Obtaining life insurance for elderly parents over seventy years of age is an important consideration, especially if they do not have the financial support to help them with burial expenses, outstanding debts, and loss of income that comes with an unexpected passing.
Understand the Importance of Life Insurance at 70
For most seniors, having adequate life insurance to cover the financial loss that occurs when a loved one passes are vital to their continued independence. Life insurance is designed to cover funeral expenses, outstanding debt, and leaving behind a legacy to meet future expenses all in a package that is paid monthly and affordable to the budget.
Considering that the average funeral costs over $9,000, coverage of that expense alone makes life insurance a valuable commodity. Considering the loss of income and other expenses, having life insurance makes sense for families on a tight budget.
Choosing the Right Type and Benefit Level of Life Insurance
There are several types of life insurance that you can pick from with the most popular versions being the following;
- Whole or Permanent
- Burial Insurance
- No Medical Exam
Whole or permanent life insurance is really designed for younger people as it allows them to save up and earn a dividend. By the age of 70, the earning power of the insurance may not be worth the expense. However, the policy can be cashed out or kept in place without time restriction.
Term life insurance at 70 is usually the best choice because it provides its benefits at the lowest rates. While the benefits end when the term runs out, it is substantially less expensive than whole or permanent.
No medical exam and guaranteed life insurance are best suited for seniors with significant health issues. It avoids having to take a physical exam and guaranteed does not require any medical questions. However, they are the most expensive forms of life insurance.
Funeral or Burial insurance for people over 70 is the least expensive, but it also offers the lowest amount of benefits. This is perfect for those who are otherwise financially covered in terms of their spousal and family support.
Getting Multiple Quotes, Finding Discounts, Buying the Right Policy
Now that you know the type of life insurance to purchase, the next step is getting several quotes from different life insurance companies. The free quotes will let you know how much the life insurance premiums will cost per month. You may find yourself changing the benefit levels based on the results of the quotes received. All you need is to click here and figure out what the top insurance providers are offering at this time.
This is important when choosing the right policy for your needs. Once you have gathered all the information and asked the appropriate questions, you should be able to choose the right plan that fits your budgets and meets your family’s needs.