No matter what your age there are benefits to being covered by life insurance. A term life insurance policy is one in which you are covered for a set period. These time frames are usually for 10, 15 or 20 years. The length of the plan that you choose and the benefit amount varies depending on your specific needs.
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How Much Term Coverage should I Buy?
If you are over 90 years of age, you are likely only going to need to cover your final expenses. In that case, a policy of around $10,000 should be appropriate. If you are looking to buy a policy specifically for burial insurance, click here to learn more. The time frame that you choose should be based on how long you think that you will live. Clearly, it is impossible to determine your exact life expectancy, but there are a number of things, such as your overall health, that could help you to decide.
If you are the family member of someone that is over 90 you can take out a policy on them as well. This is especially important if they do not have any coverage and you will be responsible for their final expenses. A term life insurance is perfect for this scenario as well.
This is crucial…
If you have debts that would be left behind upon your passing, you will want to get a policy that can cover them as well as your final expenses. This ensures that your family members are not left to cover these costs that could become a burden for them. The costs of your premiums will be higher, but you will have peace of mind that you have done the right thing to protect them.
When looking for this kind of coverage, especially for those over 90, when it certainly becomes difficult to get an affordable plan easily, it will be necessary to do your due diligence. The premiums can vary a great deal depending on the insurance provider, and there can also be stipulations that could negate coverage in certain situations. You will want to take the time to carefully compare the various plans that you find to make sure that you are getting a fair price and that will be covered no matter when you pass away.
The bottom line:
In short, the benefits of having term life insurance coverage at the age of 90 revolve around ensuring that you are not leaving any loose ends behind. There is a great pride to be had in knowing that you have done all that you can to cover your final expenses so that you family is not left with the burden.