The 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 long-term care costs. This is a serious matter; too many seniors are unprepared for these costs, leaving them and their families at financial risk. There is a solution: buying life protection can help cover all possible long-term care costs. There are also many other advantages of buying life insurance for seniors; find out about these below.
Provide Financial Support for Your Spouse
Older married couples are often anxious about leaving their better halves in debt after they die, and for good reason. Funerals in North American countries are quite expensive – they can cost as much as $5,000 or more. Not every family can afford these costs, which is why life cover comes as a practical solution.
Life protection policies can fully cover the funeral and burial expenses of one spouse, and that coverage can bring some peace of mind to the insured. 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 aspect of a funeral.
In addition, a surviving spouse can use the funds from the coverage to increase benefits from their pension plan.
Life insurance for the elderly makes it simpler to deal with the costs 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
Most 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 that an insurance company will reject your application for life insurance.
Having a pre-condition does not mean you are left without life cover, though. There are many insurance companies that provide insurance for people who cannot or do not want to pass 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. A guaranteed exit insurance plan requires no medical tests and no medical questions; this means that you are approved for this insurance automatically, but you will have to wait two years before the policy starts working. The simplified exit insurance requires you to answer a series of questions, but there is no medical examination, and the policy provides coverage from the first day.
The Signature: Life Insurance Is a Reasonable Option for Seniors
Advances in technology and healthcare are making it possible for people all over the world to live longer lives. This is why the elderly population is outstripping the youth population, and it is also why more life cover alternatives should come into play. Before these changes, one could not afford life insurance if they were over 60 or 70 years old. Now, that’s no longer an
issue – seniors no longer have to worry about leaving their families with nothing but emotional and financial hardship when they’re gone. Life insurance is a helping hand thanks to which you can be sure that your family, children and spouse are financially secure.
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