Financial Security

Patrick T. Davis, CSA


Whole Life Insurance coverage designed specifically to meet the needs of adults ages 55-85.  These policies typically range in coverage amounts from $5,000-$250,000.

The function of your life-insurance may have change over the course of your lifetime.  When originally purchased, perhaps when you were in your 30s or 40s, there might be a good deal of wealth and a growing family. The function of life-insurance at that time would have been to provide security and on going financial support to your loved ones in the event you died young.

For mature adults, an important function of life insurance is providing money to take care of any expenses incurred by the family after transition. 


People often leave their loved ones plenty of financial assets in their will or trust. But immediately following death, this money is likely to be tied up in legal knots. Survivors are likely to be temporarily denied access to some—or maybe even all—credit, investment, and banking accounts. This is still a problem, even if a survivor had access to their loved one's bank accounts through power of attorney. That's because you lose power of attorney immediately after the person dies.

Time will generally resolve these challenges. But in the short run, there will be lots of expenses, including funeral costs, plane tickets, and hotel costs for out-of-town family and loved ones. There will be a need for money to pay routine bills. This can leave a surviving spouse or adult children in a terrible cash crunch.

While the legal system surrounding death moves slowly, life insurance pays quickly. In addition, the beneficiary can deposit the insurance money in their own bank account, allowing them unfettered access to the cash. This will allow them to stop worrying about paying the bills.


Would you like to make a contribution to your charity in your name after you're gone?

The most straightforward approach is to designate your charity (school, hospital, church, support group, club, foundation, etc.) as the beneficiary of a permanent life iinsurance policy.

This strategy can be attractive because you can often make a larger gift — of the death benefit — than of smaller gifts of cash. For instance, a healthy adult may be able to purchase a life insurance policy costing a set number of premiums at $100-$200 a month with a $100,000 benefit. That benefit is far greater than what the person could donate to charity at one time.


If you have experience severe health setbacks and still want life inssurance, I recommend a guaranteed acceptance policy.

Guaranteed acceptance life Insurance, also known as guaranteed issue life insurance, might be just what you are looking for if you want to skip the medical exam, and the health questions and get quick coverage approval.  Following the same formula of other whole life policies, guaranteed acceptance life insurance policies will build cash value over time, for the coverage length desired, for as long as you pay the premiums. The death benefit to your heirs is typically can be as much as $25,000. 

In fully underwritten life insurance policies, you must complete a medical exam or  health questionnaire. These requirements are excluded when applying for guaranteed acceptance life insurance. It is a simple process, with quotes based solely on your age, location, and gender. You can often get approved for instant coverage in minutes, and have the peace of mind of being insured.


There is no clear-cut answer for the best type of life insurance for seniors. The questions you should ask yourself are why you need life insurance in the first place, and what your financial and health situation is. If you’re 55 or older and looking for a new life insurance policy, you will have obstacles that younger people won’t.  As an expert of 22 years life insurance experience, I can talk you through the process and togetehr we can sucure the coverage you desire. 

My mission is to make the people I serve my number one priority.

Trust and loyalty is not given. It is earned, and I will give everything I have to earn it with you.

Thanks for visiting my site.  Let's get together either in person, by phone, or by video chat soon.  

Patrick T. Davis, Certified Senior Advisor

Serving Since 2002 - NPN: 7137980

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