Seniors Life Insurance Or Long Term Care Insurance?

Is no medical life insurance or long term care better for seniors? Choosing the right coverage can have a big impact on your financial retirement plan. Is it better to purchase life insurance so that your family can cover your final expenses like funeral costs, or will long term serve you better during retirement?

term-life-insurance-over-65  These are some of the issues we will discuss in the following article.

  What is life insurance?

Life insurance is a policy which guarantees a benefit that will be paid to your designated beneficiaries after you pass away. The remaining family members will use the money to pay for your funeral costs and other important expenses like mortgage loans. Life insurance is a great way of providing financial stability for your loved ones.

  What is long term care insurance?

Due to old age or other medical issues, many seniors are unable to take care of themselves at a certain point. Since assisted living facilities are expensive, long-term care insurance is used to cover a part of the costs. Someone qualifies for long-term care if they cannot do daily activities like eating, dressing, washing, walking etc. This policy can also help your family save money as you can cover medical costs through the insurance plan and your own income.

Which is better?

Choosing a policy depends a lot on your current financial situation and medical condition. Seniors who have dependents can purchase life insurance to provide financial safety for their loved ones. Seniors can also get life coverage in order to cover funeral costs and mortgage rates.

Long term care is best for seniors who have money put aside for burial expenses and who do not have dependents. Long term care is an important investment which can help seniors save a lot of money on healthcare expenses.

Whatever you choose to purchase, a thing is for sure: in order to find the best rates, you need to compare quotes. Comparing quotes can help you save up to 40% on your insurance costs. Since financial income is limited during retirement, finding an affordable life insurance plan is essential.

We can help you find the best life insurance rates! Click here!