Life insurance for elderly individuals is pretty easy to acquire but some find it difficult to know what insurance they should get. If you came here looking to get quotes and already know what insurance you need you can fill out the form on the side of this page to get those quotes. We also offer information on other types of life insurance HERE.
Many people ask me why anyone would get life insurance for elderly parents or family members. There are a few reasons but if you happen to have a large estate (paid off home, money in savings, large investment portfolio, etc.) you may not need any life insurance because you have moved into a stage of being self-insured. If you or your family member is not in such a situation then life insurance may be a great option for you.
To know what life insurance is the best option you really need to look at your goals. For instance, are you just trying to get enough money to cover any bills and expenses that result from burying a parent or yourself? This is a great instance where life insurance for elderly parents can come in handy. This is often called burial insurance which is a relatively small policy that just focuses on making sure there is enough money so that those who are left to take care of all these arrangements do not have to feel a financial burden.
The other main example that we see life insurance for elderly individuals being used is to leave an inheritance. So if you have not acquired a significant estate but would like to leave a sizeable amount of money to your heirs you can take out a life insurance policy. The size really depends on how much you can afford for the premium.
There is only one real disadvantage to purchasing life insurance for elderly family members and that is the cost of the premiums. Because people who are up in years are more likely to pass away the premiums are very expensive. The best bet, if you are looking toward your future, is to get a term life insurance policy while you are in your forties or fifties and make sure the length of the term is large enough to cover you until death. This will be the most cost effective way to purchase this coverage. Other than this you will just have to pay the premium or choose a smaller payout.
At TermLife360.com we are dedicated to helping people of all ages find the right life insurance for their needs. So whether you are looking for life insurance for elderly parents or for a person having children for the first time we are happy to help.