In the past, retirement meant living a comfortable life. Playing golf, catching up with friends over lunch, or simply soaking up the sun. Sadly this isn’t the case for large numbers of americans living today. Either they are too broke to be able to retire properly or they have the burden of debt hanging around there neck. As times have been hard, many have borrowed to help their children, or have seen hard worked businesses fail. It is possible to take out senior life insurance to cover any debt, with no medical exams in some cases.
What you may not be aware of, is that this debt doesn’t go away in the event of death. It passes to your family. This means that any funds you may have saved up to provide in the event of your passing, go in paying off any outstanding loans. Thus leaving loved ones with little or no inheritance and they may still be burdened with any outstanding depts.
Currently it is estimated that only 60% of Americans have life insurance. People forget that life insurance can be taken out by Seniors and many people sleep a little easier knowing that they are protected in the case of death. Using term cover, life insurance can be arranged to cover those outstanding debts for the period of time until the debt is repaid.
There are many companies providing cover. It is possible to save significant amounts on the premiums by obtaining different quotes from different providers.
When taking out life cover, arrange to pay the premiums annually if you can afford to, as this will save you additional money. The life insurance companies have less overheads and hence can reduce the premium to compensate you for paying all the premium up front.
Do not let your families and loved ones suffer financially in the event of your passing. By taking out term life insurance, you can provide protection for them and sleep a little easier in the knowledge of doing so.