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Benefits of Life Insurance for People Over 80

Benefits of Life Insurance for People Over 80

Almost every person needs a sound financial plan to meet their life goals. The life goals include growing older, starting business ventures, or maybe getting some employment opportunities, getting married, having extended families and then giving a sound and safe future, not only to their extended family but also to themselves.

It is difficult to reach life goals without having financial backup. At a young age, people try to grab every possible opportunity to increase their earning potential. But, at retirement age, how much we are earning and how much we can spend matters a lot. Here, the concept of life insurance plays an important role. A little investment in a life insurance policy can be beneficial for the people of old age.

You’ll be motivated to be healthier since a healthy lifestyle yields lower interest rates.

Generally, with an increase in age, the rates of life insurance become more expensive. But it is important to remember that age is not the only factor that is considered by the insurance companies as they determine the insurance rate. There are several other factors  that come into play, such as the current state of health, hobbies, lifestyle, profession, family history, and some other traits of the applicant.

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It is possible to get a better rating and lower premium by changing an unhealthy lifestyle and making it better. Taking good care of your health and being in good shape also helps.

You can use it as replacement income.

Life insurance equals income replacement.

Getting a life insurance at that age has several benefits. One of the advantages is that it can be an income replacement vehicle for senior citizens. There are so many senior citizens who are dependent on income that comes from pensions. When one spouse dies, it is possible that the pension income will also stop.

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This will create a lot of financial problems for the living spouse. They may be left with no income to pay for their living expenses. Having life insurance will allow the living spouse to replace that lost pension income. This way, senior citizens will be able to live comfortably without having to worry about their daily expenses.

It will relieve the financial burden of your death for your family members.

Life insurance is a very good way for people over 80 to save their families from any financial burden. Life insurance will save the family from expenses such as the funeral, death expenses, and medical bills. It is also good to plan for mortgage payments, personal loans, business loans, and credit card bills.

It will help cover estate taxes.

On many occasions, there can be an issue when it comes to estate taxes. It is possible that people who owe estate taxes at death are liable for paying more than half of their estate’s value. In such situations, very little is left for the loved ones. A life insurance policy is useful in such circumstances because it can help in paying these taxes. The family assets will be left completely for the family.

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You can get bonus amounts from it.

Besides this, some of the life insurance policies also offer extra bonus amounts in the form of annual dividends for the policyholders. These annual dividends are a source of extra income rather than an investment for the policyholders. Another benefit is that these policies can be converted into cash when needed.

You may not have to get a medical exam if your health is bad.

For people who are over 80 and not in good health, there is a no-medical exam life insurance policy. This policy can be very helpful in providing the god alternative for getting the coverage that is required. This coverage is guaranteed as soon as the premium is paid by the applicant. This is very beneficial as its coverage is guaranteed without any regard to the person’s present health or the health history.

It can be a challenge to look for a life insurance policy for seniors over 80 because the types of policies available are limited. But if you know where to look, the process can be very easy. A life insurance policy is important and profitable for senior citizens, since it helps in creating a financial cushion.

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Featured photo credit: Grandma by Shawn Allen via flickr.com

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Last Updated on October 6, 2020

6 Signs It’s Time to Change Your Life

6 Signs It’s Time to Change Your Life

Is it time to make some changes in your life? It just might be. Life is too short to not live it to the fullest.

Here are some signs it’s time to change your life.

1. Every week, you cannot wait for Friday.

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    Fridays are fun, but one thing I’ve discovered in my quest to find and do work I absolutely love is that almost every day can be really fun. If you’re saving all your living for the weekends, it’s time to truly think about your lifestyle and consider making some changes. Don’t get me wrong; it’s great to have plans you look forward to on the weekends, but what if you could have that excited Friday feeling most, if not all, days of the week? It takes a lot of self-discovery and work, but it’s truly possible to live a life you love—even on Mondays.

    2. You live for your vacations.

    Vacations are great, but what’s even better is building a life you don’t need to take a vacation from. As Seth Godin said, “Instead of wondering when your next vacation is, maybe you should set up a life you don’t need to escape from.” Vacations are fun and exciting, but even better is building a life where you have the potential to do what lights you up many weeks of the year, not just your two allotted vacation weeks.

    3. When you stop and think about it, you’re really not focusing your life on your priorities.

    Write down your 3 top priorities. Then write down the 3 things you focus most of your life on. Are you spending your time living your top priorities? Consistently spending time doing what matters most to you is one of the keys to feeling fulfilled in your life. If you’re not focusing your life on what’s important to you, it’s time to make some changes.

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    4. You have no idea what lights you up, and you don’t have the space in your life to discover it.

    If you haven’t found your passion in your current life, you’re not going to find it if you continue to do your same routine, over and over, year after year. In order to discover what lights you up, start by creating the space in your life to seek it. Give yourself time to figure out who you are, what your strengths are, and what picques your interest. Experiment with learning new things, spending time with inspiring people, and doing more of what excites you and less of the things that suck your energy.

    5. You’re frequently jealous.

    If you find yourself frequently feeling jealous of someone, there are 3 changes to consider making:

    1. Make a point to focus on your path instead of his or her journey. Sometimes this involves taking a break from social media.
    2. Get inspired from the person you’re jealous of, and work toward a similar goal in your life.
    3. Decide what the other person has is not something you are willing to put in the effort to achieve, so you’ll cheer him or her on but choose to not be jealous.

    When you are feeling jealous, consider why you want what the other person has, and what your motives are. Living a life on your terms, focused on your priorities, passions, and strengths, will provide you with much more fulfillment than trying to be somebody else.

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    6. You can’t remember the last time you stepped out of your comfort zone.

    According to Neale Donald Walsch, “Life begins at the end of your comfort zone.” Your life can become even more amazing if you stretch beyond your comfort zone. If you’re not sure where to start, try the tips in this article about small ways to step out of your comfort zone.

    Life is too short to spend your years not living to your full potential. If you decide you’re ready to change your life, I encourage you to start taking small action steps toward the life you want to live. Keep moving forward.

    Check out this video if you’re ready to make a change in life:

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    Featured photo credit: Lauren McKinnon/https://flickr.com via flickr.com

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