Actually this is more of a
question to the client that how much life insurance he/she needs. The senior
citizen who is buying the premium will have to answer this. Different people
have different needs and thus the amount of desired coverage would be different
as well. You must anticipate where you would be needing money for. Then
shortlist the necessarily and try to calculate how much money would be needed
there. This is how the client himself would need to calculate the coverage.
The first priority is always the
final expense. You need a lot of arrangements for funeral and burial expense
and for a proper guidance ask for a help from experts in your area. Today even a
moderate final ceremony program needs around $7k to complete. If you want the
relatives to join the program, then it could up to $15k. It includes catering,
floral arrangement, burial place, casket, cremation, accommodation and airfare
of the relatives who is joining the ceremony and so on. So, the amount needed
for final expense is a hectic one for sure. In such case, you must not ignore
it and burden to the family. You should have enough coverage that can cover
this cost.
The next concern is probably the
debt that you made in earlier life. It could be from financial institute or
from other persons. So, they will surely contact your family after you pass
away. This will definitely come as a burden to the family. To help family from
such weird situation, you should leave money which can be used to pay the debt.
This is quite possible when you have a senior life insurance. There is another
thing such as estate taxes which should be paid as well. All these will be done
through the death benefits of a life insurance program. So, you must now
realize that why you need a life insurance.
There are tons of insurance
providers in the market today who can offer decent offer to the client. So, you
should not worry much about it. But you should definitely know how to find a
decent package. This is also important to choose an insurance provider who is
quick to release death benefits. You should get the death benefit right on the
day of demise to make sure it covers the final expense and other costs
associated with it.
