With all the medical technology we have now and the changes people are making to live healthier lives, living to your golden years is becoming more common. Since you've spent a lot of your life building up your family's wealth, it's smart to put together an estate for yourself. Estates make sure that your assets are handled correctly and given out according to your wishes. Whether your estate is worth a few thousand dollars or several million, it is always a good idea to think about making an estate plan. A term life insurance policy should be part of your plan for your estate.
Most term life insurance premiums are based on how old the person is, but companies do sell "term life insurance" to people who are 100 years old or older. Most people buy this policy between the ages of 71 and 80. The premiums for term life insurance to age 100 stay the same from the time you buy it until you turn 100. The payments stop when you turn 100, but you are still covered until you die, even if you live to be 125. With term life to 100, you're pretty much covered for life.
Why Buy Life Insurance for 100 Years?
Most of the time, a basic term life insurance policy is no longer useful after a person turns 70. If you have kids, they're probably old enough to take care of themselves financially, and your spouse probably wouldn't need the death benefit since you've already built up your wealth.
So, buying term life insurance to age 100 at age 70 would really only be a gift to your family because it would make sure that any inheritance you leave them stays in tact. The death benefit gives your heirs extra money to help cover any taxes they might have to pay on the money they get from you. Visit http://www.equote.com/li/termlifeinsurance.html to learn more about term life insurance.
Also, term life insurance benefits up to age 100 are paid tax-free. You will not only make sure that your capital gains taxes are paid, but also that your funeral costs and any other fees related to your estate and death are taken care of.
Last, if you don't have any heirs and live to be 100, term life insurance to 100 is a great way to leave a gift to your favourite charity. You can buy bills worth between $10,000.00 and $1,500,000.00. If you want to give your death benefit to a charity, you will need to go to the charity and fill out all the necessary paperwork. Visit http://www.equote.com/li/life-insurance-as-charitable-giving.html to learn more about giving term life insurance as a charitable gift.
Always ask a trusted financial advisor to help you choose the best term life insurance company and policy for your needs. If you buy coverage for life, you can give your heirs or charities gifts in many different ways.
