Is there ever a reason for older people to purchase life insurance policies? You may be suprised to know that many times the answer is yes. You can find many valid uses for senior policies.
One of the simplest uses is to pay for the high cost of funerals and associated expenses. Since this can cost $10,000 or more, it is a valid concern for many families with modest resources. Insurers have a product that is called burial insurance for this use. It is really a small whole life policy which is easy for seniors to apply for.
The transfer of wealth or an estate is another use for a policy. There are tax advantages to using life insurance for this reason. By paying premiums now, children or grandchildren may inherit the death benefit when the insured person passes away. The best things is that there are usually no taxes do on the proceeds so this can really help.
One other use of a policy may be to help avoid family disputes. Let us say that an elderly person really only owns a home as a large cash asset. If one child will inherit that house, then other children could be "bought out" with the proceeds from the policy. This can really help families get along if the distribution of assets will not be exactly the same.
So you can see that an older person may find good uses for life insurance. Before you start shopping for your own policy, it is important to think about the reasons you want one. When you do, it is much easier to find the right type and amount of insurance for you.
Need a free quote? http://www.mintcofinancial.com/products/life-insurance/final-expense-life-insurance/
Mintco Financial Advisors can help you get the best quote for your budget: http://www.mintcofinancial.com/products/life-insurance/final-expense-life-insurance/
Or if you prefer call us at 813-964-7100.
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