The need for life insurance is evident, now more than ever, given the ever increased risk of death amidst the Coronavirus pandemic. With no sight of a vaccine, let alone treatment, seniors who are most vulnerable to the virus might have to consider taking life insurance coverage.
Life insurance coverage is no longer the precept of young people, with significant liabilities such as a home mortgage or loans, let alone dependents. Seniors also need to take life insurance coverage, especially if they have dependents, among other financial obligations.
Below are some of the reasons why seniors need to buy life insurance in Ontario now more than ever.
Leaving an Income for Dependents
There are a few situations where seniors might still have dependents that depend on them financially. For that reason, a life insurance policy would go a long way in leaving behind a form of income that the dependents can rely on for some time until they formulate a way forward.
A death benefit payable upon death could thus go a long way in settling college fees or raising grandchildren if their parents are not there. Likewise, a life insurance policy provides a way of leaving behind inheritance money that kids or grandchildren can use to start or run a business.
The average cost of a decent funeral and burial can range in the upwards of up to $15,000. For that reason, seniors in a stable financial position should consider taking life insurance coverage as a way of shielding their loved ones from funeral and burial costs that they might not have budgeted for.
Likewise, dependents can consider taking life insurance for their parents or guardians as a way of protecting themselves from such costs. The death benefit payable upon death would go a long way in offsetting the funeral and burial costs without disrupting the financial status of those left behind.
Offsetting Other Expenses
Seniors should also consider taking life insurance coverage as a way of protecting their loved ones as well as dependents from outstanding expenses. Medical bills, which are a common phenomenon, can eat into loved one’s pockets if caution is not taken.
Conversely, a life insurance death benefit would go a long way in offsetting mortgage payments as well as credit card balances left behind by seniors. Likewise, the payout can also cater to any loss of income as well as for settling any additional debt left behind by the deceased.
Leaving A legacy
A life insurance policy is a sure way of seniors leaving a legacy that their loved ones and friends can look to. The death benefit left behind can go a long way in playing a major part in their children as well as grandchildren’s lives.
Likewise, the seniors can write a will dedicating the death benefit to charity organizations as a way of leaving behind a long-lasting legacy while also impacting other people’s lives.
Can 70-Year-Old Seniors Get Life Insurance?
Contrary to perception, it is very much possible for seniors to get life insurance coverage regardless of whether they are at a higher risk of dying due to many factors. Seniors above 50 years can obtain cheap affordable lie insurance as long as they know what they are looking for. The key is to shop around for life insurance quotes.
Independent insurance agents are a lifesaver when it comes to looking for life insurance for seniors. Years of experience in the industry, as well as a vast knowledge of the sector, would always ensure that seniors walk away with the best deal when it comes to coverage as well as premium payable.
What Seniors Above 70 Should Consider
Term life insurance, which offers coverage for a given period, may not be the best life insurance for seniors over the age of 70. Term life insurance for seniors tends to come with much higher premiums than increase dramatically on renewal upon expiry.
According to independent life insurance agents, Guaranteed Universal Life Insurance is one of the best life insurance for seniors above 70 years. While such policies don’t build cash value as one age, they don’t come with unnecessary expensive management fees. Such life insurance policies also come with low premiums while offering sufficient coverage.
Life insurance coverage for seniors is very much possible, given the array of options available in the market. The death benefit payable upon death can go a long way in settling funeral costs as well as medical bills as well as other expenses left behind.