Due to increased life expectancy, it has become essential for seniors to get a life insurance plan. According to the Social Security Administration, the average lifespan of women and men is 87 and 84 respectively, which clearly demonstrates the need for prolonged financial protection. However, a life insurance not just safeguards a senior’s financial interests but also secures the future of their loved ones. Read further to know how a good senior life insurance plan can help in preparing for unexpected events in the long run.
Financial support
Retiring from work is a gateway to the golden years. However, it doesn’t change the fact that there are still bills to pay, which can be managed with your pension, savings, or another income source. However, the income after retirement might not be enough to handle your rising needs. So, having a good senior life insurance at your disposal will keep your free from anxieties if any emergencies were to arise.
Medical and funeral costs
The healthcare facilities are only becoming pricier with every passing day which is causing a lot of strain on families and increasing the debts. Having a life insurance policy as a backup will help deal with any major medical cost. Like healthcare, funeral expenses are expected to skyrocket in the next few years. Currently, the average funeral expense is around $11,000, excluding food for guests and obituary flowers. Again, this can increase the monetary pressure on loved ones, ultimately leading to more liability. A senior life insurance policy ensures that the beneficiaries don’t have to struggle financially during such emotionally challenging period.
Debt
Numerous adults aren’t able to pay off their debt even after retiring. This could be a mortgage or a home or student loan for their children. Furthermore, having any big-ticket expenses such as hospital expenses be more distressing. In the event of a demise, your family might be responsible for paying off these debts. Therefore, having a senior life insurance is a strong backup to avoid any inconvenience for you and your family.
Protection against estate taxes
Seniors with large or multiple estates can consider getting a life insurance to transfer a considerable amount of wealth to their children. The estate tax will be calculated on the basis of the net worth of the senior and the property. This means the higher the net worth the higher will be the tax liability, i.e., the inheritance tax that has to be borne by the children.
If you are planning to get senior life insurance soon, you can consider signing up for a plan offered by popular companies such as New York Life, American National, Banner Life, Mutual of Omaha, Transamerica, Fidelity Life, and Northwestern Mutual.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.