Seniors also need life insurance

Many may think it is foolish for an elderly person to apply for life insurance. But you need to look at this issue from both the senior’s side and the insurance company’s side to better understand what exactly happens in this type of situation.

Do not leave troubles for loved ones

Seniors and those even older realize that there are more days behind them than ahead and until you get to that age, these are feelings that are hard to understand. Above all, seniors don’t want to be a burden to anyone – they don’t want anyone to have to take care of them or especially pay for their final expenses. By applying for low-cost term life insurance, they can give their loved ones the money to pay for funeral expenses and any medical expenses. They may even want to leave some extra money so their family can take a few weeks off to go through the grieving process before returning to work.

Cost of dying

Seniors also know how expensive even the simplest funeral services are and that together with a cemetery can cost as much as $7,000 – for anything more it can be thousands. There is no elderly father or mother who wants to leave such a large debt that their children have to pay. So they check in to see how much an insurance policy with a face value of about $10,000 might be.

Insurance industry

In the insurance industry, $10,000 isn’t a lot of money when they put out policies that insure individuals anywhere from $50,000 to over a million dollars. Also, writing a policy for a senior who is in good health allows that senior to live another 10 years and 10 years of premiums will in most cases take care of the payout when that person eventually passes away. A good and reputable insurance company may also consider these policies as part of the operating expenses considered as “goodwill”. It makes the company look good to the greater community and “goodwill” is how much each kind gesture to a customer can take your company into future business as you have earned the “goodwill” of that community.

Win win

So, in the business world, this is called a “win-win” situation where both parties make a profit in the positive mode. There are many small policies that seniors can qualify for so they can rest easy and not worry. No one needs to spend their last years worrying and carrying a burden on their shoulders.