Topics for Discussion

5 Best Life Insurance Policies for Seniors

Kris Sollenberger, Life Insurance Pro, Scottsdale

22 Sept 2017

There are so many different life policies out there nowadays, where in the heck do you begin?  Well, I can tell you that you can just call me, and that’s all you’ll have to worry about.  However, for all you out there who like doing your own research, check out these 6 different life insurance policies and see which one works best for you and your family.  I’m going to just give you the red meat from an article from thesimpledollar.com.  There’s gotta be one in here that’s right for you.

 

  • Term – As we all know by now, term insurance is the most popular for the simple reason it’s the least expensive type of life insurance.  You are renting a policy for a period of time.  If you die within the time period, you’re covered.  If you outlive the policy, the insurance company keeps all your premiums.
  • Annually Renewable Term – This is the same as term, only it expires every year.  You only pay for insurance for a year.  After that, you can continue the coverage for another year for a little more than you paid for the previous.  This type of policy will be good for someone who may only need insurance for a few years or so.  It’s also very popular among businesses who insure their employees for the company’s benefit.
  • Whole Life – This is a policy we buy that offers coverage until we are 120 years old or pass away.  It’s the most expensive of all the life insurance coverages.  This type of insurance will be the best policy for seniors in only two situations.  For those who want to minimize estate taxes for their heirs, or who want to leave a specific amount of money to someone/charity no matter how old you are when you die.
  • Guaranteed Universal Life – GUL’s bridge the gap between term and whole life insurance. It can end at a date of your choosing, or all the way up until you die.  The big downside of this policy is that it has no cash value.  These policies are good for seniors in many instances, including leaving a legacy fund, avoiding estate taxes, paying final expenses, maximizing pension benefits, and repaying adult children who will provide care for you when you’re older.
  • Final Expense – This type of insurance is designed to help your family pay for your burial.  Typically the death benefit is small $5K-$25K.  These policies have minimal underwriting requirements because they are smaller.   This type of policy will be good for seniors who have serious health issues and don’t want their funeral costs to burden their family.

 

Alright seniors, I would hope that each of you found a policy that works best for you.  Give me a call today and we can get one of these policies set up for you now.  Cheers,

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