Life Insurance Buying Tips

Burial Insurance for Seniors

Filed under: senior life insurance — Alston @ 11:33 pm February 20, 2012

Whether you have parents who are seniors or are a senior yourself, you have probably thought about life insurance for the elderly. If this is the case, you have several things to consider:

  • Do you already have enough life insurance?
  • Do you have other liquid assets that can be used for your final expenses?
  • Will your family have other financial needs after your funeral is paid for?

Perhaps when your current insurance pays, the check from the company will enough to cover all the costs of your funeral service plus your burial or cremation. If you have a policy or have policies that provide enough coverage, there is no need to purchase a separate policy.

There is no need to go through health screening and pay premiums year after year, if you have enough life insurance or enough of your assets will be liquid at the time of your death.

Many senior citizens are underinsured for life insurance. This means that their families will, in many cases, have to take money from their personal investments at the time of their death. Since your family can not buy burial insurance after your death, the time to act is now.

Chances are you can be covered with an affordable policy very easily. Many applications only ask medical questions, but do not require an exam.

Through our site, you can contact an agent who can help you find a policy with low premiums that will cover your needs. You may be surprised at the rates; many companies offer policies with reasonable premiums for people over 50, 60 and even 70.

It pays to start planning now. You can request quotes for senior life insurance and get information on not only the prices, but also the terms.

Life insurance for Parents

Filed under: life insurance,senior life insurance — Alston @ 6:31 pm October 6, 2011

Can you buy life insurance for your parents?

If your parents are of sound mind, they will need to agree to and sign any life insurance application on their lives. You can, of course, do all the research for them and bring them a contract to sign.

If you have parents who are not competent to make decisions about their coverage due to their being elderly or due to their suffering from dementia or something similar, you may be able to buy coverage for them without their consent. You will need to have the legal right to make financial decisions for them to be able to buy a senior life insurance policy on their behalf. Unfortunately, age and certain illnesses can mean that certain life insurance options will not be available to them.

As their child, you can be the beneficiary. You can also pay for their policy. You are presumed to have an insurable interest. Insurance companies will want the beneficiary to have more to lose at the insured person’s death than they will gain by the life insurance proceeds.

(Before the concept of insurable interest was used for life insurance, people purchased life insurance policies on strangers. In some cases these strangers were killed for the life insurance proceeds.)

Life insurance for young parents

Parents of young children or older children who are dependent on their parents’ income should have life insurance protection. A face amount of twenty times one’s annual income is recommended by many experts.

If you are planning to have a child, be sure to get your life policy in order before you conceive. This is because insurance companies will not allow expectant mothers or fathers to get life insurance.

In the event that the father or mother waits to get insurance and one of them dies before the baby is born, the baby will be adversely affected. He or she will have only one parent and much less money. You can prevent this from happening by addressing your need for life insurance protection before you start trying to have a child.

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