It often gets to a point where we ask ourselves, ‘do I need life insurance?’ Most of the time, people don’t secure a life insurance policy, as they may assume that it’s extraneous to their already existing monthly obligations or might not fit their lifestyle at all.
In fact, life insurance can be a situational type of insurance policy. People with no dependents, as an example, generally don’t need life insurance. If they don’t happen to generate a good portion of their family’s income, they don’t actually need life insurance either.
Life insurance, however, is important for people that do greatly contribute to their household, either through providing their income, paying mortgage or other recurring bills.
In other words, life insurance is best suited for those who have financial dependents and more or less support their entire household based on their personal income. Life insurance simply provides coverage in the case of their death, so their dependents have funds to care for their end-of-life proceedings and the entire household.
How much life insurance do you need?
Though, it’s difficult to determine how much life insurance a person may need, since determining such a thing relies on factors that the provider and their life insurance agent must discuss. These factors generally involve:
- Their sources of income.
- The amount of dependents in their household.
- Their current and past debts.
- Their lifestyle.
In most cases, heads of households get a life insurance policy that’s at least five to ten times their average annual salary. Naturally, it’s up to the head-of-household to talk with their life insurance agent about the optimal amount of life insurance that they actually need.
In Florida, life insurance policies aren’t actually regulated in the way that similar insurance policies are regulated by the state’s Departments of Insurance. Despite that, there’s still a dearth of people in the state that have already enrolled in a life insurance policy. Don’t believe it?
Florida is ranked 21 out of the 51 states and the District of Columbia in life expectancy, holding an average life expectancy of 77.6 years. At least 900 people between the ages of 55 and 64 pass away every year.
When you take a look at the amount of people who pass away between the ages of 65 and 74 years of age, that number doubles to over 1,900 people; from people aged 75 to 84, the number doubles again to at least 4,000 people passing away per year out of 100,000 in the state.
Such statistics comprise several reasons why you may fare well with a good life insurance plan. So, if you’re a resident of Florida, you already have several options in place to help you get started on any known life insurance plan.
Life insurance opportunities… for seniors?
Life insurance is suited for people who support their households on their primary income, a situation that’s most familiar to people who are already middle aged or are nearing those ages. Seniors, on the other hand, might not assume that they need life insurance, especially if they already have a good amount of funds saved for retirement.
Even though many seniors do have enough saved via retirement and other savings accounts to cover their end-of-life necessities, most don’t. In an age where seniors are having more difficulties saving for retirement, most don’t have the funds necessary to secure their financial viability to the end of their life.
Seniors who need life insurance either consider getting it to leave enough funds behind for their family and/or ensuring that there’s enough funds to cover funeral costs and other expenses associated with the end of their life. The right amount of life insurance for most seniors is typically enough to cover any family members and/or dependents without expending too much of their income per month.
This fall and winter season, more seniors should start thinking about ways to enroll in a life insurance policy that best fits their needs. Life insurance isn’t for everyone, but it’s good enough for everyone that wants to make sure that their family and even themselves are covered in the case of their death.
Web resources like the Online Insurance Marketplace provide information for people, especially seniors, who may be on the fence about enrolling in several types of insurance policies. Earlier this month, the Online Insurance Marketplace published a blog entry reviewing tips for seniors who may be considering life insurance, but don’t know whether or not to commit to life insurance policy.
According to their blog post, finding the right ‘senior life insurance plan is important for the retired, since many seniors actually have limited finances during retirement, thanks to the recent phenomenon of seniors working well past retirement due to the recovering economy.’
Although seniors were limited in life insurance options in the past, today they have more options than they used to, as the life insurance business has ‘considerably evolved to the point of providing them several options.’
These life insurance options include temporary, permanent and universal life insurance coverage, which are known to cover seniors up to the age of 65 years. Seniors older than age 65 have access to a type of life insurance plan that’s relatively simplified apart from a typical policy for seniors, which don’t actually require a medical examination.
They can even use online resources, like the aforementioned, to find and compare life insurance quotes, just to make sure they’re getting a good deal out of their life insurance plan. The Online Insurance Marketplace, in particular, serves as a platform that provides a simple and user friendly interface for users to navigate while they search for discounts on their life insurance plan.
Thanks to technological innovations in the insurance industry, anyone – including seniors – can find a life insurance policy at an inexpensive rate than they could in the past. So, if you’re getting ready to shop for a life insurance policy for yourself or a loved one, why not use the web to find a policy at a good rate this fall?