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Life insurance isn’t just for the young. While your children may no longer be financially dependent on you, you may leave behind other expenses when you die, such as outstanding debt or funeral expenses. Life insurance can help take the financial burden off of your loved ones when you’re gone.
While everyone’s needs may be different, some typical expenses that life insurance can cover for people 65 and over include:
Your best options are: term life insurance, critical illness insurance and burial insurance.
Term life insurance is ideal for seniors if they think they’ll only need to be financially insured for the next 10 to 15 years or so. If you can pay your debts and get your investments in order within that time frame, you may not need to worry about how to leave money behind to your loved ones. If you think you’d need to be insured longer for financial reasons, term life may not be the best fit.
Here are some questions to consider:
People over age 65 may consider adding critical illness to their life insurance plan — either as an additional or standalone policy. Seniors are typically more susceptible to sickness and critical illness can offer protection for up to 40 different medical conditions. Conditions covered can include heart attack, stroke, coma, out of hospital cardiac arrest and loss of independence. Some of the features and benefits you can get from policies include:
In addition to the benefits, features and price of the policy being applied for, there are some key things to look out for when comparing quotes on life insurance policies.
To get the best life insurance package, compare different life insurance policies and learn about any exclusions that may apply.
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