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Why Buy Whole Life Insurance for Kids Through Senior Citizens?
Most conversations about life insurance are about the life insurance product. This is understandable as temporary insurance is usually more affordable for large death benefit amounts. Why? Well, because of the very nature of term life insurance. It expires after a certain time or deadline. The company underwrites the policy and, of course, only offers coverage to people it believes will outlive the period of time the insurance covers. So when you apply for a policy with a 20 year term and the company issues you the policy, they trust that you will survive the term! Sure, that’s good news, but is it really the security and benefit you’re looking for? You may be missing any coverage just when you need it most!
If you find yourself without life insurance, it’s not until you’re middle-aged or older that you can still find a policy. Senior life policies are designed to be issued with very light coverage so that most seniors can qualify. Guaranteed life insurance policies can be issued to anyone, regardless of their health status. These are simply whole life insurance policies designed to provide permanent coverage so that older people know they won’t leave their children or grandchildren with high costs and debts after they die. Even younger people may consider buying life insurance to ensure they are covered for life. In fact, have parents and grandparents buy policies for minors because insuring children is cheaper that way!
A guaranteed life insurance policy uses a waiting period, not a guarantee, to issue coverage. They usually pay a full face benefit after a certain period of time, two or three years. If the insured person dies before that time, then all premiums paid will be returned to the beneficiary with a certain amount of interest. You should only buy this type of insurance if no “immediate benefit” life insurance is available, but in that case, it really is a bargain.
A life insurance policy for the elderly will pay full benefits immediately, even if the insured person dies three days after the policy is issued! Premiums are usually cheaper than guaranteed life insurance as well. Many senior policies require very few health questions and no medical examination. In fact, if a person is not in a nursing home and does not have a terminal illness, they can usually qualify for immediate benefits!
Here are some reasons to consider term life insurance policies for seniors:
- Funeral costs in the US average $8,000, with some costing more than $15,000. Other expenses may include travel, transporting the body, or settling debts. This is a big bill to leave to the kids.
- Leave an estate to your heirs that is usually tax-free. Life insurance is an affordable way to create an inheritance for children and grandchildren.
- Whole life insurance actually creates cash value and can be used as an asset while the insured is still alive. Many life insurance policies can actually be borrowed or cashed out.
- Life insurance policy prices do not increase, unlike some life insurance policies. If you buy life insurance for a 5-year-old child or a 65-year-old adult, you set a rate that they can keep for life!
- Cash from a life insurance policy can be used in any way that the beneficiary does not need to use it and does not limit you to doing business with a specific funeral home.
If you don’t have enough savings to cover your final expenses, or if you want to leave an estate to your children or grandchildren, consider the traditional approach: whole life insurance!
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