agree that life insurance is a valuable and essential part of sound financial planning. In exchange for a monthly fee to the provider, this unique form of protection can provide a loved one with a financial safety net in the event of the insured’s death.

While life insurance is generally thought to be beneficial to a wide range of adults, there is one demographic that is usually left out of the discussion. senior citizen.

For these seniors, life insurance is often seen as a prohibitive expense. coverage what can be guaranteed. However, when it comes to life insurance for seniors, some exceptions In that case the policy may be worthwhile and cheap.

If you’re considering life insurance, get a free online price quote first so you know exactly what to expect.

3 Reasons Seniors Should Get Life Insurance

As with any financial product, benefits will vary based on individual circumstances and goals. That being said, there are some very good reasons why seniors want life insurance. Next he has three.

Can be used as cash while alive

Life insurance is traditionally thought of as something you set and forget and just use Beneficiary in your absence. but, whole life insurance The type of policy that actually has access to the cash element of the policy while alive. This can be used to repay the debtcover household expenses or anything else you want.

Indeed, these policies tend to be more expensive for obvious reasons. It also takes some time to build up cash reserves so that you can eventually access them. Still, insurance offers promise as an alternative to cash, especially for seniors on a tight budget.

Get a free quote online today to see how much you qualify.

can be used as an inheritance

Some seniors have solid savings and home equity that they plan to pass on to their children and loved ones. For those in the latter category, life insurance can help bridge the gap.

For a 64-year-old New Yorker, Haven Life offers $150,000 10-year term life insurance at $98.74 a month. This is the maxim of a non-smoking man who is considered healthy.

Leaving $150,000 for your loved ones is important, especially if you can secure it for less than $100 a month. Do the math and see what you can afford/entitle. You may be surprised if you can get and keep coverage.

Pay end-of-life expenses

If you are a senior and looking for affordable insurance, but want to cover end-of-life expenses such as funerals and burials, life insurance is a good option. These kinds of costs are worth about $10,000 to $20,000. This is the amount many life insurance companies are happy to offer to healthy seniors.

The death of a family member is already painful enough. You don’t want to add a financial burden to the mix. Fortunately, cost-effective and reliable life insurance can help alleviate these concerns.

If you think you could benefit from having life insurance to cover your end-of-life expenses, start by getting a free price quote online today.


Despite conventional wisdom, there are very good reasons why some seniors should buy life insurance. Depending on your personal circumstances, the policy can be used as cash, as an inheritance, or simply to help a loved one pay their terminal bills.

Ready to get started? Compare shop providers and policies now.


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Written by Natalia Chi

Chicago Popular; Chicago breaking news, weather and live video. Covering local politics, health, traffic and sports for Chicago, the suburbs and northwest Indiana.

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