Senior Citizens Also Need Life Insurance

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Current revision as of 03:51, 9 May 2016

Many might think that it is foolish for a senior citizen to apply for a life insurance policy. But you need to look at this issue from the senior person's side as well as the insurance company's side to better understand exactly what is happening in this type of situation.

Leave no Problems for Loved Ones

Seniors and those individuals who are even older realize that there are more days behind them than in front of them and until you are that age these are feelings that are hard to understand. More than anything, seniors do not want to be a burden to anyone - they don't want someone to have to care for them or especially to pay for their final expenses. By applying for some inexpensive life insurance for senior citizens they can leave their loved ones with the money to take care of funeral expenses and any medical cost that were outstanding. They might even want to leave some extra money so that their family can take a few weeks off to go through the grieving process before going back to work.

Cost of Dying

Seniors also know how expensive even the simplest funeral services are and that together with a burial plot can cost as much as $7000 - for anything more it could be thousands added. There is no elderly father or mother who wants to leave a debt that large for their children to have to pay. So they check in to see how much an insurance policy with a face value of around $10,000 might be.

Insurance Industry

In the insurance industry $10,000 is not very much money when they underwrite policies daily insuring individuals anywhere from $50,000 to over a million dollars. Also by writing a policy that is for a senior who is in good health, that senior could live another 10 years and 10 years of premiums will in most cases take care of the payout when that person does eventually die. A good and well known insurance company can also consider these policies as part of the cost of business that is considered "good will". It makes the company look good to the greater community and "good will" is how much any kind gesture to a client can bring your company in future business since you have earned the "good will" of that community.

Win-Win

So, in the business world this is called a "win-win" situation where gains in the positive mode are made by both parties. There are many small policies for seniors to be eligible for so they are able to rest easy and not worry so much. No one's last years need to be spent worrying and carrying a burden around on their shoulders.

So if you are over the age of 60 and are thinking about Life Insurance Over 65, simply click here and get insurance quotes for what you need from various companies.

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