It is a hard fact that the cost of life insurance does depend on age. The older you start, the more expensive it will be.
How much more if your children are all grown up and are not relying on you anymore? Would you still be thinking of getting insured? As an empty nester, your life has value, you have a spouse, and above all, you have needs only life insurance can provide. Thus an empty nester needs and is entitled to life insurance for so many reasons.
With that being said, what could be the best life insurance features for a married couple whose children are adults and already left home? For those who are now around 50 years old or so? If you are already in this life stage, below are more ideas about the best life insurance for you to be a better insurance consumer before you shop around and get a life insurance quote or car insurance proposal.
Life insurance oftentimes brings out our sad, morbid side. As unfortunate as it sounds, the life insurance companies will not pay out a dime to your beneficiaries until you—the policyholder—dies. The good news is that the death benefit is usually tax-free. There are a few instances where the IRS will impose taxes. These instances are more-or-less scenarios. The first scenario is if you choose to have the death benefit paid out in installments. The second scenario involves the death benefit becoming part of your estate. These situations are complicated to say the very least. If you’re savvy enough to figure this out on your own, then get the latest tax calculator and start doing your research. Ultimately, you’re probably better off consulting with a tax professional.
Type of Life Insurance: Whole or term?
There is life insurance for everyone. The thing is getting life insurance, though, is nothing else but his financial goals like a retirement fund, outstanding debt settlement, real property tax defrayal, final expenses, and so on. Now, which type of life insurance will help you meet your goals?
In general, whole life insurance is best as it can offer almost all kinds of protection from life uncertainties at a very affordable price when you started earlier in your life. This is good for those who want to start their retirement fund early because their whole life has a variable variant that allows someone to make their money grow through investment.
On the other hand, if budget is an issue, one can start with a term life insurance since it is more affordable, and if the account permits, he may opt to convert your policy to whole life.
However, its coverage is limited, depending on the term and face amount you requested. This is best whose goal is to create a safety net or emergency fund for funeral and burial expenses for those who wish to obtain a loan for an education or a mortgage.
No upfront medical exam requirement
Medical exams make or break an insurance application. Traditionally, a medical exam is necessary for those 50 and beyond before the insurance application is processed for approval to check the applicants’ medical condition and history.
Fortunately, many insurance companies do not require it anymore with the use of online medical bulletins and simplified medical questionnaires. Just continue shopping online for insurance to check out which company doesn’t require an upfront medical exam
Premiums are higher for empty nesters because insurance companies assume a higher risk for immediate expenses when premiums paid haven’t earned any income for them yet.
Thus, finding an affordable one may be a bit of a challenge. But there will surely be one company that can offer you one that will fit your budget. Just continue shopping around with sites like Insuranks.
Proposed payment terms and conditions
As we age, our potential earnings decrease, thus take advantage of insurance products that payment terms are flexible for you. There is a single premium policy in which your insurance is already enforced in one payment, and you will no longer worry about monthly dues.
There are accelerated features that allow you to pay more at the beginning and lesser towards maturity or once you retire. There are conditions too, check if you can meet them and if it’s fair for you.
Policy from a financially sound insurance provider
Always check the background of the insurance company. As we age, we need to make sure that if the unfortunate happens, we can trust our insurance providers to fulfill their promises and that they have the capacity, such as strong financials, A+ ratings, good customer service, and the like. Remember, we aim to leave a legacy and not a burden.
Congratulations! You reached this age and raised independent children. Your children must be very proud. You must be happy and aware that they are not your retirement fund. Prepare for the unknown. We don’t want to scare you here; we want your tranquility refurbished and help you become a better insurance consumer. So, learn more about insurance and start getting insured.
Read More: personal finance software.