There are many people who need the visibility of their lives. Even after retirement, many of the baby boomer generation need to support their children. In some cases the pension is not sufficient, and some retirees may want their partner to have a life insurance policy. Insurance agencies have made life coverage available to seniors, and you can choose from a few plans. Here are the three safest life insurance policies for seniors!
- Final cost. This is a strategy which is small and easy to get. To apply for this there is little or no limit. It doesn’t require a medical examination, and you can get compensation even if you’re having a bad medical condition. The amount of coverage is limited to 50,000$. The scheme is only used to offset the funeral expense to you. Since a funeral’s average price is $10,000 this strategy can save a lot of money for your family.
- Term life insurance. Though it needs a medical examination, this policy will help many seniors. The fact that it is not permanent provides great flexibility so that for a very long time you will not be stuck with it. I’d recommend going for a term of 20 years. When you buy it before you retire, you will gain from coverage after retirement for around 10 years as in your 50s. The prices are some of the cheapest available so during retirement it won’t be a burden! You can use the money to finance the death fees, pay the mortgage and cover the daily living expenses. I recommend going with this policy if you are in good health: the low rates and the broad coverage make this one of the best insurance plans, not just for seniors, but for everyone!
- Immediate life annuities. Probably the best way to improve your retirement finances. Here’s how it works: You make a single or daily payment and you get the benefit plus interest as a monthly pension after several years. The best part is you’ll keep receiving the money until the end of your life. Life annuities are not a scheme of regular life coverage, since the insured (you) retains the benefit. Because many seniors rely on the income of their children, being financially self-sufficient is a great way to help your family!
In my view, these are the best life insurance policies a senior could buy. Each one has its advantages and disadvantages so it’s up to you to choose!