Am I too old to buy a whole life insurance plan? This is a popular question among seniors over the age of sixty. The truth is, even if you are over 70 or 80, it is never too late to invest in a whole life insurance plan. People up to the age of 85 are eligible for most insurance plans, so if you wish to make a fashionably late entrance into the insurance world, nothing is stopping you.
When it comes to qualifying for a whole life insurance plan, health is the primary concern. Your age is secondary in these matters. However, just because you qualify doesn’t mean the insurance plan is right for you. There are various things you need to consider when it comes to insurance for seniors. It might not make much sense for a seventy-year-old to buy a whole life insurance plan.
You may think there won’t be enough time to build up cash value, but that’s not true. As long as you are healthy, you should invest in a whole life insurance plan. This blog will highlight why it’s never too late for a whole life insurance plan.
For Your Family
If you have any children, grandchildren, a spouse, or siblings and wish to leave something to your surviving family members, there’ is no better option than a whole life insurance plan. Whole life insurance will mature into a larger death benefit, leaving your surviving family a lot of tax-free money. It can even be converted into an annuity to ensure income for the beneficiaries in the future.
This way, you can support your family even after you are no longer with them. Even if your children are grown up, you may have a surviving spouse or partner who will be alone after you pass away. In this case, an insurance amount will help them stay on their feet and cover all their end-of-life expenses.
To Bear Your Funeral and Burial Expenses
Even if you have no dependents, many seniors buy a whole life insurance policy to cover the costs of their funeral and burial expenses. This is because many seniors don’t want to leave this burden on their loved ones.
You will have peace of mind knowing your final expenses are already taken care of, and you don’t have to rely on anyone to pay for your last rights.
Can You Buy Insurance after 60?
Although it is harder to find a whole life insurance policy after 60, it is not impossible. Many insurance companies cover this niche and specialize in insurance plans for seniors.
Whatever reason you may have to buy insurance after your sixties, you should know that it’s never too late to do so.
Insurance for Seniors in Houston, Texas
If you’re looking to get the best life insurance Houston, get in touch with Franklin Life and Annuity. We’re one of the best final expense life companies in Houston, with more than 18 years of service.
Get in touch with us today to learn more about our services. You can also visit our website right here.