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Is life insurance for seniors worth it?

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Senior citizens may not currently have life insurance, or may not have enough, and may consider the value of this unique financial protection.

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Life insurance is considered a fundamental element of sound financial planning. Whether you’re married or single, newly employed or close to retirement, life insurance can provide financial security in the event of your death – and cash support while you are still alive.

While life insurance is considered beneficial (and, some would argue, mandatory) for a variety of people, there is one group of American adults who may be unsure of its value.

Senior citizens may not currently have life insurance, or may not have enough, and may consider the benefits of this unique financial protection. Is life insurance for seniors worth it? We will take a closer look at this question further below.

If you are a senior considering life insurance, get a free quote online now so you know exactly what to expect.

Is life insurance for seniors worth it?

As with many financial considerations, there is no standardized answer to this question. Instead, the value of this product is tied to one’s personal financial circumstances and goals. However, life insurance for seniors may be worth it if you fall into one or more of the three categories below.

You haven’t saved enough to cover end-of-life expenses

If your death could leave your loved ones with financial burdens at the end of life, it may make sense to secure a policy, even if it is only enough to cover these expenses.

A cost-effective policy in an amount that can potentially cover a wake, cemetery plot, funeral costs and more can be valuable. Considering that the payout amount would be minimal (think under $30,000, roughly), the premium to get such a policy can also be reasonable.

A death in the family is already difficult to deal with, but leaving family members and friends with end-of-life expenses can be avoided. Simply plug in some numbers online and see how much life insurance coverage you may qualify for. It might be worth setting up.

You can still get a good rate

Don’t automatically disqualify yourself based on age. Seniors usually pay more for life insurance than younger people do – it’s true. But if you are older and healthier and willing to have a medical research to prove it, you may still be eligible for a good rate.

Know what you can afford and then see if you can get coverage for that amount. It may not be worth a robust policy millions but it may not be what you want or need anyway. And don’t forget about the potential benefits a no-exam life insurance policy could offer.

You want to leave something for your loved ones

If you don’t have a home or savings to leave to a loved one after you die, then a life insurance policy may be an alternative worth pursuing.

Again, the cost of an excess policy may be out of reach (even if you qualify). But a policy for thousands or tens of thousands of dollars can be obtained at a reasonable cost. It might not be much, but it’s still something. And that might be all you need.

Be sure to shop around to find a good deal. Different providers offer different coverage amounts for different costs. Shop for life insurance providers by clicking here or using the table below to explore your options now.

The bottom line

Determining whether life insurance is worth it as a senior really depends on your specific budget and goals. But if you haven’t saved enough to cover end-of-life expenses, qualify for a good rate and want to leave something for your loved ones, it may be worth acting now. Get started with a free online quote by clicking here.

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