Any responsible person who has loved ones who depend on him or her financially had really better consider buying life insurance. This doesn’t have to be a morbid or unpleasant experience; you simply educate yourself through a site like Life Insurance Basics, then shop for an affordable life insurance policy, which can also easily be done online. The main reason people resist taking out life insurance policies is that they are afraid that the cost will be prohibitive for them. Fortunately, there is such a thing as affordable life insurance nowadays, even if you are already a senior.
If price is your main concern, get yourself an affordable term life insurance quote, either online or you can enlist the services of agents working for insurance companies. Term life is insurance that is purchased for a fixed amount of time, usually between 10 and 30 years. If the insured person dies during that period then the beneficiaries named in the policy receive the ‘death benefit’ payout. If the policyholder outlives his policy then no benefit is paid. Statistics show that the large majority of people who buy term life do in fact live longer than their insurance, and it’s for this reason that term policies are so cheap. Affordable term life insurance is remarkably cheap if you only look at the monthly premium amount that you pay.
If we are talking about affordability, we would be smart to look at the cost of being insured over our whole life. The problem with term life is that when the policy ends, we are no longer young, and purchasing more insurance in our 50s or 60s will be much more expensive. Buying a permanent plan like whole life, variable life or universal life gives us the peace of mind of knowing that we will be insured as long as we make sure that the police stays in force. However this comes at a price– often permanent insurance is several times as expensive as term. In the end, most unbiased experts think that term life is the best bet, for most people. How to get around the problem of having nothing to show for the premiums you will have paid for decades if you survive your policy? Save and invest responsibly, rather than hoping that a ‘forced savings’ strategy (which agents will often tout as a feature of permanent life insurance) will satisfy all you retirement needs. In the end, the cheapest life insurance option/most affordable life insurance quote may very well be the smartest too.
You may think to yourself that finding affordable policies for seniors is close to impossible, as life insurance rates commonly increase as policyholders become older (unless one has a level term plan, ie with constant payments, that is still in force when we are older). Getting term life insurance up to the age of 50 is quite affordable, but it quickly starts to get expensive after that, and after the age of 65 or so you will have little choice but to get whole life insurance if you want to be insured.
When it comes to life insurance, affordability is best achieved by starting to plan early.