At a certain age, the future becomes more uncertain than it has ever been and there arises a need to provide for the well-being of your family after you are gone.
An inexpensive $250,000 term life insurance policy can go a long way for both young people and seniors.
No matter your age, having life insurance coverage goes quite a long way in providing for the financial security of your family.
Seniors are an essential market for many insurance providers. Most providers are developing customizable policies to match the specific needs of seniors. The prices for these policies are decreasing every year making them extremely inexpensive.
Because of their low cost, these policies can be more than just a financial back-up. In fact, that could be one of the most important decisions that you could make for yourself and your family. Here is a list of benefits these policies provide.
Table of Contents
Low Cost
Term life policies are extremely inexpensive. The most common reason that people don’t take out a life insurance policy is that they think it costs too much.
As the table shows below, life insurance is cheap! There is no reason why any family with dependents should not have some sort of life insurance coverage.
The majority of applicants are surprised to see just how affordable a life insurance policy is.
Annual Costs for 20-Year $250,000 Term Rates
| Age | Male | Female |
|---|---|---|
| 30 | $192 | $168 |
| 40 | $252 | $228 |
| 50 | $504 | $384 |
| 60 | $804 | $576 |
As you can see, having a $250,000 term life policy for a healthy 30-year-old will only cost around $168-192 per year with one of the top life insurers in the country. Even for someone who isn’t in perfect health, a life insurance policy is well worth what you’ll pay.
Buying Future Money
The final thing anyone wants is to become a burden on their own family. A term life policy keeps that from happening.
When you purchase a term life policy, you are really buying money that your family can use later. This money can be used for household bills, medical expenses, or anything else they might need.
Estate Planning
Term life policies for seniors are popular because they can be used as part of an estate plan. They can be used to pay estate taxes to ensure that the property stays in the family instead of being sold to pay the government.
Term life insurance helps to ensure that your property and the value of your estate are not drained by taxes imposed after your death.
After you pass away, you want your heirs to be able to enjoy all of the funds that you’ve set aside. You don’t want all of those savings to be eaten alive by taxes and fees.
A simple life insurance policy can counterbalance those taxes and ensure that your family gets to use your estate in a way that benefits them, not Uncle Sam.
Survivor Benefits
Your spouse and minor children can receive survivor benefits for a specified period of time. These benefits will replace your pension or retirement income after your death.
This gives your family the time and ability to adjust to life without you. The bills will be paid and they won’t have to deal with financial insecurity in an already grievous time.
More than likely, if you were to pass away tomorrow, you would leave behind A LOT of debt. Most people have a mortgage, car payment, student loans, credit card bills, and other debts that they would pass on to family members if something tragic were to happen.
For a grieving family, all of these bills can be difficult or even impossible to pay for. Instead of leaving this financial strain on your loved ones, a $250,000 policy can relieve that stress and give your family the funds they need to pay off any final expenses.
Continue Providing
Everybody always wants to do more for their families but we can’t always get everything done in one lifetime.
A $250,000 term life insurance policy will allow you to continue to take care of your family after you are gone. You can still pay off the house, send the kids to college, and take care of whatever else needs to be done.
Getting Cheaper Insurance Rates
As we mentioned earlier, a $250,000 policy is much more affordable than you might think, but that doesn’t mean you can’t save money on monthly premiums. There are a couple of things that you can do to keep a couple of extra bucks in your wallet every month.
The best way to save money is to shop around with different insurance companies before you purchase a plan. Each company has different rates and looks at each applicant’s health differently, which can translate into drastically different premiums.
We suggest getting AT LEAST five different quotes before you pick the one that works best for you.
Aside from shopping around for a policy, there are a few lifestyle changes that you can make to save money. The best way to keep more money in your bank account is to quit smoking.
Being categorized as a smoker on your insurance application will make your premiums double or even triple, even if you’re in perfect health. Using tobacco products is the worst thing you can do. It’s worth it to take several months to kick the bad habit. Not only will your doctor thank you, but your wallet will too.
Aside from quitting smoking, losing weight by getting regular exercise and a healthy diet can have a huge impact on your waistline and your insurance premiums. One of the other factors that the company will look at is your weight.
Being overweight or obese greatly increases your risk of having severe health complications, which means you pose more of a risk to the insurance company. Losing a couple of pounds can also save you money, it’s a win-win.
The Importance of Life Insurance
Earlier we gave several examples of why most applicants purchase a life insurance policy, but one of the most important is to provide protection for your loved ones.
There are millions of families every year that lose a family member and find themselves with thousands of extra dollars in debt
$250,000 Life Insurance Policy
For most people, a $250,000 plan won’t be enough, but there are a lot of people that can benefit from a policy this size.
Because these life insurance policies are so affordable, they are a great purchase. You can’t put a price tag on the peace of mind of knowing that your family will be covered if you were to pass away.
The Benefits of Term Life Insurance
| Key Benefit | Description |
|---|---|
| Low Cost | Term Life Insurance Is Remarkably Affordable, e.g., $250,000 Coverage for a Healthy 30-Year-Old Costs $168-192/Year |
| Buying Future Money | It Secures Funds for Your Family’s Future Needs, Such as Bills and Medical Expenses |
| Estate Planning | Protects Your Estate From Heavy Taxes, Ensuring It Remains With Your Family |
| Survivor Benefits | Provides Income Replacement for Your Spouse and Children, Easing the Transition After Your Passing |
| Continued Support | Enables Ongoing Financial Support for Your Family’s Needs, Even After Your Passing |
| Getting Cheaper Rates | Shopping Around and Making Healthy Lifestyle Changes Can Reduce Insurance Premiums |
| Importance of Life Insurance | Ensures Your Loved Ones Aren’t Burdened With Debt in the Event of Your Death |
| $250,000 Life Insurance Policy | While It May Not Be Sufficient for All, It Offers Affordable Peace of Mind |
Bottom Line: $250,000 Term Life Rates
Securing a $250,000 term life insurance policy offers numerous advantages, especially for seniors. Not only are these policies cost-effective, but they also act as a means of estate planning, offsetting posthumous taxes, and providing continued support for families during grievous times.
Whether to cover final expenses, assist in fulfilling lifelong aspirations for your loved ones, or safeguard your estate’s worth, these policies present an invaluable safety net. Shopping around and making lifestyle adjustments can further reduce premiums. Ultimately, life insurance ensures peace of mind, guaranteeing your family’s financial protection after you’re gone.
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