Most senior residents in North America are not able to afford long-term care due to the high cost. Only a small number of seniors use their insurance to cover the costs of long term care. This is a serious issue; Many senior citizens are unprepared for these costs, putting them and their families at financial risk. There is a solution: Buying life protection can help cover all possible expenses for long-term care. There are many other benefits of buying life insurance for senior citizens as well; Find out about them below.
provide financial support to the spouse
Married elderly couples are often concerned about leaving their better half with debts after they pass away, and with good reason. Funerals in countries in North America are quite expensive – they can cost $5,000 or more. Not every family can afford these costs, and that is why life insurance comes in as a practical solution.
Life protection policies can fully cover the funeral and burial expenses of a spouse, and this coverage can provide peace of mind to the insured. Covered by a life cover policy, one can be sure that his/her significant other will get the necessary support to deal with the financial side of the funeral.
In addition, a surviving spouse can use the funds from the coverage to increase benefits from his or her pension plan.
Life insurance for senior citizens makes it easier to deal with funeral expenses, and means that financial pressure doesn’t add to an already stressful situation.
You Can Still Get Life Insurance If You’re Sick
Many insurance companies that offer traditional life cover policies often refuse to provide life cover for senior citizens with pre-conditions. A serious illness poses a higher risk to your life, not to mention the fact that advanced age also contributes to that increased risk. These are the main reasons for rejection of your life insurance application by the insurance company.
However, having a pre-condition does not mean that you are left without life coverage at all. There are many insurance companies that provide insurance for people who cannot or do not want to undergo health tests. This type of insurance, often called no medical life insuranceMedical examination is not required for eligibility; However, this feature makes the price of this type of insurance higher as compared to a traditional life cover policy.
There are two types of life insurance policies that do not require health examinations: guaranteed issue and simplified issue. The Guaranteed Exit Insurance Plan does not require any medical examination and does not require any medical questions; This means that you are automatically approved for this insurance, but you will have to wait for two years before the policy starts working. Simplified issue insurance requires you to answer a series of questions, but there is no medical exam, and the policy provides coverage from day one.
The Bottom Line: Life insurance is a reasonable option for seniors
Advances in technology and healthcare are making it possible for people around the world to live longer lives. This is the reason the senior population is outnumbering the younger population, and this is the reason more life insurance options have to come into play. Before these changes, if a person was above 60 or 70 years of age, he could not afford life insurance. Now, this is no longer an issue – older people no longer have to worry about leaving their families with nothing but emotional and financial distress. Life insurance is a helping hand thanks to which you can ensure that your family, children and spouse are financially secure.