Is Life Insurance a Good Idea for Seniors?

You could say they've done pretty well for themselves

Life insurance is often spoken about as if it’s only for younger people. But, there are some good reasons to consider it later in life. Here’s some insight from our assisted living team in Camden County, NJ.

We’re Living Longer Than Ever Before 

Thanks to better nutrition, healthcare, and medical treatment, our lives are getting longer – which is a great thing. In fact, the Social Security Administration places average life expectancy for Americans at 84 for men and 87 for women.

On the downside, longevity can come with unexpected costs, from caring for dependents to stretching your retirement savings further than they were designed to go. However, life insurance can offer some financial security in these cases. Here are three benefits life insurance can offer to you and/or your loved ones: 

It Can Help You Relieve Financial Burdens on Loved Ones 

No one likes to think of when they’ll die. But, it’s worse when you are worried that your passing will have a negative financial impact on the loved ones you leave behind. Life insurance can offset this and give peace of mind that your spouse or dependents will be cared for, and that it will be easy to manage everything from funeral costs and estate taxes to paying off unsecured debts and providing for long-term care.

It Can Be an Effective Part of Your Financial Planning Strategy

Some life insurance products are an effective investment strategy – although it is important to talk to your financial planner to get the best advice about which option would work for your needs. For example, universal life insurance policies can earn cash value while at the same time deferring taxes. Some policies, known as whole life policies, also allow you to reap benefits during your lifetime through living benefits, allowing you to access certain funds in the event of a terminal illness.

Life Insurance Can Be Affordable for Seniors – And You Don’t Need to Be Perfectly Healthy Either

Life insurance has changed a lot over the years but there are still a lot of misconceptions about these products. For example, you can still qualify for these products in your 50s, 60s, 70s, and even 80s.

You also don’t have to be in perfect health. Many life insurance companies actually create policies specifically for seniors as well as people with pre-existing conditions, balancing the risks to ensure you still get an affordable rate. Other providers are more interested in how well your health and health conditions are managed, instead of your overall health. 

It will likely mean a more rigorous application process but it’s important to weigh the benefits before dismissing it as an option. Again, it’s important to have a financial planning specialist help you navigate the options and see if any policies suit your needs.

High Quality, Affordable Assisted Living in Camden County, NJ 

United Methodist Communities at Collingswood, New Jersey, is part of the United Methodist Communities network of high-quality, non-profit, assisted living communities specializing in an independent lifestyle for seniors. As part of the United Methodist Communities network, we also offer rehabilitation, access to therapists, hospice care, respite care, memory care and support services. We welcome seniors from all faith backgrounds and strive to provide affordable independent living for seniors.

To find out more about career opportunities at any of the four full-service United Methodist Communities or our assisted living community in Camden County, NJ, please visit our website at or contact us today.

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    205 Jumping Brook Road
    Neptune, NJ 07753
    Phone: 732-922-9800