Most North American seniors are unable to afford long-term care because of the high costs. Only a few seniors use their insurance to cover long-term care expenses. This is a serious problem; too many seniors are not prepared for these costs, leaving them and their families at financial risk. There is a solution: purchasing life protection can help cover all possible long-term care expenses. There are also many other benefits of purchasing life insurance for the elderly; discover these below.
Provide financial support for the spouse
Older married couples are often worried about leaving their better half with debt after death, and for good reason. Funerals in North American countries are quite expensive: they can cost up to $ 5,000 or more. Not all families can afford these costs, which is why life coverage is a practical solution.
Life insurance policies can fully cover the expenses of a spouse’s funeral and burial, and such coverage can bring some peace of mind to the insured person. Covered by a life protection policy, the individual can be confident that his significant other will receive the support he needs to deal with the financial side of a funeral.
In addition, a surviving spouse can use the coverage funds to increase the benefits of their retirement plan.
Life insurance for the elderly simplifies the management of the expenses of a funeral and this means that the financial pressure does not add to the already stressful situation.
You can still get life insurance if you are sick
Many insurance companies that offer traditional life protection policies often refuse to provide life protection for the elderly who have pre-conditions. A serious illness represents a high risk for your life, not to mention the fact that old age also contributes to this increased risk. These are the main reasons why an insurance company will reject your life insurance application.
Having a pre-condition does not at all mean that you are left without life cover. There are many insurance companies that offer insurance to people who are unable or unwilling to undergo a health examination. This type of insurance, often called no medical life insurance, does not require a medical examination for qualification; however, this feature also increases the price of this type of insurance, compared to a traditional life protection policy.
There are two types of life insurance policies that do not require a health examination: guaranteed issue and simplified issue. The guaranteed emissions insurance plan does not require medical tests and medical questions; this means that you are automatically approved for this insurance, but you will have to wait two years before the policy starts working. Simplified emission insurance requires you to answer a series of questions, but no medical examination is required and the policy provides coverage from day one.
The bottom line: life insurance is a reasonable choice for the elderly
Advances in technology and healthcare are making it possible for people around the world to live longer lives. This is why the elderly population far outweighs the youth population, and it is also why more life coverage alternatives need to come into play. Before these changes, life insurance could not be afforded if they were over 60 or 70 years old. Now, it’s no longer a problem: older people no longer have to worry about leaving their families with nothing but emotional and financial distress when they are gone. Life insurance is a useful hand thanks to which you can be sure that your family, your children and your spouse are financially secure.
by Jack Tereshkov