For seniors who have reached the age of 75, there are still life insurance options that you can take to protect your family from the financial burdens of your unexpected passing. To get life insurance for seniors over 75 is not only possible, but a practical solution for many families who would otherwise be burdened by funeral expenses and leftover debt.
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There are essentially three types of life insurance for people over 75 so that you can find the right choice which provides the benefits needed to cover your passing while being affordable for your budget.
Term Life Insurance:
Term life insurance at 75 is defined by the length of time that it will last in providing coverage. For seniors over the age of 75, 10 year term policies are quite common. This is a life insurance policy that is generally less expensive than whole life insurance while providing the same amount of coverage.
This form of insurance is generally well suited for seniors who want to cover their funeral expenses as well as any outstanding debt that might be passed on to their families. Plus, you can even use it as a legacy to help a loved one pay off their home or perhaps pay for their college tuition.
Whole Life Insurance:
Whole or permanent life insurance will last for the rest of your lifetime which separates it from term life policies. Whole life insurance at 75 is also characterized by actually building up cash value for the length of the policy, although that aspect is generally not going to amount to a great deal of money over the expected length of the policy itself.
While whole life will last for the rest of your life, it is also the most expensive of all the choices and it may not be right for the budgets of some individuals. Still, it is a choice that should be researched to see if it fits your needs.
Funeral or burial insurance is generally the least expensive because it only covers the cost of the funeral itself. The typical cost of a funeral today is roughly $9,000 which means that the premiums for this type of life insurance are generally quite small even for those who have reached 75 or older. However, the insurance itself is not designed to cover other expenses, so it is best suited for seniors who do not leave behind any debts or other expenses that need to be paid. Funeral insurance for over 75 is an inexpensive and practical solution for covering burial expenses.
Overall, finding life insurance coverage at 75 requires a little research, but the benefits will be well worth it in terms of finding the best policy to cover the expenses of your unexpected passing.