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Life
Insurance
Life insurance needs for
seniors usually falls into one of two categories –
paying last expenses and providing for a surviving
spouse, and / or estate preservation.
For seniors usually the only option is a
permanent policy of some sort as term policies all end
at approximately age 80. In some cases where the need
for estate planning is for a pre determined time, a term
to age 80 or similar product may suffice, however in
order to provide permanent coverage for last expenses or
provide income for a surviving spouse, it will be
necessary to look at a permanent policy.
Life insurance can be used in a variety of ways for
estate preservation, either to protect the value of a
pension, or to pay the taxes owing on your estate at
death.
Some permanent policies called Term to Age 100 will
provide permanent coverage but without the investments
aspect of whole life polices, and at a fairly reasonable
rate.
See
also our Life Insurance section for more details.
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