Life insurance is an often misunderstood form of insurance. Many people know little about how it works and who and when one should get it. We understand this, and our Michigan team at Shield Insurance Agency is dedicated to helping people understand the benefits of life insurance and how it works.
What is life insurance?
In short, life insurance is like any insurance in that a person enters into a contract to pay a certain fee for a set period so that the person’s named beneficiary receives a lump sum payment once the policyholder passes away. However, other life situations besides death can trigger payments to a beneficiary. Some policies include clauses for terminal or critical illnesses as well. Life insurance can cover burial costs, final expenses, and more. The beneficiary receives a lump sum of money and can use the funds any way they see fit. Life insurance is commonly used to cover estate taxes as well as debt.
I have just retired and don’t have life insurance. Can I still get it?
Yes. Finding a company that will insure you may be difficult, but it is possible to get life insurance after retirement. Depending on your age, many companies that do insure you will likely only approve a term life possibly instead of a whole life policy. However, you will likely pay more for life insurance as an older person. Typically, older persons who are 80 years of age or older may be rejected for life insurance. This includes term life insurance. If you have questions regarding life insurance, call us. We know that navigation life insurance can be confusing. We’d happily answer your questions and help you explore your options.
