As we grow older it’s important that our families have the care they need. I found this out myself personally when my parents made the decision to retire and we came to realize just how important life insurance is for financial security. For instance, life insurance can provide additional financial support to a surviving spouse or children and cover the cost of medical expenses incurred during a prolonged illness. There are many types of life insurance policies. It can be hard to wade through the options. Furthermore, each plan needs to be individualized. This means you’ll have a few things to consider when picking a life insurance plan for either yourself or a senior in your life. Like all delicate discussions around money, it’s a good idea to get your “ducks in a row” before you wade in!
Things to consider when picking a life insurance policy for a senior citizen:
1. Value: How closely does the price fit the coverage you need?
2. Product Type: Does the plan meet the goals of its value?
3. Company Selection: Pick a company which is affordable, trustworthy and offers the right product for you.
To find out more about picking a policy, read this Complete Guide to Life Insurance for Seniors.
Jess Walter is a freelance writer who prepared the Complete Guide to Life Insurance for BestLifeRates.org and has shared it with C2it Health.
Need help with this conversation and/or thinking about other aspects of your seniors finances, then review Money Matters: Talking to Seniors about Their Finances.