Should Older Adults Get Life Insurance?

KJ Martin
 | Published: 
May 16, 2022
 | Category: 
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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 still a smart idea for older adults.

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. Did you know it can also give you added security in the event you have an investment that fails?

There's more than one life insurance option.

The key is finding the life insurance plan that's right for your needs.

If you’re confused about which life insurance policy to buy, that’s understandable and you are not alone. There are several types of life insurance to consider, each one having different advantages. The key is finding the life insurance plan that’s right for your specific needs and circumstances.

While term life insurance is an affordable option, it can expire, leaving you without coverage. Permanent insurance is more expensive, but it will stay in effect for as long as the 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. There are a number of things to consider when deciding on the best policy.

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 can be added for accelerated death benefits and long-term care coverage and can help offset financial risks while you’re alive.

If you or someone you know is in need of life insurance, or has questions about the types of policies available, reach out to us today and we'll help you explore your options.