The majority of seniors in North America cannot afford long-term care due to the high cost. Only a few seniors use their insurance to cover long-term care expenses. This is a serious problem; too many seniors are unprepared for these costs, putting them and their families at financial risk. There’s a solution: Buying life insurance can help cover all possible long-term care expenses. There are also several other benefits of purchasing a senior life insurance policy; discover it below.
Provide financial support to your spouse
Married older couples often fear leaving their other half in debt after their death, 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, which is why life insurance is a practical solution.
Life protection policies can fully cover the cost of one spouse’s funeral and burial, and that coverage can give the insured some peace of mind. Covered by a life protection policy, the individual can rest assured that his or her partner will receive the necessary support to handle the financial side of a funeral.
In addition, a surviving spouse can use the money from the coverage to increase the benefits of their retirement plan.
Life insurance for seniors makes it easier to deal with the costs of a funeral, and that means the financial strain doesn’t add to an already stressful situation.
You can still get life insurance if you are sick
Many insurance companies that offer traditional life insurance often refuse to provide life protection for seniors with preconditions. A serious illness puts your life at great risk, not to mention that advanced age also contributes to that increased risk. These are the main reasons why an insurance company will reject your life insurance application.
However, having a condition does not mean that you have no life coverage at all. There are many insurance companies that do take out insurance for people who cannot or do not want to undergo a health check. Often referred to as non-medical life insurance, this type of insurance does not require a medical exam to qualify; however, this feature also makes the price of this type of insurance higher compared to traditional life insurance.
There are two types of life insurance that do not require a health screening: guaranteed issuance and simplified issuance. Guaranteed insurance plan requires no medical tests and no medical questions; that means you are automatically approved for this insurance, but you have to wait two years for the policy to start 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 choice for seniors
Advances in technology and healthcare are making it possible for people around the world to live longer. That’s why the older population is larger than the younger population, and it’s also why more life cover alternatives need to come into play. Before these changes, you couldn’t afford life insurance if you were over 60 or 70 years old. Now it’s not a problem anymore – older people no longer have to worry about leaving their family with nothing but emotional and financial problems when they’re gone. Life insurance is a helpful hand that allows you to rest assured that your family, children and spouse are financially secure.