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Martin_Harris

Do You Need Senior Term Life Insurance?

 
By Martin Harris in Personal Finance
June 24th, 2011

As the population ages and the economy is in a downward spiral, it becomes important for spouses, parents and grandparents to protect their loved ones financially.

senior lifePeople today are living much longer lives than they had just a few generations ago. In many cases, this can mean that your beneficiaries, especially a spouse, will probably live for many years after your death but what will their quality of life be?

As a responsible provider, spouse, parent or grandparent, you should want to make certain that you have adequate life insurance coverage for your beneficiaries that will provide enough coverage for the duration of their lives or for however long it may take them to adjust financially to life without you being around to rely on for financial assistance.

For many older Americans, a senior term life insurance policy can be a perfect method to supplement the financial assistance you leave behind for your beneficiaries. Regardless of if you already have a whole life insurance policy or a nest egg set aside to cover this purpose, a senior term life insurance policy can assure your beneficiaries will have additional coverage to make ends meet.

If you are a senior who already has a life insurance policy, chances are you purchased that life insurance policy many years ago while you were working. The amount of life insurance coverage you purchased at that time may have seemed sufficient during that time period but the cost of living increases over the years have practically whittled away at the base of your commitment.

In many cases, the amount of life insurance coverage that was purchased in the past may not be adequate coverage for your beneficiaries today or into the future. As the cost of living continues to rise for most people around the world, you should remember to keep an eye on the amount of life insurance coverage you have set aside for your loved ones.

Numerous expenses may need to be dealt with after you are gone including funeral expenses, medical expenses, financial settlements, estate settlements and much more that is normally overlooked when we are in good health. Your beneficiaries will need to pay foremost of these expenses and the costs can add up more quickly than one can imagine.

With the average funeral costing in excess $10,000 today and just as the cost of living continues to increase, so might the costs associated with internment. Having an additional senior term life insurance policy could help your beneficiaries deal with these expenses without the additional stress of worrying about financial issues.

So, if you are a senior who already has a life insurance policy, or savings account set aside to financially compensate your family members, take another look at the amount of coverage you have and evaluate your situation because it may be the wisest decision you ever make.





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One Response to 'Do You Need Senior Term Life Insurance?'

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  1. Tomiko
    posted on July 16th, 2011

    This is certainly something I need to find more information about now that my wife and I are both retired, appreciate the posting.



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