Shopping for the right senior life insurance can be a daunting process. This is because, at the moment, there are many providers offering worthwhile coverage policies. However, before settling on an insurance company, you should first figure out which type of senior life insurance is best for you and your loved ones. Continue reading to know which are common coverage plans you can consider investing in.

Term insurance
As the name suggests, term insurance offers benefit for a certain time frame. The age limits for every insurance provider’s plan varies. Usually, the age limits and corresponding terms are as follows.

55 to 64 years old: 30-year term

65 to 69 years old: 25-year term

70 to 74 years old: 20-year term

75 to 79 years old: 15-year term

80 years old and above: 10-year term

It is important to note that the proposed term insurance premiums will increase according to one’s age. Likewise, the installments will be expensive, if the senior has some chronic health conditions. If the provider senses that senior’s medical issues might have severe circumstances in the near future, then they might even disapprove their application. The term life insurance with no health assessment might be comparatively costlier than the ones with medical underwriting.

Whole insurance
Also known as permanent life insurance, this type of policy offers a death benefit for the rest of the insured’s life and at the same time, accumulates a cash value. The whole life insurance stays valid as long as the senior pays the premiums on time. The good part is that the premium amount stays uniform for the entire policy’s life. However, as compared to term plans, the premiums for permanent coverage are relatively pricey.

Guaranteed universal
Guaranteed universal life insurance draws a few features from both, term and whole plans. They are more affordable than permanent life insurance. The length of such coverage can be chosen by the senior. However, in most cases, it outlives the senior’s lifetime. It is mostly used for funding end of life costs, offering an inheritance to the beneficiaries, and diminishing estate taxes.

Universal
This type of senior life insurance lasts a lifetime and has a cash value attached to it. The cash value is directly influenced by factors such as policy’s investment performance and the ability to take loans against it. Since the insurance directly involves the unpredictability of its investments, earnings are not assured. Likewise, the senior might have to increase the premium payments to sustain the policy’s performance.

Final expense insurance
As the name implies, the final expense insurance ensures funds for paying off medical bills and burial expenses. This permanent senior life insurance lasts a lifetime, and usually provides a coverage ranging between $50,000 and $100,000. This type of senior life insurance can help develop a cash value, i.e., you can access the money during the life of the plan.

Due to increased life expectancy, it has become essential for seniors to get a life insurance plan. According to the Social Security Administration, the average lifespan of women and men is 87 and 84 respectively, which clearly demonstrates the need for prolonged financial protection. However, a life insurance not just safeguards a senior’s financial interests but also secures the future of their loved ones. Read further to know how a good senior life insurance plan can help in preparing for unexpected events in the long run.

Financial support
Retiring from work is a gateway to the golden years. However, it doesn’t change the fact that there are still bills to pay, which can be managed with your pension, savings, or another income source. However, the income after retirement might not be enough to handle your rising needs. So, having a good senior life insurance at your disposal will keep your free from anxieties if any emergencies were to arise.

Medical and funeral costs
The healthcare facilities are only becoming pricier with every passing day which is causing a lot of strain on families and increasing the debts. Having a life insurance policy as a backup will help deal with any major medical cost. Like healthcare, funeral expenses are expected to skyrocket in the next few years. Currently, the average funeral expense is around $11,000, excluding food for guests and obituary flowers. Again, this can increase the monetary pressure on loved ones, ultimately leading to more liability. A senior life insurance policy ensures that the beneficiaries don’t have to struggle financially during such emotionally challenging period.

Debt
Numerous adults aren’t able to pay off their debt even after retiring. This could be a mortgage or a home or student loan for their children. Furthermore, having any big-ticket expenses such as hospital expenses be more distressing. In the event of a demise, your family might be responsible for paying off these debts. Therefore, having a senior life insurance is a strong backup to avoid any inconvenience for you and your family.

Protection against estate taxes
Seniors with large or multiple estates can consider getting a life insurance to transfer a considerable amount of wealth to their children. The estate tax will be calculated on the basis of the net worth of the senior and the property. This means the higher the net worth the higher will be the tax liability, i.e., the inheritance tax that has to be borne by the children.

If you are planning to get senior life insurance soon, you can consider signing up for a plan offered by popular companies such as New York Life, American National, Banner Life, Mutual of Omaha, Transamerica, Fidelity Life, and Northwestern Mutual.

Think life insurance and one of the first companies that come to mind is Globe Life Insurance. Incepted in 1951, the insurance carrier has been a recipient of immense accolades and has continued its commitment towards excellence.

A life insurance policy is one of the best securities that will safeguard the interest of yourself and the family. Moreover, getting a life insurance is not as complicated as it is touted to be, and there is a certain level of coverage to suit every budget. As a reputed company, Global Life Insurance can automatically make it to the list of your preferred insurance carriers. Moreover, there are some factors that will further convince you to take the final plunge.

Here are four admirable facts that one must be aware of before opting for Globe Life Insurance.

AM Best rating
Globe Life Insurance has a strong market presence and has been around for more than five decades. The carrier boasts of a Globe Life’s A.M Best Company rating of A+. It also scores one high mark for financial ratings by Premier Insurance ratings agency. The ratings are a testament of the company’s great customer service and commitment in the field.

Absence of medical examinations
Unlike most popular insurance companies, Globe Life Insurance offers no exam policies. The process is as simple as it can get, and the applicant is expected to answer just a few health questions. Not having to take the medical exam can be viewed as a positive point for many as one may find that they get the best for their bucks.

Fixed death benefit
The most notable factor of the Globe Life Insurance is its fixed death benefit. As long as you make timely payments, the amount is locked in, so you do not have to be worried for the life of your policy. This proves to be great for an individual who is looking to make a financial plan or use the life insurance payback for purposes such as paying off debts.

Right mix of policy options
Globe Life Insurance does not just cater to a certain need but offers policies that address every requirement. The carrier offers the perfect medley of policies that can be of great aid in enhancing one’s investments. From Term and Children’s life insurance to Accidental Death insurance, they cover it all.

Evaluating your needs and accessing the best deals being offered by Global Life Insurance will ensure that you are a content policyholder.

Life insurance is a pivotal security element that has grown to garner great importance among citizens. There is a rise in the number of individuals who are evaluating the need for insurance and the benefits associated with the same. However, life insurance can often be a subject of procrastination. The reason for such procrastination can be attributed to lack of surety, inability to afford premiums, and some people may just be afraid to dwell on the matter. However, the life insurance is imperative and can be beneficial in more ways than one.

Globe Life Insurance has been one of the most reputable insurance carriers in the marketplace. The company boasts of strong credentials and commits to excellence. It also has a robust financial presence, making it an admirable choice for your insurance needs. Here are 4 notable products offered by the giant company.

Life insurance for adults
The term life insurance for adults comprises a pure death benefit protection of the policyholder. The policy is offered at an affordable premium price, making it a favorable deal. What is even more amusing is that the first month’s premium cost is only $1, and the premium for the following months is decided on the basis of the age of the policyholder. The process of acquiring the policy is convenient and is sold after the buyer undergoes a few medical tests. A major advantage is that the policy employs a 30-day return benefit.

Mortgage protection insurance
In the recent times, an inflatable number of individuals have begun to purchase life insurance to pay off debts such as a mortgage. Thus, Globe Life Insurance offers mortgage protection insurance to serve this growing demand. The policy works in a way such that if due to an accident, the policyholder is not able to undertake the due payment of the mortgage, then the accidental coverage can be a great aid.

Life Insurance for children
Commonly, people do not consider purchasing life insurance for children. However, it can prove to be a valuable financial gift to your little ones. Globe Life Insurance provides plans for kids in the form of The Young American Plan. The plan allows for cash build up within the policy on a tax-deferred basis. Just as the life insurance for adults, Globe life Insurance offers a 30-day money back guarantee with The Young American Plan too.

Accidental death coverage
The accidental death coverage is an add-on offering that policyholders can avail to increase the coverage in case of an accident. This type of Global Life Insurance is offered to anyone in the age group of 18 to 69 years. The policy offers up to $250, 000 of added protection, with a guarantee that the premium will stay consistent.

No matter how young or old you are or how much you earn every month, you should invest in life insurance. Unfortunately, many people don’t understand the importance of being covered. Note that being under-insured is better than being totally unprotected.

Not having adequate cover can lead to financial troubles if you’re ever in an accident or fall sick suddenly. According to financial experts, Americans in their 20s and 30s are the most vulnerable age group to being uninsured. That’s the time when you should purchase adequate insurance to protect your wealth.

How to calculate the cost of life insurance?
Even if you’re willing to invest in life insurance, you’ll wonder how much you should actually spend on life insurance. The general rule is to calculate long-term financial obligations and calculate the value of assets. The answer you get should be filled by the cost of life insurance. But it becomes difficult to determine what to include in the calculations. Here are some tips that can help you.

Multiply monthly wages by 10
It’s an old rule, but many experts still recommend it. With the current economic condition and rising interest rates, it’s somewhat outdated. Note that both and your spouse must be insured even if you don’t earn. That’s because if the person who doesn’t earn dies, you’ll have to find someone that does what the deceased did for free. That’s not something you can ask from anyone.

Consider $100,000 for education
Expenses for education are a significant component when calculating the cost of life insurance if you have children. This aspect adds another layer to multiply the income by 10.

Take a detailed look at your finances
After understanding your individual financial condition, you should delve deep. It’s time to take into account debt, income, mortgage, and education.
– Add up all the debts, leaving your mortgage along with a rough estimate of your funeral expense.
– Determine the number of years your family would be dependent on you and multiply the yearly income by that number.
– Find out the amount you’ll need to pay off your mortgage.
– Finally, calculate the cost of sending your children for higher education.
This formula is comprehensive, but it doesn’t consider the insurance coverage or savings you have at present.

Find the accurate cost of life insurance
Your last step is to find out the cost of life insurance. For this, you must calculate your financial obligations and subtract your liquid assets from the value. Find out the values of the following and add them:
– Annual salary
– Mortgage balance
– Other debts
– Future expenses such as higher studies abroad
– If you don’t work, you’ll have to include the costs of replacing the services that you provide.

After receiving the figure, subtract your liquid assets, which include:
– Current savings
– Existing funds
– Present life insurance
Consider the cost of life insurance as a component of the overall financial plan rather than planning it in isolation.

For most people, their first encounter with life insurance is when a friend gets an insurance license. But the unfortunate fact is that even though life insurance is an important investment, most people show no interest in it. Even if some people get some kind of coverage, they didn’t buy it, it’s actually just sold to them.

Reasons Why You Need Life Insurance: When you grow old, get recruited, start your own business, get married and pave the way for your family, you’ll realize that life insurance coverage is indispensable. It protects your family when you no longer can. With the passage of time, life insurance offers you peace of mind. You can rest assured that life insurance would protect your possessions and your family in numerous ways.

Paying Off Funeral Expenditure: The cost of the funeral and burial can run into thousands of dollars. You don’t want your family to suffer financially along with the emotional loss they already experience. Investing in life insurance can help pay off these expenses.

Cover Your Children’s Education Expenses: As a responsible member of the family, you want your children to continue their education no matter what happens to you. That’s the main reason why you need coverage.

Replace Your Spouse’s Monthly Income: What if your spouse passes away while your children are still young? Life insurance replaces the revenue of the deceased person. This is needed to maintain a standard of living. Even if that person wasn’t earning, you’d have to hire help for domestic chores like cooking, looking after the kids, or running errands.

Paying Off Current Debts: Besides covering the cost of everyday living expenses, you also need life insurance to cover debts including mortgage. This saves you from selling the house.

Paying Off Estate Revenues: Land revenues are generally huge. When you have life insurance to pay them off, you can prevent finances from being messed up. You should use life insurance to pay off revenues of a large estate and use permanent insurance. This ensures that the coverage is there to protect you till the end.

If you’ve thought that you don’t need life insurance, these reasons should convince you otherwise. When you’re investing in life insurance, make sure that the face amount is high enough for replacing after-tax wages. Life insurance should cater to the income that you didn’t have the opportunity to earn by working owing to a premature death. It’s also something that protects your family and ensures that you can care for them even when you’re no longer with them. That’s the best way to ensure that you’re always watching over them.

Life insurance can fulfill a broad array of requirements, such as covering up the finite years of your mortgage or meeting the expenses of your children and spouse who require financial aid when you are gone.

Approximately 63 percent of Americans regard life insurance as an absolute necessity, while 30 percent think that they aren’t adequately covered. Unfortunately, 43 percent of Americans have no life insurance coverage at all, according to recent statistics.

Here’s a guide that will evaluate your situation, helping you determine whether you need life insurance. We’ve also explained which type would suit you best.

Breadwinner Of The Family: In this case, you definitely should invest in life insurance. It offers people like you the benefit of income replacement. This will enable your family to continue paying for daily expenses. The term life insurance is the best way to cover your working years.

Non-Working Parents: If you do not have any monthly income but execute daily chores, life insurance will cover the expenses for the services which you provide for free. This may include child care, cooking, performing household tasks, running errands and so on. You can choose term insurance cover for covering the years till your kids become self-reliant.

Divorced Or Separated Parent: Investing in life insurance can offer support on payments made by the divorced parent. The term life insurance can provide coverage for the years of support payments.

Parent Of A Child With Special Needs: Life insurance can give you the assurance that your child won’t face financial trouble when you aren’t around anymore. In this case, permanent life insurance can offer the payout regardless of when you die.

A Homeowner With The Burden Of Mortgage: By investing in life insurance, you ensure that your mortgage is paid off. This will prevent your family from having to move after your death. You can buy term life insurance, keeping in mind the remaining years of mortgage payments.

Individual With Cosigned Debt: If you are paying for a student loan or a credit card, life insurance would also cover for your debt. Here as well, the term life insurance can be chosen to end with your debt.

People With A High Net Worth: You will need life insurance to providing funds to your heirs for paying inheritance and estate taxes. Opt for permanent life insurance if you have concerns regarding property revenues.

Business Owner: Life insurance can also pay for your business debt upon your death. It may also fund a buy-sell agreement so that a business partner can buy your shares. You can choose any of the options on the basis of your unique situation.

This guide, and a clear idea of your financial condition, will help you select the best option when it comes to life insurance.