Why Is It Important to Review the Details of a Senior Life Insurance Policy?

Dave Ramstack
Dave Ramstack
Published on November 18, 2020

Senior Life Insurance is something many people assume is unattainable due to the high price or the age and health of the potential policyholder. These misconceptions can put a stigma on Senior Life Insurance, causing countless seniors to ignore it altogether. Senior citizens should take solace in the life insurance plans available to them, no matter their age or budget. The desired coverage, big or small, is readily available for those age 65 and up.

Life insurance is just as important for seniors as it is for young or middle-aged adults. Leaving behind a financial nest egg for their loved ones is essential regardless of how many birthdays they’ve had, whether it be for their spouse who will still need financial support or their children and grandchildren’s education.

As insurance agents, it’s our professional duty to help educate our senior policyholders on the benefits of life insurance and keep them informed of changes in their coverage options. Bringing our knowledge of the insurance industry into practice helps seniors plan for their futures. The experienced agents at American Senior Benefits work together to build a better experience for their policyholders.

How Much Senior Life Insurance Coverage is Enough?

Whether or not a senior has life insurance, it’s always a good idea to assess a policyholder’s needs. The coverage that seemed preferable when a policy was initially purchased may have once seemed sufficient but has since become lackluster. However, if a customer doesn’t have life insurance and feels their age, health, and budget make them uninsurable, they are mistaken. The benefits of life insurance policies are far reaching and do not exclude any age group.

Questions to take into consideration when considering Senior Life Insurance:

⦁ Does their residential location have high estate taxes?
⦁ Are they in debt?
⦁ Do they have a mortgage?
⦁ Do they have dependents?
⦁ Do they want their funeral costs paid for?
⦁ Do they worry about their family’s financial status after their passing?
⦁ Do they have children or grandchildren seeking higher education?
⦁ Would they like to support a charity?

Not all the answers to those questions need to be ‘yes.’ If some of them are, the person should be intrigued by the prospect of owning life insurance. For most policyholders, their priority is their surviving family members’ financial stability after they pass away. Most financial experts advise life insurance policyholders to have 10x to 15x the amount of their annual income in coverage. Life insurance can pay for funeral expenses and any remaining debt in their name, relieving their families of potential burdens.

Another aspect to consider when purchasing Senior Life Insurance is the full evaluation of their estate. People further down the road in life tend to have assets younger people do not. A policyholder should have their estate thoroughly examined, both physically and financially. The value of an estate can dictate the amount they will be taxed upon their death. The number of assets to be taxed can quickly eat up any savings set aside for family members, which is why life insurance for seniors can be so beneficial. The purchase of an insurance policy allows seniors to maintain their spouse’s and loved ones’ support long after they are gone.

Final Thoughts

The insurance experts at American Senior Benefits value their clients, as well as their fellow agents. American Senior Benefit agents are knowledgeable about their industry and cannot wait to impart that information to others. The team at American Senior Benefits makes responsibility and accountability their guiding principles and create a professional atmosphere that projects exactly that. They know the actual value of life insurance, especially for senior citizens. American Senior Benefit agents work to ensure all their clients’ bases are covered and want nothing more than to give them peace of mind with their insurance policy.

How Do I Learn More?

To learn more about reviewing senior life insurance policies, contact the experts at American Senior Benefit. Our licensed experts will be happy to answer any questions you have.

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