Determining The Right Life Insurance Options For Seniors

Determining The Right Life Insurance Options For Seniors

The inescapable fact of the matter is that purchasing a life insurance policy will cost more if you are over the age 55 than it would if you were considerably younger.

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The reason is that an insurance carrier has to accept a greater risk of having to pay on the policy and will, therefore, charge a higher price. The process of buying insurance at an advanced age is relatively complex, given the numerous options available on the market today. Though there is likely a product to suit just about every circumstance, I stand ready to assist you in identifying just the right one.

Term life insurance can make a great deal of sense, even for those who are older than the 40s. The concept is easy to understand, the products are straightforward, and the cost tends to be more affordable than other options in the same realm.

The only potential negative is that you might live longer than your policy extends. If you are concerned about paying for final expenses such as funeral costs and the like or if you wish to reduce estate tax liability, you may want to opt for a whole life policy.

Of course, you will pay higher premiums for such coverage. If there are elements of both types of insurance that appeal to you, take a look at a Guaranteed Universal Life policy. This will be less expensive than whole life, will cost a bit more than a term policy, but you don't need to worry about outliving your coverage.

Term Life Insurance

Just about everyone can benefit from a policy of term life insurance, and senior citizens are no exception. This type of policy offers the greatest amount of coverage at the most affordable price, particularly if the insured party is healthy.

A policy in this category will provide coverage during a stated period of years (typically between 10 and 30 years, in increments of five years). Premium payments remain constant over the term years. Should you decide to purchase a 10-year policy of term insurance that has a death benefit of $100,000, your premiums will be the same throughout that decade, and the designated beneficiaries will get $100,000 in the event you die at some point during the term.

If your death comes after the end of the stated term, they do not receive a payout. The only caveat regarding term policies is that you need to have no problem if you happen to outlive the policy.

Permanent Life Insurance

This variety of life insurance is designed to cover you for the remainder of your years. Your premium will stay the same each year you own the policy. Not only will you have a death benefit in place that will be paid to your beneficiaries when you die, but the policy also builds cash value which can be leveraged for borrowing.

Should you happen to die while such a loan remains unpaid, the death benefit paid out is reduced by the amount outstanding. Further, once you have died, the insurance carrier will retain the cash value of the policy.

Given the complex nature of whole life policies and the comparatively high premium cost compared to the size of the death benefit, a whole life policy only makes sense for certain types of senior citizens.

These policies can be useful if you are among those looking to reduce the estate tax implications for heirs or if you wish to leave a designated gift to a person or charitable cause, regardless of your age at death.

Guaranteed Universal Life Policies

These are policies meant to bridge the gap between the term and whole life insurance. You can determine the age at which coverage ends. This can be at a specific point in time, as would be the case with a term policy, or you can choose to have the policy in place until death, as a whole life policy would be.

Premium payments remain constant, but a guaranteed universal life policy does not have cash value the way a whole life policy does. It stands to reason that the price for this type of insurance stands betwixt the price paid for term policies and whole life coverage.

Guaranteed universal life coverage makes sense for senior citizens who want to minimize estate taxes, leave a legacy endowment, pay funeral costs, boost pension benefits or pay caregivers who help during the final years.

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You Are NOT Enough

We will never be enough, but God is always more than enough.

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Society and even the church seem to constantly encourage us with the saying "You are enough," and their intentions behind this statement are totally innocent. Something about this phrase has always bothered me, though, but I never understood why. In a sermon I heard one Wednesday night a week or so ago, the verses Proverbs 30:7-9 were used, and these verses stood out to me in a big way.

Proverbs 30:7-9

7 "Two things I ask of you, Lord;
do not refuse me before I die:
8 Keep falsehood and lies far from me;
give me neither poverty nor riches,
but give me only my daily bread.
9 Otherwise, I may have too much and disown you
and say, 'Who is the Lord?'
Or I may become poor and steal,
and so dishonor the name of my God.

The speaker was specifically focusing on verses 7-8, but the Holy Spirit kept drawing me to verse 9, even days and weeks after. So I decided to dig into it. This verse focuses on Agur (the speaker in the passage) and his tendency to sin. When he asked God to provide "only [his] daily bread," and then when he continued on to speak about the specific sins he was afraid of committing, Agur was completely and wholly surrendering his struggles with temptation and sin to God, because Agur knew he couldn't do it on his own.

Aren't we all like Agur? Because we are human, we mess up all the time and fall into sin more than we would like to admit, and many times because of this, we fall into guilt and shame. This is because, on our own, we aren't enough. If we were enough on our own, we wouldn't sin. If we were enough on our own, we would be able to save ourselves. If we were enough on our own, we wouldn't need God. But none of those statements are true, are they? In fact, it is the exact opposite because God is enough, he calls us out of sin. Because God is enough, He sent Jesus to save us from our sin. Because God is enough, He is with us in every situation because we call to Him.

How do we know that we aren't enough? Because no one is!

Every human sins, even great heroes of faith. David, one of the most well-known biblical figures: the one who killed Goliath and one of the ancestors of Jesus Christ, said in Psalm 51:5--

Surely I was sinful at birth,
sinful from the time my mother conceived me.

The beauty in realizing that you aren't enough on your own is that you don't have to be! Never in the Bible does God call us to be "enough!" He never expected us to be enough because it is impossible. God does call us to depend on Him, though. This is because God is ultimately more than enough. When we depend on God to help us keep away from sin and put in the work necessary to keep away from sin, it will be much easier. We will never be enough, but if we continuously search for our identity in worldly things and not Christ, we will be upset when we realize that we are not enough. Guess what, though, when we find our identity in what Christ says about us, we will find peace and hope because just like 2 Corinthians 12:9 says:

9 But he said to me, "My grace is sufficient for you, for my power is made perfect in weakness." Therefore I will boast all the more gladly about my weaknesses, so that Christ's power may rest on me.

God is the only one who is enough. When we depend on God for everything we will begin to see that HE is enough, and that's all we need.

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Exclusive Interview With Soul Singer December Rose

Exclusive Interview With Soul Singer December Rose

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Soul Singer Rosie La Posta who goes under the moniker of December Rose releases the ballad Hanging On. Finding a vocal style of her own, she hits all the notes effortlessly. You can hear past influences but she still keeps contemporary. Think Andra Day'smega smash Rise Up. As far the inspiration behind the song, Rosie says, "Besides the grief of a crumbling relationship, the hardest part in moving on is realizing neither person ever really closed the door. 'Hanging On' really paints the melancholy of the process." She first made waves her first single "Ball Game" which received a New Artist Spotlight award and was featured on AOL/Slacker Radio's "New Pop First" channel. Give it a stream.

Can you tell us a bit about your new song Hanging On?

For sure! So 'Hanging On' is about the "elephant in the room" everyone is ignoring. The relationship is crumbling, no one's letting go and closing the door to that chapter in their lives. The song carries listeners through the reminiscing sweet encounter and desperate plea for truth to set them free.

How would you describe your sound?

Always the hardest question to answer!! haha With all the new music I've been working on, there's been a huge musical maturation. With that said, there is a lot of influence of different genres, but to keep it simple, I'd say Adele meets One Republic, meets Gavin DeGraw, meets Amy Winehouse.

What's your song writing routine like?

This has evolved a ton over the years and still haven't really found a routine. My most creative moments are usually in the mornings, in the shower, and while on public transit around the city. Super random!!! I think on average these are the times my mind has the freedom to just think about anything. So, little melodies or song concepts might come to mind, or lyrics. Sometimes on a great day, all of these things come together at the same time. Little by little I build it. I don't force the song to come together in one day if it's not there. I let the idea "sit on the slow cooker" until it's ready (can be super quick or super long).

Are you playing any shows soon?

With the holidays approaching, no shows for the rest of 2018, but booking for 2019 already so all that information will be up on my website shortly. (https://www.DecemberRoseMusic.com)

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