Should older adults get life insurance?
Older adults who don’t already have life insurance may think it’s too late to qualify for a policy — or question whether or not they really need it. Here are a few reasons why a life insurance policy is a smart idea:
Life insurance provides many benefits.
Life insurance can offer valuable benefits such as recouping money previously spent on your medical care, paying for your end-of-life and funeral expenses or leaving money to your beneficiaries. It can also give you added security in the event you have an investment that fails.
There’s more than one life insurance option.
If you’re confused about which life insurance policy to buy, it’s understandable. There are several types of life insurance to consider, and each has different advantages. The key is finding the life insurance plan that’s right for your needs.
Term life insurance is an affordable option, but it can expire, leaving you without coverage. Permanent insurance is more expensive but will stay in effect as long as premiums are paid — and it has a cash value. Guaranteed issue life insurance doesn’t require medical exams for acceptance but usually carries a waiting period before some benefits become available.
You can add a rider to your life insurance.
Have you heard of a life insurance rider? This feature can be added to a policy, but usually comes at an extra cost. Riders for accelerated death benefits and long-term care coverage can help offset financial risks while you’re alive.
Are you, or is someone you know, in need of life insurance? Reach out if you’d like help exploring your options.