There are numerous reasons to buy life insurance, but here with have listed five good reasons to buy senior life insurance.
1) Funeral Expenses
Did you know that the average cost of a funeral in America is now between $7,000 – $10,000. Thats right, it is expensive. Of course it can cost a lot more than that depending on the numbers who attend, will there be a wake? type of casket etc. It makes sense to ensure you have the cost of the funeral expenses set aside. Families do not want to have the worry of paying for the funeral on top of coping with the grief of losing a loved one.
2) Pay off Debt
Its a sad fact of life, that even when you die, credit card companies and any other outstanding bill you may have still has to be paid. Companies sadly do not write off these debts and will expect them to be paid. It is possible that you may have credit card insurance, depending on the card and this is worth checking. Having senior life insurance can provide a way of covering these depts.
It is not as expensive as you may first think. By using term life insurance, where you only take the policy for a set period of time (the term), the risk for the insurance company is lower, hence the lower premium. Take the challenge and see for your self.
4) Guaranteed Acceptance
Some companies will provide guaranteed acceptance and hence remove the risk for nay medical exam. However, this will increase the cost of the cover and there will be a limit on the amount of cover you can take out.
Many people wish to bequeath something to their children/grandchildren. Was better way than providing a fund to pay for their education. It provides for both a gift and a better future for them.
It is not easy to think about what happens after you have gone and whether you should take out life cover. Hopefully these ideas will help you determine the best way for forward.