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The number of Americans 55 years has risen steadily since the baby boomers enter this age group. In addition, more people live longer. These trends have caused the prices of term life insurance from year to decline about 33% in the last 10th Meeting the growing senior life insurance companies in many markets are expanding their product lines to provide protection needs that is real old.
Older consumers now have many newAlternatives to choose from. Industry sources say that even 10 years ago, many of these options for senior life insurance was not available. For example, the term life insurance coverage is now extended to the right to purchase at a later age with more than guaranteed insurance periods - 25-30 years, reducing costs in all age groups and the problem of older . As a matter of fact, many companies offer life insurance for people 80 years and beyond. Tothe elderly, there are a number of reasons, life insurance makes sense:
funeral expenses - Sometimes the family needs money to pay other costs associated with death and funeral expenses.
property taxes - Big cabins have large tax from 37% for real estate over $ 675,000. Our support rapid inflation have prompted some people in the inheritance tax, without knowing too much. Life insurance if there is life in the life of a firm commitmentinsurance is out of the trust property and can be used to provide funds to pay for all real estate tax bill.
Lifestyle maintenance - These days, both spouses work and if one dies the other can be left with a reduced income. The proceeds of the policy could be invested to generate revenue that will help the loss of salary of the deceased spouse would have produced.
Retirement Income Act - If the permanent (life) life of the asset grows tax deferred. When you retire there will be a nice cash value that will transform you into an annuity, or simply put you have for emergencies in a money market fund. If you do not have all my life, but rather that the duration can be money, other conservative values, such as CDs and fixed income sales of life insurance provides coverage on your insurance needs and strengthens your finances.
Finally, there is a very interesting new feature that some seniors are in their intervention> Insurance called Life Settlement. In essence, a senior his policies sold to third parties for a certain amount and pay the investor the value when the person dies. There are a lot of controversy about this practice in order to ensure that they understand how it works and check with your lawyer before you choose this option.
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