Not every financial product is beneficial.
In fact, most financial products and services are personal and tied to the preferences and goals of the individual. While pet insurance works well for many pet owners, for example it may not be as beneficial for owners of older pets. travel insurance, meanwhile, is helpful for those who travel often, especially abroad. But if you take short domestic trips? It may not be worth it.
The benefits of life insurance, meanwhile, are broad and applicable to a wide range of people. but is it worth it for seniors? Depending on your personal situation and circumstances, life insurance can be both inexpensive and valuable. Or it’s worth skipping. It really depends on you.
If you are in the life insurance market, first get a free quote here to see exactly what you qualify for.
Life insurance for seniors: How to know if it’s worth it
As previously mentioned, the value of a financial product or service is in the eye of the beholder. That being said, there are some ways to better determine if life insurance can be beneficial for you. If you’re considering life insurance as a senior, here’s how to determine if it’s worth it.
Compare the price with the cover
Older adult life insurance has traditionally been viewed as not valuable when viewed through a cost-benefit analysis. The amount of coverage seniors can get – relative to the costs you have to pay to get it – can be uneven. But this way of thinking can also be misleading. Some seniors can actually get a six-figure policy for less than $100 a month.
For a 64-year-old man living in New York, Haven Life is offering a $150,000 10-year term life insurance policy for $98.74 a month. This applies to a non-smoking man who is considered healthy. A 64-year-old woman with the same characteristics would pay even less.
So don’t automatically assume that life insurance is too expensive. Or that you won’t be able to get a decent amount of cover. Request your own quote from Haven Life here to see how much you could qualify for (and how much it would cost).
Check your alternatives
Do you have other financial alternatives that make it easier for you to achieve your goals?
For example, you could take out life insurance to serve as an inheritance for your loved ones. But if you’ve already accumulated significant savings — or if you have significant equity in your home — you may already be leaving an inheritance. In this case, it is not worth taking out life insurance.
Conversely, if your savings and home equity are minimal but you still want to leave a nest egg for your beneficiaries, then life insurance could be a worthwhile means of achieving this goal.
Know your goals and review all the ways you can achieve them. See where life insurance fits in from there.
As mentioned, Life insurance for seniors can be both valuable and inexpensive. But you won’t know that without research. Accordingly, it is worth looking for providers. Don’t accept the first offer you get. Check out what each provider offers before committing.
Just make sure you get identical quotes from all providers. So if you’re looking for 10-year term life insurance for $100,000, make sure you get quotes from all providers for the same type of insurance, same duration, and same amount. This will help you make an accurate comparison and give you the peace of mind that you have chosen the best policy.
You can explore several life insurance providers here or use the table below to start shopping.
The final result
For some seniors, life insurance can be worthwhile. And for some seniors, it can just be too expensive. But by comparing price to coverage, reviewing your alternatives, and shopping around, you can better determine if life insurance is valuable for you and your loved ones.