In this article, we discussed all you need to know about whole life insurance for seniors and the ways to get the best policy.
The Bottom Line
- The Policy Never Expires.
- You Can Cancel if You Want.
- Coverage Range Upto $3,00,000.
- Can Be Used as Burial Insurance.
- Fixed Premium & Loan Available.
- Builds Cash Value & Surrender Value.
Old age is a blessing from God and many people desire to acquire old age before their demise.
However, everything that has a beginning has an end too and so is life. It is no secret that one day, the end of each and every person’s life will come to an end. The only difference is how you will get prepared for this inevitable event whether spiritually or in other ways.
One’s person’s death can cause a lot of pain and agony to their family and friends and it adds salt to injury if they were not well prepared for it especially on the financial part.
At an old age, you need to accept the reality of life and know that on one occasion you will no longer be alive.
Financial burdens that come with funerals can be a big headache to those people left behind to make sure that you are buried in a proper manner.
You love your family and friends and you wouldn’t want them to go through the trouble when you are gone, right? Or if you are a family member and you want to be financially prepared when the eventuality occurs.
Getting a whole life insurance is the best option to guarantee yourself or your loved one a wonderful send off. There are many companies that offer this policy but before you go ahead and get an insurance policy, there are several things that you need to understand.
What is a Whole Life Insurance for Seniors?
Whole life is the technical insurance term used to define insurance for the funeral expenses of old persons.
The terms more understandable by the public and used by insurance providers to make it easy for clients to understand its aim is “burial insurance”, “funeral insurance” or “final expense insurance” and are used interchangeably depending with the company.
This kind of policy is limited in underwriting and does not require any medical checkups and seniors having health problems can still qualify for the insurance.
The death benefits for this policy can range between $2,000 and $300,000 depending on the insurance policy you decide to take.
The whole life plan is applicable to most of the people in adult age especially from the age of 40 to over 90 years old.
There is no time when a tragedy cannot occur and people from young ages are also invited for the policy and you do not have to pay installments as those charged for people with an older age. The reason why younger people are considered for the policy is that of the life expectations in America and the expenses involved in funerals. In case of demise for people with such ages, they leave their tender families to deal with the financial burden of having to bear the cost of the burial.
The policy accommodates people of old ages and is specially created for them because of their high prevalence to die plus they have already made peace with death.
However, there is a twist here because the limitations to underwriting only apply for people under the age of 85 while those above that age have to go through health checkups to make sure they are alright. If their health is not okay, they are exempted from the policy.
How to Find the Best Senior Life Insurance?
Once you have clear knowledge about the whole insurance policy for seniors, its benefits and the reasons it suitable for you, it is important to find the right insurance. Here are some tips you can use to find the most appropriate insurance.
- You should look for a policy that has no waiting period as opposed to one that has a two-year waiting period. It limits your options for many things and the insured cause can happen at any time.
- Opt for the policy that offers the best value for money while you pay less for the same thing.
- You should look for a burial cover from a financially stable insurer to have a guarantee that there will be no financial hitches.
Benefits of Whole Life Insurance Policy
The Monthly Installments are Fixed
It could be very crude if unnecessary charges are placed for your insurance plan for whatever reason whether genuine or in genuine. You want to live your last days stress-free and with very little bothering you at this moments.
The monthly payments for burial insurance do not increase for whatever reason whether an illness comes up or other reasons that may look threatening. This gives you peace of mind knowing well that you will not be bothered more to dig deeper into your pocket in search of money.
This guarantees you freedom of spending your money the way you want and in a more free way without the worry of getting broke while at the same time knowing well that your funeral plans are in place.
The Insurance Coverage Doesn’t Reduce
The biggest insult to one’s death is if what they were promised when alive is not what they get when they are gone. The insurance coverage you agree on for the funeral service insurance does not change downwards for any reason.
In the eventuality that your demise occurs in the earlier stages of the plan and you may have paid only a few installments, the agreed amount for the arrangement of you burial will not change and it will be paid in full.
That way you are least assured that your family and friends will not have trouble looking for extra money to cover your funeral, expenses.
The Policy Will Not Expire at Any Age
Once you enroll for the insurance policy, it runs for life and cannot be terminated by the basis of age or illness. You are assured that the cover will last until your demise for as long as you pay the agreed monthly payments.
Even if you attain the age of 100 where other people cannot take up the insurance cover, you are guaranteed of continued coverage until the day you will die.
The good thing is that there will be no medical checkups to see your health status and you will enjoy the freedom and liberty of the assurance of a good sendoff without any worries.
Note: You cancel the policy if you want.
The Cash Value and Loan
Here is the icing on the cake; you can do business with the whole life policy to cover some personal expenses. The burial insurance is solid that it can be used as collateral for a loan and it can cover the loan in case you are unable to pay the loan before your day.
Moreover, in the end, it accumulates cash value and even if you close the policy earlier you can get cash surrender value.
This fact is pure proof of the genuineness of the policy and the show of its power in ensuring a wonderful final journey for you. The fact that banks can accept the policy as a loan means they have bestowed their trust in it and so should you.
Furthermore, old age does not mean that life has stopped. It is understandable that there are many things you have to do in your life to continue surviving whether it is to pay your medical bills, go for the adventure to fulfill your desires.
For these kinds of expenses, you need finances to support them and the insurance offers you the liberty of borrowing a loan against it. This ensures that life moves on smoothly and your last days become a marvel.
Now You Decide
The information you need to know about the nature of the whole life plan is enough to decide to take it as an option.
Death does not have to be scary worrying about your ultimate end and the manner at which you will leave the world. You can have it planned in advance and be left with the worry of how you are going to enjoy life in your last days.
The policy gives you the option of picking an insurance benefit and knowing well the corresponding monthly payments and having definite knowledge about the death benefits accrued.
It leaves you with no fear having the knowledge that no amount will ever change and start bothering you whether upwards for the monthly payments of downwards for the death benefits.
With this assurance, you can confidently decide for yourself where you want to be buried and in what manner. When the good Lord comes on that appointed day, you will rest assured that your family will not incur the burden of the burial and that any money left over they will use to make their lives better.
Reasons to Consider Buying Whole Life Insurance for Seniors
There are many benefits that are accrued to the burial insurance cover and they cannot be understated.
However, before picking up the policy you need to understand the reason you are taking up the policy and if you are best suited for it. To see if you need the insurance policy and that it is the right choice for you, there are some questions that you need to ask yourself.
How Do I Want to Leave?
Not many people have the option of deciding how they would like to be buried because death strikes so suddenly and they might not have had the chance to sit and contemplate about it.
As a senior, the advantage of old age gives you the chance to know even if not exactly when but to have a rough idea that death can come any time. This gives you the chance to make plans of how you would have wanted to be buried.
You can decide on the songs you want sang on that day, the flowers you want to be displayed, whether it is a cremation program or being buried in traditionally and the like. With the burial insurance cover, you are able to plan the expenses that might be involved and see how much the death benefits will cover and how much you can afford.
How Much Can I Afford?
Everyone if blessed differently and some people have the means to give a lot while others can only afford small amounts of money.
However, death strikes all sides of the financial divide indiscriminately but what remains is that both people deserve a decent send-off. Before taking up the funeral policy, it is good to determine what you can be able to give on monthly payments without having to get strained financially while at the same time get value for your money.
You need to go through the policy guidelines given and the insurance plans provided and decide the plan best suited for your financial situation. You can also determine the need you would get from the family in paying the insurance plan.
The biggest tragedy is starting an insurance program and then having it halted due to financial reasons because all the death benefits become forfeited and you have to start again or you might just lose hope.
Do I Want My Family to Carry the Burden?
It is a clear fact that death is imminent and can strike at any time especially for people of an older age if we were to die of natural causes.
That being said, it is important to leave your family and friends stress-free such that during the day of your burial all that matters is celebrating the life you led. It brings a lot of relief to know that your family is comfortable on the day of your burial and later they have some money left to survive on.
Funerals are quite expensive and when not planned for can leave a family with a lot of financial debts.
With the whole life insurance policy for seniors, you are least assured that you leave your people behind when they are financially stable plus they can use any amount left to improve their lives.