Why Life Insurance Matters Even If You're on Social Security
If you're living on a fixed income, it's completely normal to wonder whether life insurance is still worth it. After all, the bills are tighter and you may feel like there's no one relying on your income anymore.
But here's the truth: life insurance still matters—especially for seniors on Social Security.
The Hidden Gaps in Social Security
Many people are surprised to learn that Social Security doesn't cover funeral costs. The typical death benefit is only $255, and that's only for certain surviving spouses or children.
Meanwhile, the average funeral costs $8,000–$12,000 depending on where you live.
That means your loved ones could be left with thousands in bills if you don't have a plan in place.
So What Does Life Insurance Do?
Even a small policy—$10,000 to $25,000—can:
- Cover funeral or cremation costs
- Pay off small debts or lingering medical bills
- Leave a little something behind for your family
And the best part? You don't need perfect health or a medical exam to qualify.
Affordable Options for Seniors
There are plans available specifically for seniors, including final expense life insurance. These policies are designed to work with your budget and lifestyle:
- Fixed premiums that never go up
- No medical exams
- Lifetime coverage