If you are over the age of 70, life insurance may be something you are considering.
Many of us reach our golden years and may not have saved as much as we would have liked. One thing you can do is provide the funds for your loved ones to pay the bills you leave behind.
In fact, the National Association of Funeral Directors estimates that the average funeral expenses exceed $6,500. Additionally, many of us have credit card bills and taxes due upon death.
When you’re over 70, life insurance can protect your family and provide the money needed to make sure your bills are paid. Plus, life insurance can provide funds to help make your family’s life a little easier, to support them after you’re gone.
One life insurance option for people over the age of 70 is simplified issue life insurance.
Simplified Issue Life Insurance offers you an easy online application. Answer a few health questions and usually find out in minutes if you qualify for a policy.
Once you qualify, you can pay your first month’s premium online and start your coverage the same day.
Several insurance companies offer you this type of policy; however, you want to make sure you choose a reputable provider. Also, some of these policies offer graduated benefits. This means you don’t have full coverage for a year or two after you buy the policy, in most cases.
Make sure you understand how the policy works before choosing a plan. Also, make sure you can afford the monthly premiums so you can continue coverage once your policy starts.
Remember, life insurance is for those you leave behind. If buying life insurance makes sense in your situation, then it may be the right option for you. If you have saved enough money to pay all of your outstanding bills, taxes, and debts, you may not need life insurance at this point in your life.
Also, if you can’t afford it, don’t buy it. You may be wasting money by starting a policy that pays off in a month or two.
If you have any questions, please call the insurance company directly and speak with a customer service representative to get all your questions answered before purchasing a policy.
Whether you’re on medication or not, you may be able to qualify for a life insurance policy that meets your needs and fits your budget. But you’ll never know unless you take the next step and apply for coverage.