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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 March 24, 2021

8 Smart Home Gadgets You Need in Your House

8 Smart Home Gadgets You Need in Your House

We’ve all done it. We’ve gone out and bought useless gadgets that we don’t really need, just because they seemed really cool at the time. Then, we are stuck with a bunch of junk, and end up tossing it or trying to sell it on Ebay.

On the other hand, there are some pretty awesome tech inventions that are actually useful. For instance, many of the latest home gadgets do some of your work for you, from adjusting the home thermostat to locking your front door. And, if used as designed, these tools should really help to make your life a lot easier—and that’s not just a claim from some infomercial trying to sell you yet another useless gadget.

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Take a look at some of the most popular “smart gadgets” on the market:

1. Smart Door Locks

A smart lock lets you lock and unlock your doors by using your smartphone, a special key fob, or biometrics. These locks are keyless, and much more difficult for intruders to break into, making your home a lot safer. You can even use a special app to let people into your home if you are not there to greet them.

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2. Smart Kitchen Tools

Wouldn’t you just love to have a pot of coffee waiting for you when you get home from work? What about a “smart pan” that tells you exactly when you need to flip that omelet? From meat thermometers to kitchen scales, you’ll find a variety of “smart” gadgets designed to make culinary geeks salivate.

3. Mini Home Speaker Play:1

If you love big sound, but hate how much space big speakers take up, and if you want a stereo system that is no bigger than your fist, check out the Play:1 mini speaker. All you have to do is plug it in, connect, and then you can stream without worrying about any interruptions or interface. You can even add onto it, and have different music playing in different rooms.

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4. Wi-Fi Security Cameras

These are the latest in home security, and they connect to the Wi-Fi in your home. You can use your mobile devices to monitor what is going on in your home at all times, no matter where you are. Options include motion sensors, two-way audio, and different recording options.

5. Nest Thermostat

This is a thermostat that lives with you. It can sense seasonal changes, temperature changes, etc., and it will adjust itself automatically. You will never have to fiddle with a thermostat dial or keypad again, because this one basically does all of the work for you. It can also help you to save as much as 12% on heating bills, and 15% on cooling bills.

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6. Smart Lighting

Control your home lighting from your remote device. This is great if you are out and want to make sure that there are some lights on. It is designed to be energy efficient, so it will pay for itself over time because you won’t have to spend so much on your monthly energy bills.

7. Google Chromecast Ultra

Whether you love movies, television shows, music, etc., you can stream it all using Google Chromecast Ultra. Stream all of the entertainment you love in up to 4K UHD and HDR, for just $69 monthly.

8. Canary

This home security system will automatically contact emergency services when they are needed. This system offers both video and audio surveillance, so there will be evidence if there are any break-ins on your property. You can also use it to check up on what’s happening at home when you are not there, including to make sure the kids are doing their homework.

Featured photo credit: Karolina via kaboompics.com

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