Aging has a way of sneaking up on us. One day you’re graduating from school and starting your life. The next, you’re making plans for retirement. What happens if, while attending to the daily business of life, you forget to buy life insurance along the way? Can seniors in the Las Vegas, NV area still benefit from a life insurance policy?
Can I Qualify for a Term Life Policy?
Companies like Sage Insurance Services Inc. offer term life insurance policies that cover a specific number of years. Seniors over the age of 75 will probably have a hard time finding this type of coverage. However, those who haven’t reached that level of maturity can still gain great benefits from term life coverage.
What About Whole Life Coverage?
Whole life insurance policies are designed to cover you until your death. There are very few restrictions related to age for these policies. For that reason, seniors who have neglected their insurance coverage are more likely to be accepted into these funds. These policies do accrue cash value over time that subscribers can use for emergencies and other investments. However, depending on your life span, you may not have enough time to gather enough cash in the fund for your own use. Any extra cash will go to your dependents.
What Can I Do With My Life Insurance Policy?
- Pay final expenses. The Social Security death benefit is never enough to pay for burial expenses. Your life insurance policy will provide your dependents with enough cash to give you a proper going-home ceremony.
- Pay other financial liabilities. If you still owe money on your home, automobile, or businesses, funds from your life insurance policy will help your surviving dependents pay these off so they aren’t burdened by debt.
- Provide for your family’s future. The money from your life insurance policy can be used to pay for education, moving expenses, or as a nest egg for surviving adult dependents.
Sage Insurance Services Inc. offers life insurance policies for residents of all ages in the Las Vegas, NV area. Contact us to find out more about your late-life insurance options.