[This article is by Frank who is a personal finance expert]
You probably started to plan for your retirement ahead of time and now that it is approaching, you are confident about having a financial source that will provide you with the money needed to cover the expenses of your daily living. However, have you taken your family’s needs into consideration when you are no longer around? This is why you should think of senior life insurance.
Do You or Do not You?
Regardless of your actual age, you might have already taken out life insurance, but many times people put aside this important coverage when there are getting older and their children have left home. Other’s may not yet consider buying a policy, or they may have term life insurance about to end. Stop for a moment and think which of these situations you are in and get ready to take action.
Understanding Senior Life Insurance
Having a life insurance policy many times becomes less affordable when you reach your senior years, some others may not carry this protection because it is not mandatory by law, but still necessary. It’s a sad fact that getting a life insurance quote when you’re over 50 can be pricey. Either way, you can always consider senior life insurance, which is also called “over 50s” protection, and certainly offers you additional benefits that regular term life insurance and whole life insurance policies do not include.
The Sooner, The Better
Anyone over 50 years of age is a candidate to buy senior life insurance. Advantages of this policy do not only include the traditional death benefit that your family will receive when you pass away, but you can get money from this coverage if your spouse passes away first, borrow money from the policy to pay your bills, or even health benefits to cover your medical expenses. So that, the sooner you get senior life insurance the more benefits you and your family can receive.
More Advantages, Less Requirements
As people get old, premiums and requirements asked to take out life insurance go on the rise. However, senior life insurance with affordable premiums that does not require a medical exam, nor discriminates against you in case of having a pre-existing condition. If you have a healthy lifestyle and a good credit history, your premiums will be lower than those you pay with other types of insurance. However it is advisable that you interview with a senior life insurance specialist, who will advise you about the right amount of coverage needed according to the benefits you want to receive from this policy.