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The number of 55 plus Americans has been steadily increasing as the baby boomers move into that age bracket. Additionally, more people are living longer lives. These trends have caused term life insurance prices to fall by approximately 33% in the last 10 years. To keep pace with the growing senior market many life insurance companies are expanding their product lines to provide protection that meets older people's needs.

Older consumers now have many new alternatives to choose from. Industry sources say that more recently than 10 years ago, many of these options for senior life insurance was not available. For example, term life insurance coverage is now expanded to be suitable for the purchase of older age groups with longer guaranteed insurance periods - twenty-five to thirty years, lower costs for all age groups and higher age issue. How, in fact, many companies offer life insurance for people age 80 and beyond. For older people, there are a multitude of reasons, life insurance makes sense:

Funeral expenses - Sometimes the family needs money for funeral expenses and other costs in connection with the death.

Estate taxes - Big, large real estate taxes of 37% for real estate assets of over $ 675,000. Our last fight inflation in May, some people in the real estate tax without even realizing it. Life insurance, if they are in an irrevocable life insurance trust is outside the property and can be used to make the money to pay for an inheritance tax liability.

Lifestyle maintenance - These days both spouses are working and when one dies, the other you can with a lower income. The cash inflow from the policy could be invested to a source of income which will help you for the loss of the deceased spouse's account.

Retirement Income - If the permanent (life) life of the asset value grows tax deferred. By the time you retire you have a nice cash value that you turn into a life annuity or in a money market fund for emergencies. If you do not have whole life term but have instead you can cash in other conservative assets such as CD's and purchase fixed income life insurance which covers your insurance needs and Strengthens your financial base.

Finally, there is an interesting new twist, that some seniors are busy with their life insurance life settlement. Essentially a high selling his policy to a third party for a certain amount and the investor receives the value to be paid if the person dies. It is a great controversy over this practice, so make sure you understand how it works and you should contact your lawyer before you choose this option.

Visit us to learn more about life for the elderly.

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