Why Must Senior Couples Purchase Elderly Life Insurance If They Are Divorced?

 Seniors couple who are divorced should consider keeping their life insurance policies if they have children who are financially dependent. Life insurance proceedings can be redirected to a different person like your children and other organizations.

Who keeps the life insurance policy after a divorce?

life insurance 1 millionLife insurance is not an asset and it is rarely the case that it s taken into account during divorce proceeding. The policy belongs to the insured, the one that pays the premiums, and he or she can keep it or cancel it.

In some cases, the court may decide to keep your ex-spouse as a beneficiary as a way of providing for the children. However, it is possible to directly name your children as beneficiaries.

Do you need life insurance as a divorced senior?

In some cases, everyone, no matter how old, needs life insurance. If you have dependents, life coverage can help protect your loved ones by covering financial expenses if and after you die. Seniors do not have many options of getting life coverage, but there are some policies accessible to them.  If you are older than 65 years, you can purchase final expense insurance and simplified issue, which are life insurance plans that do not require a medical examination!

Simplified issue is a policy that provides temporarily life coverage. Most policies offer coverage for 20 years, but you can choose the period yourself. In order to qualify for a plan, you have to complete a medical questionnaire. You have to answer “no” to most medical questions in order to be eligible for a plan!

Final expense insurance is a small face value policy which is mainly used for covering funeral expenses. This policy provides permanent coverage, but it is limited to just $50,000. The benefit is also graded which means that your beneficiaries will not receive any payment from the company if you die during the first two years.

Life insurance policies that do not require a medical examination are issued in 24 hours and it is easy to qualify for them, but they are also expensive and offer limited coverage!

If you want to find affordable life insurance for seniors, visit our website and compare quotes!