Life insurance over 65 is just one of the things people think about as they age. With age comes consideration for younger generations, health concerns and the ability to reflect on the choices that were made. No one wants to be a burden on their family and loved ones, but it often happens due to a lack of planning or simply a lack of knowing what lies ahead. Getting life insurance over 65 is just one of the ways that people can plan for their loved ones.
Types of Life Insurance
Whether you're buying life insurance over 65 or you're trying to plan for the time that you reach 65, it's always a good idea to do some research on the cost of life insurance and the types of policies that are available. Some policies last for a specific period of time, while others go on for as long as you can meet the premium. Some policies even allow you to borrow against them, providing a type of living insurance in case you ever get in a bind and have no other resources. The type of insurance you buy is going to be the type that meets or exceeds your needs without emptying your own bank account.
Life insurance exists to be activated upon the death of the policy holder. There are certain restrictions that are in place to prevent people from defrauding companies, but in general, the policy will provide a set amount of funds to the person you list as the beneficiary. Some things that may be excluded would be suicide or pre-existing medical conditions that were deliberately kept from the company you bought the policy from. The suicide exclusion for example, is in place because there are times when people struggle financially that they consider their policy and wonder if they are worth more dead than alive. Suicide is never a good option and most companies will not pay out to the beneficiary in such a case.
Term life is one type of policy. Those buying life insurance over 65 might consider this to be one of the simplest forms of life insurance to buy because it is good for a specific amount and valid for a specific period of time. This is a great option for those over 65 because they can choose from a variety of policies with different amounts for different lengths of time. For instance, you might buy a 50 year term policy at the age of 20, but you probably aren't going to choose this option at the age of 65 or older. Instead you might choose a life insurance policy that has a set time of 20-30 years.
Whole policies are simple, like term life. You purchase life insurance over 65 for a set amount, but not a set time. Instead, these policies cover you until you die, regardless of when that may be. If you're over 65, the best thing to do if you're considering term and compared to whole is to simply compare the costs and the amount the beneficiary will receive. Of course, being 65 doesn't mean that you don't have many years ahead of you, but unless your family has a history of living 40-50 years past the age of 65, a term policy is usually the option that makes the most sense.
Universal and variable policies are a bit more complicated. You have more flexibility with the amount you want to spend on your policy as well as the amount your beneficiary will receive. Some policies even allow you the option of choosing exactly where your investment is applied at. Of course, with more options, there is also more risk. If you choose your own investment options, you risk making uneducated guesses that could cost you in the long run. Naturally, the opposite could hold true as well, but you have to know if it's worth the risk you take.
Things to Consider
If you're buying life insurance over 65, you might ask yourself what it's going to be used for. Over the years you may have accumulated debt that goes over the amount of a simple policy. Have you thought over the cost of your funeral? When it's all over, do you have enough life insurance over 65 to pay for the funeral and other debts? Buying life insurance over 65 is really just you being a responsible person who wants to make sure that even if they can't leave their family well off; your life insurance over 65 will at least help to prevent them from being in any kind of debt based on the choices you made. You may not be able to make them wealthy, but you can plan within your means.
Benefits of Term Life Insurance
- Long-term financial safety
- Coverage for any final expenses
- Significant death benefit
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Source: http://www.termlifeinsurance.com/life-insurance-over-65.html
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