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Getting Senior Life Insurance

senior life insurance | Freeman Insurance Solutions

Thinking about the passing of seniors in our lives is never easy. It may even be stressful to think about what happens financially when they go. That’s where senior life insurance comes in. Getting senior life insurance coverage can help relieve a lot of financial stress. However, trying to get life insurance can be overwhelming, especially if you don’t know what you’re doing. That’s why it is beneficial to educate yourself and talk to an insurance agent about your best options. That’s also why we created this short, basic guide on getting senior life insurance.

A Life Insurance Policy Can Help With the Following Expenses

A life insurance policy for your older parents may seem complicated. However, it helps to know what a policy like this can help with. Here are some of those things most policies cover, though it’s important to note these things may change depending on your policy.

  • Funeral arrangements
  • Medical bills
  • At-home care expenses
  • Moving a surviving spouse
  • Final wishes

The Steps to Purchasing Senior Life Insurance

Buying senior life insurance for your aging parents shouldn’t be a hassle for you when you’re likely dealing with many other things. Here are the simple steps through the process of purchasing senior life insurance.

1. Evaluate coverage needs

The coverage you will need will vary primarily based on the surrounding situations. For example, you will have to consider medical bills, other outstanding debts, funeral costs, etc.

2. Search for a policy

A clear understanding of your needs helps you look for a policy that fits the surrounding circumstances. Therefore, start researching and contacting insurance providers to find the best insurance coverage for the best price.

3. Decide who owns the policy

Typically, the owner of the insurance policy is the one who pays the insurance premiums. This means if you are buying an insurance policy for your parents with you can own it by paying the premiums or they can as long as they are the ones to pay the premiums. Who owns the policy will depend on preference and your individual situation.

4. Name a beneficiary

Decide who will be responsible for the benefits awarded when the insured passes on.

Talk to An Agent About Senior Life Insurance

In conclusion, to decide which type of senior life insurance is better, it would be best to ensure you research term and whole life insurance to determine what would be the best for you and discuss this decision with one of our insurance agents. Contact Freeman Insurance Solutions for more information on senior life insurance and to find out more about our services/products.

Get an instant life insurance quote here!

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