Take the Time to Review Your Senior Life Insurance Policy

senior life insurance policy

As you’ve probably realized over the last few weeks, the COVID-19 pandemic is completely changing the way we live our lives. While we’re facing many unknowns in the coming months, making sure you have the right life insurance policy in place can take away some of the stress and worry about the future. Here are a few tips on life insurance for seniors to get you started.

Senior life insurance is more affordable than you think

There’s a big misconception that life insurance in general, but especially life insurance for seniors, isn’t affordable or even accessible. But this notion simply isn’t true. If you’re a senior without life insurance, take heart, because there’s a policy for every situation and budget. Whether you want a lot of coverage or a little, are 65 or 85, there’s a life insurance policy at a price you can afford that will ensure your assets and family are protected.

Of course, the first step to finding the right policy is figuring out what you need.

How do you know what coverage you need?

Whether you already have life insurance or not, this is a good opportunity to take stock of what you would like covered in your policy. Knowing what coverage you need, or even how to start thinking about senior life insurance, can be challenging. With this in mind, set aside some time to ask yourself these questions: 

  • Do you have a mortgage or other debts to pay?
  • Do you have high estate taxes where you live? 
  • Do you have a family member with special needs for whom you want to provide?
  • Do you have a family member seeking higher education for which you want to provide? 
  • Do you want your family to maintain their standard of living after you’re gone?
  • Do you want to have a set amount to offer each survivor? 
  • Do you want to pay for your funeral expenses? 

No matter what your answers are, these are the options you should consider to properly evaluate your senior life insurance coverage requirements. For most people, ensuring all debts are paid and funeral expenses covered are the most important senior life insurance goals.

Also, don’t forget to evaluate your estate as a whole, both financial and physical. Chances are, you have more assets to liquidate upon your passing than you think. The value of your estate is determined by those holdings and should ultimately inform how much and what type of life insurance you purchase.

Of course, there are resources available online to help you figure out what coverage you need, but sometimes talking to an expert is the best course of action. 

Get a free senior life insurance policy review from an expert!

The answer to the question “What’s the best life insurance for seniors” depends on your unique circumstances. My Senior Health Plan is here to help you identify and purchase the right senior life insurance policy. Our senior health specialists know the ins and outs of term life, universal life and whole life insurance policies to get you the best plan at an affordable price. 

And right now, we’re offering free life insurance evaluations when you call 877-255-6273. Once connected, you’ll be assisted by a senior health specialist who will work to understand your needs, explain your options, provide quote illustrations and find the best life insurance product for you.

Now more than ever, you should reevaluate your coverage to ensure you’re protecting yourself and your family. So do your due diligence, review your policy and make changes where needed. You can’t afford not to.