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Life insurance for seniors is not always an obvious decision but can be a great way to help anyone you leave behind. If you are looking to get life insurance quotes you need only to fill out the form on the side of this page.
As an insurance agent I have seen seniors acquire life insurance for a ton of different reasons, but there are two reasons that pop up over and over again; burial insurance and inheritance.
Burial insurance is a pretty simple concept and is available through most companies, like mutual of Omaha or AARP life insurance. If a person has burial insurance when they pass away the insurance takes care of the cost of the funeral and any other charges that relate to burial of the person. This seems morbid but the last thing anyone wants is to be a financial burden on their loved ones. This type of life insurance for seniors is pretty popular and is usually taken out in the form of a small term life insurance policy. Most people will get a policy that is $10,000 to $20,000 and that way there is no burden on the family.
Leaving an inheritance is very important to many people and while some have managed to acquire considerable wealth others are doing well toward the end of their life but have not accumulated much wealth. In this instance a term life insurance for seniors policy is a good option. While the person has enough income to live off of and then money left over they make the decision to purchase an insurance policy that will serve the purpose to leave a sizable inheritance to their heirs. A good example would be a person who lives off of $2,000 per month but has an income of $4,000 per month. They could save the extra money or purchase a life insurance for seniors policy. This way when they do pass away there will be a windfall from the insurance being paid out. This obviously presents a risk that the person lives longer than the premiums they are paying so a good look into family history and overall health of the individual need to be taken into account. If you meet the right profile this is a great way to leave something behind for your loved ones.
At TermLife360.com we are dedicated to helping you make the right plans for you and your family. So whether a life insurance for seniors policy is right for you or not you can depend on us to be honest with you. If you ever have any questions or if there is any way we can serve you please contact us.