How Much Life Insurance Do Seniors Need?

How much life insurance do seniors need? The answer depends on a series of factors. A senior who is financially supporting someone will need enough coverage to protect his or her loved one. On the other hand, a senior how does not have dependents will not need a high value policy, but instead a low cost burial insurance plan will help pay for funeral taxes and expenses.

tumblr_me2eqyFGDL1ragi7hWhen do seniors need life insurance?

Life insurance should be mainly seen as a way of financially securing your loved ones, if they cannot support themselves. People who buy life insurance have dependents, which will not manage on their own. The best example is children, who are financially dependent on their parents.

During retirement, most people stop financially supporting their families as the children are old enough to provide for themselves. However, there are exceptions. Seniors who are the guardian of a child or who are supporting a person will need life insurance.

Also, a senior can buy low cost burial insurance in order to cover his or her funeral taxes. Since funerals are very expensive, having life insurance will be very advantageous for your family.

How much coverage do you need?

Between $10,000 and $50,000

This amount of life insurance is best used to pay for funeral taxes. Qualifying for term life insurance is relatively easy if you do not have serious medical problems. IF you do, it is still possible to get coverage by applying for a final expense policy, which does not require medical examinations.

Between $50,000 and $100,000

This coverage is best suited for seniors who want to cover both their funeral taxes and other remaining debts like mortgage loans.

More than $100,000

Coverage higher than $100,000 is necessary if you are financially supporting someone. This amount is enough for an adult to get on his or her feet. It is also enough to secure the college education of a child.

In conclusion, the amount of life insurance seniors need depends a lot on circumstances. A senior can buy a small policy to cover funeral taxes or a high valued one to financially secure his or her family.

In order to find the cheapest policies, you have to compare quotes! Visit us and get the best quotes from top providers!