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Baby Boomers should still consider life insurance
Do you need life insurance? Baby boomers may have more health problems, but also baby boomers have more reasons to buy life insurance.
So how can you get insurance that will accomplish your goals?
More importantly, can you get what you need at a price you can afford?
Here is our best advice regarding life insurance quotes for baby boomers.
BABY BOOMERS (BORN 1946-1964)
With retirement in mind, you want to make sure that the income you and your family rely on is protected.
Plus, most employer-provided coverage will expire upon retirement, so it’s important to consider an individual plan to continue coverage through retirement.
Using life insurance as a means of income protection can help make sure your spouse can continue to meet ongoing expenses if you were no longer there.
Support for family members who depend on you
Whether you are taking care of aging parents or adult children, it’s important to have coverage in place to help protect them.
Final expense coverage
Funerals and final expenses can be costly – having coverage in place will help to alleviate the burden on your family.
New Living Benefits Riders for Baby Boomers
You know term life insurance provides death benefit financial protection for your spouse and family.
However, you may not know that life insurance can be used for financial help when the insured has a critical illness.
What are the New Living Benefits Riders?
Accelerated Living Benefits riders are offered by a few insurance carriers on their term life insurance for baby boomers.
The way the Accelerated Living Benefits Rider works is that the insurance carrier allows you to take out part of the money from your death benefit early if you have a qualifying medical condition.
Clearly, these benefits do not replace Long Term Care Insurance. They do not offer the same amount of protection, but they can provide an additional layer of financial security during a prolonged critical illness.
What's the Cost for the Living Benefits Riders?
Nothing. The Living Benefits Rider won’t cost you any extra money on your premium! It will afford you a significant peace of mind if you are at all worried about how you would pay for expenses during an illness. Of course, taking the money out early reduces your death benefit.
However, the Accelerated Living Benefits Rider gives you the option to determine when the cash benefit will be most valuable to your family. In the past, policy owners in need of cash to live during a critical illness were often forced to sell their policies, sometimes for as little as pennies on the dollar.
The insured received the money they needed to live, but when they died, their family received nothing. The Living Benefits Rider gives you a better option…you get the money you need to live, and your family receives the balance when you die.
What Kind of Health Conditions are covered?
There are three different Accelerated Death Benefits, each of which has different provisions for how much money can accessed. (These numbers are examples from specific insurance companies.
The amounts will differ from insurer to insurer.)
• Terminal Illness: allows 100% acceleration of policy death benefit amount up to the initial face value (up to $500,000). (Each company may have different limits.)
• Chronic Illness: allows an annual maximum of 24% acceleration of the policy death benefit, up to 90% of the face value of the policy. In addition, the amount available depends on the severity of the illness and the age you are at claiming the benefit.
• Critical Illness: allows a maximum election of 90% of the policy death benefit. The amount allowed is based on the severity of the illness, its impact on life expectancy, and age at claim.,
How Can I Find Out if I Qualify?
Accelerated Living Benefits are not available in every state, and are not offered on all term life insurance for baby boomers.
To find out if you can qualify for a life insurance policy that has these free riders you should speak to an independent life insurance agent.
The Bottom Line
As you know, you can’t actually buy insurance through a quote engine. You may be able to request an application and complete a questionnaire that will answer many of the questions on the application.
However, you will need to speak with an agent to fill out the application.
Life Insurance Steps
• They will make sure you apply to the best carrier for your situation.
• The agent will answer all of your questions.
• The agent should keep you informed as your application proceeds through the underwriting process.
• The agent should monitor your case and contact you if more information, or additional forms are needed.
• It’s the agent’s job to make sure the information needed to underwrite your application is obtained in as timely a manner as possible.
• On the agent’s portion of the application it almost always asks if the agent asked all of the questions on the application.
• By choosing an independent agent, you get experience and an advocate.
• An independent agent can make sure the life insurance you’ve chosen will fulfil your goals.
• The agent will not only complete your application, they should also schedule your paramedic exam, and give you instructions to get the best results.