Being a single mom is a difficult task, as one has to be both a mom and a dad for the child. This is precisely the reason why you need to purchase a life insurance for the sake of your child. As a young single mom, you can easily find yourself in a financial struggle, as looking after a child on a single pay check makes things that much more difficult. As the child grows up, the expenses rise as well, and consider this: you’re the only one your child has, what would happen once you pass away? How will they financially fend for themselves? This is precisely why a young single mother needs to get a life insurance, and the reasons are no different for single moms over the age of 65. Even they want to leave behind something for their kids, and so, keep reading to know more about getting a life insurance over 65.
Single Moms Over 65
By this age, you have most probably retired or are about to retire. Therefore, wanting to enjoy the remaining years of your life without needing to work is natural. If you have already bought a life insurance plan in your earlier years, then you no longer need to worry. And even if you haven’t, then getting a life insurance plan at the age bracket of 60-65 is no big deal these days, as people tend to live much longer than that and insurance companies no longer consider these insurances to be a threat.
This is why health insurances for seniors are not as expensive as they used to be. Nowadays, health insurances eliminate the need for medical checkups for seniors, which is another reason as to why these insurances are not as expensive anymore. Purchasing a life insurance at this age does not only ensure that you’re looked after, but it also ensures that your children are looked after as well if you pass away.
This is especially important for those that had children later in life or for those who have disabled children that need looking after, as parents of dependent children need to think about issues as such. For more reasons as to why you should purchase a life insurance at the age of 60+, click here http://www.wealthsmart.com.au/life-insurance-comparison/ages-60-plus/
Types of Life Insurances
Those above the age of 60 or 65 have a few options that they can look into, which are:
- Trauma insurance: An amount of sum will be given to your beneficiaries or to you if you’re diagnosed with a life-threatening disease. This insurance can be purchased until the age of 65; it finally expires on the insurance holder’s 70th birthday.
- Life cover: This can be bought until the age of 75 and the policy does not expire. The amount of premium that you have to pay will depend on the type of policy that you purchase. In some cases, you won’t have to pay your premiums until you’re 90 years old. Your beneficiaries will receive the money after your death.
- Funeral insurance: Although most insurances include a funeral insurance, just in case yours doesn’t, you can arrange for one separately.