Do Seniors Need Burial Insurance?
Almost all of us can agree that having life insurance at some point in your life is important. Some individuals have it in place to protect a business. Some have it to protect their family while they’re still in their working years. Some simply have a policy in place because it was offered to them in their benefits package at work. These are all great reasons to carry life insurance or even a small burial insurance policy. However, do you still need coverage as a senior? I believe the answer is yes, and below are five reasons why seniors should consider having life insurance coverage.
1. Cover Potential Medical Expenses Prior to Death.
We all realize that death is inevitable, but unfortunately, we don’t get to choose the manner in which we pass away. Often there will be medical expenses incurred right before an individual passes. Whether a person is fighting a terminal illness or has experienced an unexpected accident, doctors or hospitals are usually involved. Even if an individual has health insurance, most policies have some form of deductible or co-insurance that has to be satisfied by the individual.
2. Eliminate Outstanding Debt.
Let’s face it. Most Americans have some form of debt throughout their lifetime, no matter if it’s large or small. We may have the good intention to pay the debt off over time. However, if we pass before it is paid back, that debt is passed on to the family that is left behind.
3. Make Up for Loss of Income.
As we enter our senior years, our income typically becomes smaller. Oftentimes it’s in the form of a fixed pension or Social Security check. It’s not guaranteed that your Social Security or pension check will continue after your passing. If it does not, you might leave your spouse or significant other in a tight financial predicament.
4. Pay for Final Expenses or Burial Costs.
We all realize that it costs money to live. However, we often neglect the fact that it costs money to pass away as well. If you or your family are not prepared for this reality, they might be left with a significant financial burden. The average funeral cost nationally is around $7,000 to $10,000. Not being prepared for this cost can add undue stress to an already difficult situation.
5. Leave an Inheritance.
Money cannot replace an individual who passes. However, it’s great to be able to leave a little something for those left behind. Maybe they can buy a small token to remember us by, take a trip to our favorite spot, or pay for their schooling. No matter the size of the gift, it’s a small legacy that we can leave with our family and friends.
Not everyone feels the need to have senior life coverage, but as you can see it’s worth taking the time to consider. If you would like to explore the various life insurance plans for seniors, or if you simply have questions or concerns about senior life insurance coverage, feel free to call us directly. We are licensed in most states and would be glad to help in any way that we can.