It is never too late (or too early) to prepare for the future, especially when it comes to your family’s financial stability. A life insurance policy may seem unnecessary to some people.
However, life insurance policies help take care of your loved ones when you are no longer able to, allowing them to take care of final arrangements without financial strain.
Life insurance payouts help cover funeral costs as well as help cover any outstanding expenses related to your estate. Your loved ones can also use these funds for whatever they need. This can mean you have something to leave your family.
A life insurance policy requires you to make monthly payments. Life insurance quotes are usually cheaper when you purchase a policy earlier in life.
However, you can still obtain reasonable coverage in your 60s. For instance, check out life insurance for veterans.
Your 60s is your last decade to get an affordable life insurance rate. If you are still in good to great health, you can still find a great policy. Speak to the company’s underwriters about customizing a policy that fits your needs and your budget.
Some types of life insurance for seniors include the following:
- Term life insurance: This type of life insurance will only if death occurs during a certain term. Usually, this term is between 1 and 30 years.
- Whole life insurance: This type of life insurance will be paid if death occurs at any time, as long as the insurance policy is still effective.
- Final expense insurance: This type of insurance will cover end-of-life expenses, such as funeral costs. The premium rates are generally lower, but it usually pays out less.
Life insurance is not your only option for handling end-of-life expenses.