Life insurance causes more confusion for individuals than any other type of coverage. Some purchase policies early in life and pay for them for years, while others wait until they’ve retired to explore their options. Simply put, life insurance provides a monetary amount when the policyholder dies that can protect against income loss or used to pay for things such as final expenses or a child’s college tuition.
If you’re independently wealthy and have no problem paying any expenses you incur, chances are you don’t need life insurance. The same is true if you’re single, have no dependents, and enough money to cover your debts and final expenses.
Even if you have significant savings or retirement accounts, life insurance can still make sense. The younger and healthier you are when you purchase life insurance, the less it will cost. Older people can still get life insurance, even if they wait until after they retire, but premiums will be more.
One of the first things you’ll need to do is determine how much life insurance you need. You can purchase whole life or term policies. Whole life policies cover you throughout your lifetime as long as premiums are paid. Term policies provide coverage for a set number of years or until you reach a certain age.
It’s important to remember that a life insurance policy only provides funds if you die. It doesn’t cover expenses for long-term care or if you become disabled. However, it is possible to purchase riders to your policy for those contingencies. You’ll be charged an additional premium.
The bottom line is that there are very few people that can’t benefit from a life insurance policy and it doesn’t matter what your age is when you get it. Premiums will be more when you’re older, but don’t worry. If you’re willing and able to pay the premiums for your particular risk category, very few insurance companies will refuse to cover you.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487