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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 August 4, 2020

8 Benefits of a Minimalist Lifestyle That Get You to Live With Less

8 Benefits of a Minimalist Lifestyle That Get You to Live With Less

Minimalism is a way to put a stop to the gluttony of the world around us. It’s the opposite of every advertisement we see plastered on the radio and TV. We live in a society that prides itself on the accumulation of stuff; we eat up consumerism, material possessions, clutter, debt, distractions and noise.

What we don’t seem to have is any meaning left in our world.

By adopting a minimalist lifestyle, you can throw out what you don’t need in order to focus on what you do need.

I know first hand how little we actually need to survive. I was fortunate enough to live in a van for four months while traveling throughout Australia. This experience taught me valuable lessons about what really matters and how little we really need all this stuff we surround ourselves with.

Less is more.

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Living a minimalist lifestyle is reducing.There are a few obvious benefits of minimalism such as less cleaning and stress, a more organized household and more money to be found, but there are also a few deep, life-changing benefits.

What we don’t usually realize is that when we reduce, we reduce a lot more than just stuff.

Consider just some of the benefits of living with fewer possessions:

1. Create Room for What’s Important

When we purge our junk drawers and closets we create space and peace. We lose that claustrophobic feeling and we can actually breathe again. Create the room to fill up our lives with meaning instead of stuff.

2. More Freedom

The accumulation of stuff is like an anchor, it ties us down. We are always terrified of losing all our ‘stuff’. Let it go and you will experience a freedom like never before: a freedom from greed, debt, obsession and overworking.

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3. Focus on Health and Hobbies

When you spend less time at Home Depot trying unsuccessfully to keep up with the Joneses, you create an opening to do the things you love, things that you never seem to have time for.

Everyone is always saying they don’t have enough time, but how many people really stop and look at what they are spending their time doing?

You could be enjoying a day with your kids, hitting up the gym, practicing yoga, reading a good book or traveling. Whatever it is that you love you could be doing, but instead you are stuck at Sears shopping for more stuff.

4. Less Focus on Material Possessions

All the stuff we surround ourselves with is merely a distraction, we are filling a void. Money can’t buy happiness, but it can buy comfort. After the initial comfort is satisfied, that’s where our obsession with money should end.

We are bombarded by the media presenting promises of happiness through materialistic measures. It’s no wonder we struggle everyday. Resist those urges. It’s an empty path, it won’t make you happy.

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It’s hard not to get roped into the consumerism trap. I need constant reminders that it’s a false sense of happiness. I enjoy stuff, but I also recognize that I don’t need it.

5. More Peace of Mind

When we cling onto material possessions we create stress because we are always afraid of losing these things. By simplifying your life you can lose your attachment to these things and ultimately create a calm, peaceful mind.

The less things you have to worry about, the more peace you have, and it’s as simple as that.

6. More Happiness

When de-cluttering your life, happiness naturally comes because you gravitate towards the things that matter most. You see clearly the false promises in all the clutter, it’s like a broken shield against life’s true essence.

You will also find happiness in being more efficient, you will find concentration by having refocused your priorities, you will find joy by enjoying slowing down.

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7. Less Fear of Failure

When you look at Buddhist monks, they have no fear, and they have no fear because they don’t have anything to lose.

In whatever you wish to pursue doing you can excel, if you aren’t plagued with the fear of losing all your worldly possessions. Obviously you need to take the appropriate steps to put a roof over your head, but also know that you have little to fear except fear itself.

8. More Confidence

The entire minimalist lifestyle promotes individuality and self reliance. This will make you more confident in your pursuit of happiness.

What’s Next? Go Minimalism.

If you’re ready to start living a minimalist lifestyle, these articles can help you to kickstart:

Featured photo credit: Unsplash via unsplash.com

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