ALIRAN SESAT B4RU DI INDONESIA. ISTRI PENGIKUT WAJIB MELAYANI GURU.. Edan Ritualnya!!
As a senior over 70, there are very few limitations on the types of life insurance policies available to you. The only restriction is that you typically won’t be able to find a term life insurance policy that lasts over 20 years. Therefore, your decision about which policy to purchase should be primarily dependent on your financial objectives and the cost of coverage. If you want coverage for a fixed period of time, such as 10 or 15 years, term life insurance will be your least expensive option, and you can purchase hundreds of thousands of dollars in coverage. Term life insurance is typically the best choice if you want coverage for a mortgage or to replace your income until retirement, as these financial obligations will be reduced or eliminated with time. Just make sure that the term policy will definitely cover the entire length of a financial obligation, as you’ll have a harder time finding coverage and have to pay higher rates if you still need life insurance at age 80 or 90. If you’re looking for coverage that lasts your lifetime, you’ll want to consider a form of permanent life insurance. Some reasons you may want permanent life insurance coverage would be: Funeral and end-of-life expenses - The average cost of a funeral and burial is around $10,000, and costs will still typically exceed $2,000 for cremation. If you haven’t saved enough money to cover these costs, they will fall upon your family no matter when you pass away. Medical expenses - Unless you die suddenly, you’re likely to accumulate medical expenses that can impact your family. This can be particularly difficult if you need full-time care or assistance in a nursing home. Pension replacement - If your spouse relies on the income from your pension to handle expenses, you may need enough coverage to ensure they can maintain their standard of living when you pass away. Estate taxes - Whether your family would need assistance to cover estate or inheritance taxes is dependent on the value and types of assets being passed on. If you have an illiquid asset of significant value, such as a piece of property, that you want your family to keep, life insurance can cover the estate taxes without your family having to sell. While whole life insurance is the most popular type of permanent coverage, guaranteed universal life insurance is typically the better option for seniors. The benefit of whole life insurance policies is that they build cash value over time, which is a fund that can be borrowed against or withdrawn. However, a portion of premiums goes towards the cash value, making whole life insurance significantly more expensive. For seniors, the cash value of whole life insurance is less valuable because you have fewer years during which it will grow with interest. Guaranteed universal life insurance, on the other hand, is essentially a term life insurance policy that lasts until you reach a certain age (such as 90, 100 or 121). Therefore, guaranteed universal policies offer lifelong coverage at cheaper rates. Life Insurance for Seniors Over 80 Elderly seniors over 80 typically won’t qualify for term life insurance policies over 10 years in length, however, you can still qualify for permanent coverage. A permanent policy is also likely a better choice, as it can be incredibly difficult to purchase coverage after age 90 if you still have financial obligations. Depending on your health, the most affordable option for permanent life insurance would be: Health Best life insurance Fairly healthy, no real medical issues Guaranteed universal life insurance. Policies offer coverage up to age 121 and can provide hundreds of thousands of dollars in death benefits. Some health trouble, wouldn’t pass a medical exam Simplified issue guaranteed universal or whole life insurance. Since there’s no medical exam, these policies are more expensive but still offer lifelong coverage and up to $250,000 in death benefits. Not healthy, need assistance getting around or have a higher-risk illness Guaranteed acceptance whole life insurance. Since you can’t be denied coverage, rates are incredibly high and death benefits are typically less than $25,000. Life Insurance Living Benefits for Seniors Depending on the insurer, some life insurance policies either include “living benefits” or give you the option to add these through riders. Living benefits is how policy features are described that can offer financial assistance while you’re still alive. Some of the most commonly offered living benefits are: Accelerated death benefit Accidental death and dismemberment Waiver of premium An accelerated death benefit rider simply gives you the option to receive a portion of the death benefit early if you’re diagnosed with a qualifying illness. This option can be incredibly valuable as a senior if you’re concerned about your ability to cover medical expenses that are common later in life. Just make sure the insurer will accelerate the death benefit for a variety of illnesses, and not just those that are terminal. The amount of money you’re able to receive as an accelerated death benefit will be capped as a percentage of the death benefit or dollar amount. This figure will be deducted from the death benefit your family receives when you pass away. So, if you had a $500,000 death benefit and your insurer capped the amount you could accelerate at “the lesser of $250,000 or 75% of the policy’s face value”, you could request up to $250,000 while still living. Accidental death and dismemberment coverage can also act as a living benefit, as the dismemberment coverage provides a payout if you receive certain injuries in an accident. Each insurer has a different set of injuries they’ll cover, such as blindness, loss of a limb, loss of a hand or paralysis. Depending on the injury, you will be able to receive percentage of the death benefit as recompense. A waiver of premium rider gives you the option to stop paying premiums while maintaining coverage. However, this option is typically only available if you become totally disabled and usually expires when you turn a certain age (such as 80).
