Over 70 - Life Insurance - Is This for You?

If you are over 70, life insurance may be something you are considering.

Many of us reach our golden years and may not have saved as much as we would have liked. One thing you can do is provide the funds for your loved ones to pay the bills you leave behind.

In fact, the National Association of Funeral Directors estimates that the average funeral expenses are over $6,500. In addition, many of us have credit card bills and taxes due upon our passing.

When you're over 70 life insurance can protect your family and provide the money needed to make sure your bills are paid. Also, life insurance can provide funds to help make your family's life a little easier - to provide for them after you're gone.

One option for life insurance for people over 70 is simplified issue life insurance.

Simplified issue life insurance offers you an easy online application. You answer a few health questions and find out within minutes usually, if you qualify for a policy.

Once you are qualified, you may be able to pay your first month's premium online and begin your coverage the same day.

Several insurance companies offer you this type of policy; however, you want to make sure you choose a reputable carrier. Also, some of these policies offer graded benefits. This means you do not have full coverage until one or two years after you purchase the policy, in most cases.

Make sure you understand how the policy works before you choose a plan. Also, make sure you can afford the monthly premiums so you can continue the coverage once you start your policy.

Remember, life insurance is for those you leave behind. If it makes sense in your situation to buy life insurance, then it may be the right choice for you. If you have saved enough money to pay for all of your outstanding bills, your taxes and debt, you may not need life insurance at this time in your life.

Also, if you can't afford it, don't buy it. You may be throwing money away by starting a policy that you cancel in a month or two.

If you have any questions, call the insurance company direct and speak with a customer service representative to get all your questions answered before you buy a policy.

Whether you are on medication or not, you may be able to qualify for a life insurance policy that meets your needs and fits your budget. But, you'll never know unless you take that next step, and apply for coverage.

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