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Seniors Life Insurance May Make Economic Sense and Help Loved Ones With Financial Issues
from: Pat MoauroDo you really need seniors' life insurance? Many seniors worry that they don't have enough life insurance to meet their final needs. Others worry that they're too old to get good, reasonably priced life insurance. Seniors life insurance is sometimes called final expense insurance.
Research will show that there's affordable seniors' life insurance on the market. One reason that seniors' life insurance is affordable today is because more persons are living longer.
However, before you commit to buying seniors life insurance, determine the following:
* What are your financial goals?
* How much can you afford to spend?
Seniors life insurance can be purchased for persons aged fifty-five to seventy-five. Deciding between the different types of seniors' life insurance available can be a challenge, but insurance agents or brokers can help to demystify the process. As well, the savvy senior or someone acting on his or her behalf can search online to get free quotes before finally deciding.
Many seniors' life insurance options cover most medical expenses. Seniors' life insurance can result in big savings for medical expenses, especially if you're suffering from chronic illnesses. Housing is the major expense for most seniors.
Most seniors' life insurance policies offer special incentives such as:
* No medical examinations;
* Death benefits that will not decrease after a set number of years, normally two to three years depending on the insurance company. If the insurer dies before the two or three years, the beneficiary gets only a portion of the sum insured;
* Fixed monthly premiums throughout the life of the policy, meaning that the premium will never go up;
* Many offer cash value on the tax deferred portion, meaning that you can borrow money against that portion;
* Allows the individual to sell his or her seniors life insurance policy for cash. This is becoming a lucrative business and provides seniors with much needed income for immediate needs. This is known as life settlements.
Seniors life insurance policies are also a good way to help your beneficiaries pay taxes on land or property left to them upon your death. Based on your net worth, death taxes can be unusually high.
Seniors' life insurance helps seniors live with the assurance that their debts and funeral expenses won't have to be dealt with by their loved ones. Spouses know that seniors' life insurance can provide the financial strength their partners may need to continue to live comfortably. Regardless of your age, getting a seniors' life insurance policy may well make economic sense, as well as help your loved ones cope with any financial issues that may arise.
Life Insurance Senior News
Allianz Life Promotes Jason Wellmann to Senior Vice President of Life Insurance Sales
MINNEAPOLIS----Allianz Life Insurance Company of North America today named Jason Wellmann as the new senior vice president of Life Insurance Sales. In this role, Wellmann will be responsible for leading Allianz life insurance strategy through all distribution channels.
Read more...Fitch Teleconference: Outlook for U.S. Life and P&C Insurance Sectors, Today, 11 a.m. ET
NEW YORK--(BUSINESS WIRE)--Yesterday, Fitch Ratings revised its outlook for the U.S. life and property and casualty (P&C) insurance sectors to Stable from Negative. Commentary regarding the revision can be accessed at 'www.fitchratings.com.' Fitch will host a teleconference today at 11:00 a.m. ET to discuss the outlook revisions. The call will be led by senior members ...
Read more...Fitch Teleconference: Outlook for U.S. Life and P&C Insurance Sectors, 9/8, 11 a.m. ET
NEW YORK--(BUSINESS WIRE)--Today Fitch Ratings revised its outlook for the U.S. life and property and casualty (P&C) insurance sectors to Stable from Negative. Commentary regarding the revision can be accessed at 'www.fitchratings.com.' Fitch will host a teleconference on Wednesday, Sept. 8 at 11:00 a.m. ET to discuss the outlook. The call will be led by senior members ...
Read more...Fire Safety Pledges Can Earn Local Fire Departments $10,000 in Funding From Liberty Mutual Insurance
BOSTON, Sept. 9 /PRNewswire/ -- From New York City to Madison Township, Ind., cities and towns of all sizes are watching a life saving institution struggle for funding, and in some cases close its doors: the community fire house. In fact, less than a quarter of U.S. fire departments are operating with sufficient budgets, according to a 2008 National Fire Protection Association survey. To curb ...
Read more...Note Offering from Unum Group
Unum Group sold senior unsecured notes worth $400 million bearing a coupon of 5.625% and maturing on June 15, 2020. The company increased the offer size from $300 million planned earlier.
Read more...Hub acquires Sinclair Cockburn’s insurance business
Insurance brokerage firm Hub International Ltd. has announced that it has acquired the insurance business of Toronto’s Sinclair Cockburn Financial Group.
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