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Do the elderly need life insurance?

It is obvious why young adults need life insurance. Often times they are the sole provider for their families, and their loss would completely devastate their family. But what of the elderly whose families have long since moved on? What possible need for life insurance would they have? When you consider the costs of life insurance is it really worth it? Yes, but maybe not for the reasons one might expect. The obvious reason is to leave a little nest egg for their loved ones when they are gone. A big enough life insurance policy can provide a nice inheritance for loved ones after they are gone. The more hidden costs of death can end up nickel and diming those left behind. Coffins, funeral home costs, burial plots or cremation fees, and there are many costs that come up after death that most people have not even thought of let alone planned for. A solid life insurance policy can protect those you love from being burdened by your passing. Not to mention paying off any outstanding debts you may owe. All of these reasons provide a resounding yes life insurance is important for the elderly.

Tips for finding better life insurance quotes

It is a sad fact that as you get older the rates for life insurance rise. This is due to the fact that elderly people are a higher risk to the company that is insuring them. This can be mitigated though a little elbow grease. Even though many companies will raise rates on the elderly, not all of them do. Using the internet to quickly sort though many companies can help lower the costs per month, and can get you a higher payout than you may have gotten by simply taking the first one to come along. There are some things that you should keep in mind beyond costs when sorting through various companies.
1) Is the policy guaranteed to be renewed? If the policy cannot be renewed then it means you will have to do this whole process over again when the policy lapses, and by then you may not be in the same condition to get a better deal.
2) Renewal requirements: You should be on the lookout for policies that require you to get a medical checkup in order to be renewed, much for the above reason.
3) Fixed premiums: If you can try and find a life insurance policy whose premiums don't increase. Some companies will adjust the amount you have to pay them per month to keep up with you age.