A senior term life insurance policy is a great way to add to the money you leave to your family after you die. A senior term life insurance policy will give your beneficiaries more protection, even if they already have a whole life insurance policy or a nest egg set aside for this purpose.
If you are an older person who already has a life insurance policy, you probably bought it many years ago. At the time you bought life insurance, the amount you bought may have seemed like enough, but the cost of living goes up over time. This means that the amount of life insurance you bought years ago might not be enough to cover your beneficiaries now. Also, the cost of living keeps going up, so you should always keep track of how much life insurance you have.
Aside from the money you didn't give, there will be other costs to pay for after you're gone. The people you leave money to will have to pay for your funeral and burial. Today, the average funeral can cost up to $10,000, and if the cost of living keeps going up, so might the average funeral cost. Having a second term life insurance policy for seniors will help your loved ones pay for your funeral and burial.
People today live much longer than people did in the past. This means that your loved ones may live for a long time after you die. You want to make sure your life insurance coverage is enough coverage for the duration of the rest of their lives, or however long it may take for them to financially adjust to your death.
So, if you are a senior who already has a life insurance policy, or savings account set aside to financially compensate your family members, take another look at the amount of coverage you have.
