The majority of senior residents of North America are not able to afford long-term care due to the high cost˳ Only a few seniors use their insurance to cover the expenses for long-term care˳ This is a serious issue; too many seniors are unprepared for these costs, leaving them and their families at financial risk˳ There is a solution: purchasing life protection can help cover all possible expenses for long-term care˳ There are also several other advantages of purchasing life insurance for seniors; find out about these below˳
Provide Financial Support for Your Spouse
Married elderly couples are often anxious about leaving their better halves with debt after passing away, and for good reason˳ Funerals in countries of North America are quite expensive – they can cost as much as $5,000 or more˳ Not every family can afford these costs, and that is why life coverage comes as a practical solution˳
Life protection policies can fully cover the expenses of the funeral and burial of one spouse, and that coverage can bring some peace of mind to the insured person˳ Covered by a life protection policy, the individual can be sure that his or her significant other will receive the necessary support to deal with the financial side of a funeral˳
In addition, a surviving spouse can use the funds from the coverage to increase the benefits from their pension plan˳
Life insurance for seniors makes it simpler to deal with the expenses of a funeral, and that means the financial pressure does not add to the already-stressful situation˳
You Can Still Get Life Insurance If You Are Sick
A lot of the insurance companies that provide traditional life protection policies often refuse to provide life protection for seniors who have pre-conditions˳ A serious illness poses a high risk to your life, not to mention the fact that advanced age also contributes to that increased risk˳ These are the main reasons an insurance company will decline your life insurance application˳
Having a pre-condition does not mean you are left without life coverage at all, though˳ There are many insurance companies that do provide insurance for people who cannot or do not want 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 makes the price of this type of insurance higher, compared to a traditional life protection policy˳
There are two types of life insurance policies that do not require a health exam: guaranteed issue and simplified issue˳ Guaranteed issue insurance plan requires no medical tests and no medical questions; that means that you are approved for this insurance automatically, but you will have to wait two years before the policy starts to work˳ Simplified issue insurance requires you to answer a series of questions, but there is no medical examination, and the policy provides coverage from day one˳
The Bottom Line: Life Insurance Is a Reasonable Choice for Seniors
Progress in technology and healthcare are making it possible for people all over the world to live longer lives˳ That is why the senior population is outnumbering the population of younger people, and it is also why more life coverage alternatives have to come into play˳ Before these changes, one could not afford life insurance if they were older than 60 or 70 years of age˳ Now, it is no longer an issue – 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 helpful hand thanks to which you can be sure your family, children, and spouse are financially secure˳
Source by https://ezinearticles˳com/?Benefits-of-Life-Insurance-for-Seniors&id=9837556
