We get a lot of inquiries for senior life insurance, even for life insurance for age 85 and older. Does it make sense? Obviously, the older one gets the higher the premium (price) for life insurance. Is it a good idea? You should look at it as an economic decision. There are several reasons to get life insurance over age 65. Your net worth may have grown to the point where there will be estate and inheritance taxes that will cut down what is passed to the next generation. A solution can be life insurance placed in an irrevocable life insurance trust (ILIT) that would create funds to pay taxes and if done right, those funds would go to the next generation free of any estate or income taxes. If both husband and wife are still living, a type of insurance policy one could use for this purpose would be survivorship life insurance (this kind of life insurance policy also goes by other names such as Joint and Survivor life, Second to Die life insurance, Survivor Life Insurance even Joint Life Insurance). A survivorship life insurance policy pays the insurance amount after both wife and husband have passed away. This makes it less expensive than an individual policy that insures one person. By the way this kind of plan is also used for parents of children with special needs. Read about joint and survivor life insurance at http://www.lifeinsure.com/lifeinsurance/survivorship.asp You might want to leave funds to children or to your spouse to help them financially. In that case you should look at getting a permanent life insurance policy such as whole life insurance or universal life insurance. Term life insurance does not make as much sense at older ages. The decision for you to make is whether the amount that it will cost you each year is worth the benefit. You can look at the cost of life insurance as a discounted amount paid each year. For example if the premium for a $1 million policy is $50,000 per year at age 70 then the “discounted cost” is 5% of the benefit per year. In that example you’d pay 5 cents per year for each dollar of eventual benefit. With a guaranteed whole life policy or guaranteed universal life that $1,000,000 of eventual is guaranteed to be paid at death and will be paid free of income tax when left to a named beneficiary. To get more information or get personalized life insurance quotes for permanent life insurance such as whole life or universal life go to Lifeinsure.com.

First Coast News in Jacksonville, Florida reported that members of the military who were affected by Hurricanes Katrina and Rita can have additional time to change their Servicemembers’ Group Life Insurance coverage. The Department of Defense extended the deadline from to November 30 for troops impacted by the storms. The maximum coverage increased to $400,000 in September. U.S. servicemembers enrolled in the SGLI program were automatically increased up to that amount. Members of the armed services who want to keep the full $400,000 of coverage do not have to do anything. However, if to decline or reduce your coverage, you will have to fill out a new SGLV 8286 form. For that form or for full information go to http://www.insurance.va.go. For additional information on life insurance or to get instant quotes for term life insurance, return of premium life insurance or universal life insurance go to www.lifeinsure.com