Majority of elderly residents of North America cannot afford long term care due to the high cost. Only a few seniors use their insurance to cover the costs of long-term care. This is a serious problem; too many seniors 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 also several other advantages to purchasing life insurance for the elderly; Check them out below.
Provide financial support to your spouse
Older married couples are often anxious about leaving their other half in debt after they die, 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 fees and that's why life coverage is a practical solution.
Life insurance policies can fully cover the cost of a spouse's funeral and burial, and this coverage can provide some peace of mind to the insured person. Covered by a life protection policy, the individual can be confident that their spouse will receive the necessary support to deal with the financial aspect of a funeral.
In addition, a surviving spouse can use the funds from the coverage to increase their pension plan benefits.
Life insurance for the elderly simplifies the management of funeral expenses, which means financial pressure doesn't 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 seniors who have preconditions. Serious illness poses a high risk to your life, not to mention that old age also contributes to this increased risk. These are the main reasons an insurance company will deny your application for life insurance.
Having a prerequisite does not at all mean that you end up without life coverage. There are many insurance companies that provide insurance for people who are unable or unwilling to undergo a health exam. 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 insurance policy.
There are two types of life insurance policies that do not require a health check: Guaranteed Issuance and Simplified Issuance. The guaranteed issue insurance plan requires no medical tests and no medical questions; this means that you are automatically approved for this insurance, but you will have to wait two years before the policy begins to operate. Streamlined Issuance Insurance requires you to answer a series of questions, but there's no medical exam and the policy provides coverage from day one.
The bottom line: life insurance is a reasonable choice for seniors
Advances in technology and healthcare are enabling people around the world to live longer. This is why the older population outnumber the younger population, and it is also why more life insurance alternatives need to come into play. Before these changes, we could not you can't afford life insurance if you were over 60 or 70. Now that is no longer a problem – older people no longer have to worry about leaving their families apart from emotional and financial distress after they leave. Life insurance is a great help in which you can be sure that your family, children and spouse are financially secure.