If you are a senior citizen and have been recently widowed, you may be interested in how much your beneficiaries would receive should you pass away without a will. Life insurance is one of the best investments you can make for yourself and your family and a well-written policy will allow you to get the best benefits possible.

The first thing to consider when purchasing a policy is the type of insurance payout you need. If you were married for a number of years, then your policy would likely include a death benefit that pays out to your beneficiary in case of your passing. Your policy will also cover the funeral expenses of your spouse if you die without leaving a will. In most standard policies, the death benefit and life coverage are typically addressed in the same clause where some do actually provide a life or death insurance payout after you pass away.

If you are single and not married, then you may want to consider purchasing an insurance policy that covers your funeral expenses and burial expenses, but you should be sure you get a clause in your insurance policy that allows you to choose how much money your loved ones receive upon your death. Usually, there is a specific amount of money in your insurance policy that a beneficiary can receive after the death of the insured, which is called the "incontestability" clause.

If you purchased life coverage after you were married, then there is no need to worry about whether you are legally permitted to do so. Many life policies that you purchase today will give you the legal right to continue to pay premiums until the time you die without being required to have it verified through a will. However, it is wise to consider purchasing a Life Insurance Suicide Payout policy to help ensure that your dependents are able to cope with your death.

There are a number of things that you can do to ensure that you have the best possible insurance policy for your family if you should pass away without leaving a will. For example, if you were married for a number of years and you plan to die unmarried, then purchasing a Term Life Insurance policy with a one-year or ten-year premium term may be a better choice than purchasing an insurance policy with a five-year or 30-year premium.

Term insurance can be purchased in either a whole or a term form. The whole policy is the most cost effective way to insure your property against the risk of death, whereas the ten or 30 year term forms are designed to insure property against the risk of disability or life extension. You may also find that you will save money by choosing the term type over a universal insurance policy.

Another good reason to buy a suicide payout is to provide funds to pay for college education or medical bills for the dependent children. While the insurance company is obligated to payout any other expenses related to your demise, they do not have to pay for tuition costs. The amount of your insurance payout depends on several factors including the age and medical history of your beneficiaries, their health, and your state of residence.

The above are just a few examples of the many reasons you may want to buy an insurance policy if you are unmarried. If you do not have enough money to cover your dependents in the event of your death, you may want to consider purchasing a Life Insurance Suicide Payout policy to ensure your family has the necessary funds to go to school or pay for medical bills should you pass away.