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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 May 28, 2020

How to Overcome Boredom

How to Overcome Boredom

Have you ever been bored? Restless? Fidgety? In need of some inspiration?

I have a theory on boredom. I believe that the rate of boredom has increased alongside the pace of technology.

If you think about it, technology has provided us with mobile phones, laptops, Ipads, device after device – all to ultimately fix one problem: boredom.

What is Boredom?

We have become a global nation that feeds on entertainment. We associate ‘living’ with ‘doing’. People now do not know how to sit still, and we feel guilty when we are not doing anything. Today, inactivity has become the ultimate sin.

You might not realize it, but boredom stimulates a form of anxiety and stress. It evokes an emotional state that creates frustration and feeds procrastination.

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It’s a desire to be ‘doing something’ or to be ‘entertained’ – it’s a desire for sensory stimulation. What it boils down to is a lack of focus.

If you think about those times when you’re bored, it’s usually because you did not know what to do. So, indecision also plays a big part.

When we are focused on what’s important to us and what we want to achieve, it’s pretty hard to be bored. So, one answer to boredom is to become focused on what you want.

Sometimes It’s Good to Be Bored

If boredom is a desire for sensory stimulation – then what’s the opposite of that? To be content with no stimulation – in other words – to enjoy stillness.

Sometimes, it’s not boredom itself that causes the frustration but the resistance to doing nothing.

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Think about it. What would happen if you were to ‘let go’ of the desire to be entertained? You wouldn’t be bored anymore, and you will feel more relaxed!

In my experience, it’s often the most obvious, simplistic solutions that are the most powerful in life. So, when you’re bored, the easiest way to combat this is to enjoy it.

It may sound weird but think of ‘boredom’ as a form of ‘relaxation’. It’s a break from the constant stimulation that 21st-century living provides – constant TVs, mobile phones, radios, internet, emails, phone calls, etc.

Who knows, maybe ‘boredom’ is actually good for us?

Next time you’re ‘feeling bored’ instead of feeding the frustration by frantically looking for something to do, maybe you can sit back, relax, and savor the feeling of having nothing to do.

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In this article, I’ll share with you my 3-step strategy on how to overcome boredom.

3-Step Strategy to Overcome Boredom

1. Get Focused

Instead of chasing sensory stimulation at random, focus on what’s really important to you. Focusing on something important helps prevent boredom because it forces you to utilize your time productively.

You should ask yourself: what would make good use of your time? What could you be doing that would contribute to your major goals in life?

Here are a few ideas:

  • Spend some time in quiet contemplation considering what’s important to you.
  • Start that creative project you’ve been talking about for the last few weeks.
  • Brainstorm: think of some ideas for new innovative products or businesses.

2. Kill Procrastination

Boredom is useful in some ways because it gives you the energy and time to do things. It is only a problem if you let it. But if you use it to motivate yourself to be productive, then you can more easily overcome boredom.

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So, the next time you’re bored, why not put this good energy to use by ticking off those things that you have been meaning to get done but have been too busy to finish? This also presents a great time for you to clear your to-do list.

Here are some ideas:

  • Do some exercise.
  • Read a book.
  • Learn something new.
  • Call a friend.
  • Get creative (draw, paint, sculpt, create music, write).
  • Do a spring cleaning.
  • Wash the car.
  • Renovate the house.
  • Re-arrange the furniture.
  • Write your shopping list.
  • Water the plants.
  • Walk the dog.
  • Sort out your mail & email.
  • De-clutter (clear out that wardrobe).

3. Enjoy Boredom

If none of the above solutions work, then you can try a different approach. Don’t give in to boredom and instead choose to enjoy it. This doesn’t mean allowing yourself to waste your time being bored. Instead, think of it as your time to relax and re-energize, which will help you be more productive the next time you work.

Contrary to popular belief, we don’t need to be constantly doing things to be productive. In fact, research has shown that people are more productive when they take periods of rest to recharge.[1] Taking breaks once in a while helps boost your performance and can help make you feel more motivated.

So, take some time to relax. You never know, you might even like it.

Final Thoughts

Learning how to overcome boredom may be difficult at the beginning, but it can be easier if you make use of some techniques. You can start with my 3-step strategy on how to overcome boredom and work your way from there. So, ready your mind and make use of these tips, and you will be overcoming boredom in no time.

More Tips on Overcoming Boredom

Featured photo credit: Johnny Cohen via unsplash.com

Reference

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