Life Insurance for Seniors: What Are Your Options?

As you enter your golden years, it’s important to understand and address needs related to life insurance. Even if you’ve already had coverage for decades, your circumstances and subsequent coverage needs may change as you age. At Cashway Auto Insurance, we proudly stand by seniors and families in Casa Grande, AZ, helping you assess your situation, explore your options and secure appropriate policies.

What Policies Should I Consider?

As a senior, several types of life insurance may be appealing. Given the wide variety of options carriers may offer, you may be able to find a policy tailored to your unique circumstances. Consider how each of the following may help you plan for the future:

• Whole life insurance is a type of permanent coverage that can issue a death benefit to your beneficiaries regardless of when you may pass. Additionally, your policy can accrue cash value over time, which may help subsidize retirement.

• Universal life insurance is another type of permanent policy. This coverage can also payout regardless of when your death may occur and can also include flexible premiums and death benefits, providing valuable flexibility for potentially uncertain circumstances.

• Final expense insurance can provide relatively simplified coverage, with payouts generally intended to help fund funeral expenses and other end-of-life costs. This type of policy may be essential for some seniors, as a medical exam may not be required, meaning those who might not be eligible for other types of coverage can still be insured.

• Term life insurance contrasts with permanent policies by establishing coverage for a predetermined period of time, such as 10, 20 or 30 years. This type of insurance may be suitable for seniors who still have dependents or are on the cusp of reduced financial obligations, such as if you’ve almost paid off your mortgage.

How to Find the Right Life Insurance for Seniors Near Me

Given the many types of life insurance available to you, consulting with a knowledgeable and experienced agent is highly advisable. Contact Cashway Auto Insurance today to begin going over your options and finding the right coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.