Never too late for senior life insurance - Mercado Global Insurance

“Better late than never.” It’s an old cliché for the things we shouldn’t forego in life. One of these is life insurance for seniors. While its cost increases with age, its many benefits cannot be ignored. According to Forbes, the following are some of the reasons seniors need life insurance:

  • To provide funeral and related expenses to close up an estate.
  • To fund an inheritance outside of one’s estate’s assets.
  • To provide liquidity for an estate that has mainly illiquid assets.
  • To provide income for a spouse or other dependent when your income is primarily from a pension or annuity with minimal or no survivor benefits.
  • To fund survivors to help them pay large debts.
  • To cover potential estate tax liability for heirs.
  • To create a special needs trust for a dependent who needs lifetime support.
  • To make a lump-sum donation to replace an on-going financial support for a non-profit.

Options for seniors

For seniors shopping for life insurance, they can choose from these options:


Important watchouts

Before you run to an insurance agent to purchase a policy, it’s important to keep in mind the following:

Go beyond cost

When you’re on a budget, it’s quite understandable that cost is a major factor when choosing a life insurance policy. However, one should balance cost considerations with the following:

  • Financial strength rating of insurers
  • Life insurance riders for add-on coverage. Note: some riders give you access to death benefits while you’re still living, e.g., accelerated death benefits for chronic or terminal illness and long-term care riders.

Don’t be pressured

Beware of financial predators who rush seniors into buying life insurance or getting unnecessary coverage. Explore your options and discuss a proposed policy with your family or trusted advisor before making a purchase.

Question policy projections

Don’t be misled by ‘policy illustrations” showing projections for costs and cash value. Not all amounts shown are actually guaranteed. Work with an advisor who will explain what’s guaranteed and what’s not.

Work with trusted professionals

Seniors often have health issues so it’s important to work with qualified life insurance advisors you can trust. You can count on Mercado Global Insurance Brokers for honest and transparent assessment of your policy options. Call us today because it’s never too late to get life insurance.