Life insurance isn’t just for those who want to protect their loved ones in the event of some kind of accident. The right policy can actually let you implement coverage into your estate plan. In other words, it won't be a question of whether your family will benefit from the coverage, but when. Here’s what you should know about life insurance for seniors.

How Coverage Can Help

Senior life insurance provides a host of benefits. One of the most appealing reasons to purchase a policy as you advance in age is to help your loved ones cover costs that will inevitably arise upon your passing, like funeral and burial expenses. Life insurance proceeds can also be used to cover any medical bills your family accrues while treating your final illness. They can also be put toward applicable debts your estate would have otherwise had to cover. 

Factors That Affect Coverage Needs

Your age and health are the greatest factors that determine your coverage needs. If you’re a younger senior and haven’t been diagnosed with any chronic illnesses, you may be considering a 15- or 20-year policy. However, it’s important to remember that purchasing a 15-year policy at 60 is going to cost considerably more than purchasing it at 30. In fact, many providers don’t even offer extended term life insurance policies for seniors. 

However, since seniors generally aren’t responsible for supporting their families, coverage remains relatively affordable because these policies are usually small. For example, it’s common to purchase a policy for just $10,000 or $20,000. These funds are typically enough to cover funeral expenses and probate proceedings after death. 

If you’re interested in purchasing a senior life insurance policy, turn to the knowledgeable team at Advantage Insurers in Demorest, GA. This independent agency helps clients find affordable packages that have been tailored to meet their unique needs. Serving individuals, families, and businesses throughout Habersham and White counties, they’ll be happy to explain the different options available to you. Call (706) 754-1590 for a quote, or learn more about their services online.