Buying life insurance for seniors can be challenging because it requires making important decisions that affect your loved ones. There are a few facts you need to know about life insurance before making your decision. Here are some FAQs to consider when searching out the right life insurance policy.
Why do I need life insurance?
We all want to take care of our loved ones, and leaving them behind without financial protection can be worrisome. Life insurance offers secure ways to provide financial support to your dependents when you pass away. This financial support is typically a tax-free sum and can be used to replace your income to manage your dependent’s day-to-day expenses.
When does the life insurance policy kick in?
Different insurers have different guidelines that determine when your policy will go into effect. Some life insurance policies are effective immediately, while some policies won’t pay the death benefit if you die in the first 12 to 24 months. Ask your insurance company about this before getting a policy.
What if I have an underlying medical condition?
As an elderly, you can still qualify for a life insurance policy even if you have a medical condition. The insurer will look at your circumstances, review your overall health, and tell you whether you qualify. In some situations, you may be given a modified policy with higher premiums.
What will happen if I pass away after my policy ends?
A life insurance policy for seniors is only good when your coverage is active. So, if you purchase a 5-year policy and die a few weeks after the policy ends, your beneficiaries won’t get any benefit.
Is life insurance for seniors worth it?
Life insurance for seniors is worth it if you have a family and want to support their lifestyle after death. However, life insurance may not be worth it if you don’t have a family or beneficiaries.
Before buying a life insurance policy for seniors, ensure that you have received satisfactory answers to all of your questions.
