In a word, yes! Not only is senior life insurance affordable, it is one of the best investments you can make for the sake of your family. I am sure that you have heard that the average final expenses are approximately $6500, while the government will only give your family a onetime death benefit of $225. Obviously, that will not cover the final expenses, let alone any lingering credit card debt, car loans or mortgage debt. You have taken care of your family all these years, why would you risk being a financial burden when the time comes.
Acquiring senior life insurance is a simple process. All you need to do is contact your insurance agent for some life insurance quotes to determine how much senior life insurance coverage that you may need. Generally senior life insurance will be sold in $10,000 increments. So look at your financial obligations and the right level of coverage for you and your family. While $10,000 will be adequate to cover your final expenses, it may not be adequate if you have outstanding debt or were hoping to help with the expenses of sending the grandchildren to college. Discuss your obligations and desires with your insurance agent and your financial advisor.
In many, but not all cases, you may not even be required to submit medical information. You still have choices regarding your senior life insurance coverage and whether you choose a term life policy or whole life policy will depend on your circumstances and what you are hoping to accomplish. It is never too late to make sure that your family is covered for the inevitable. No matter what you choose, discuss with your agent if you are a candidate for senior life insurance. It only takes a few minutes to get life insurance quotes, but the peace of mind of knowing your family is covered once you are no longer there to take care of them is priceless.