Does Life Insurance for Seniors Make Sense?

Some seniors may be able to self-insure by having built up enough assets when they reach retirement age. Some seniors may still need to work part-time or full-time into their late 60s and 70s to support their standard of living.
 
TAMPA, Fla. - May 18, 2015 - PRLog -- Some seniors may be able to self-insure by having built up enough assets when they reach retirement age. Some seniors may still need to work part-time or full-time into their late 60s and 70s to support their standard of living. If that is the case, their income is still relied upon by their spouses as much as it was during the earlier stages of life. Life insurance would still be required in this scenario.

Permanent life insurance usually makes more sense for seniors. These policies never expire as long as an individual keeps paying their premium and the monthly premium always stays the same. This makes permanent life insurance a good choice for covering final expenses. Once an individual sets up a policy, they know they will be providing money for their heirs to handle these costs.

Permanent life insurance can also be a good way to leave an inheritance behind. Though, be warned that the monthly premiums for larger policies can get quite expensive. The sooner an older adult can set up permanent life insurance coverage, the less expensive it will be.

Seniors up to 89 years old can still be insured if they are in good health.

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