Mike’s Life Insurance Advice

Hi Luke,

That’s a very good question. If you’re thinking of buying senior life insurance then you may be among the millions of people that have been so adversely affected by recent economic events.

Many people, both young and old, are now in some pretty precarious financial situations. They probably never would have imagined that they could have so much trouble dealing with credit card bills, car loans and unpaid mortgages in addition to their everyday costs of life, such as food and shelter.

You, like so many others, may be worried that you might not be able to pay for your children’s or your grandchildren’s future education – or even your own medical bills and, of course, there is also a cost that goes with dying.

I don’t think that most people know, but the average funeral cost more than $6,500. Social Security only provides $225. That is a pretty big difference that your loved ones will be expected to pay.

So, what can a senior citizen do to protect whatever assets they may have and yet still have enough money to take care of their final expenses?

One answer is that you can get a senior life insurance policy. There are a wide variety of affordable plans and options to choose from. You can find one that will fit your budget and give you the protection you’d like.

For example, if you are a senior citizen and you don’t want to burden your family with your final expenses then you can purchase the amount of senior life insurance that will cover the costs of your funeral and your burial. The monthly premium will likely be less than the cost of a meal at a fast food restaurant.

Even if you are fortunate enough to be able to provide your family with a substantial nest egg, the probate process will freeze your assets for between six to eighteen months. During that time your loved ones may be responsible for having to pay for your outstanding debts along with some of your other expenses.

If you decide to purchase a senior life insurance policy you will be happy to know that there aren’t any restrictions on how your beneficiaries can use the money. In most cases, they will receive these tax free funds within a couple of weeks. This money can then be used for your final expenses. This way they will not have to take anything out of their own savings or go into debt to take care of this responsibility.

It is very easy for seniors to qualify for this type of insurance. There aren’t any medical exams that need to be passed. Many online insurance companies only require that you answer some basic health questions in order to get your policy.

Mike