Many North American senior citizens cannot access long-term care because of the high cost. Only a handful of seniors use their insurance to cover long-term care costs. Too many seniors are unprepared for these expenses, leaving them and their families at financial risk. There is a solution: buying life-protection will help cover any future long-term care expenses. There are also several other benefits of buying seniors life insurance; find out more about these below.
Provide your partner with financial support
Married elderly couples frequently worry about, and for good reason, leaving their better half with debt after they pass away. Funerals are fairly expensive in North American countries-they can cost as much as $5,000 or more. Not every family can afford these expenses, and that is why it comes as a practical solution to protect the life.
Life insurance plans will fully cover one spouse’s funeral and burial costs, and that coverage can give the insured person some peace of mind. Covered by a life insurance policy, the victim can be sure to receive the necessary support to deal with the financial side of a funeral for his or her significant others.
You Can Still Get Life Insurance If You Are Sick
Most insurance companies that offer traditional life protection plans also refuse to provide life protection under preconditions for seniors. A serious disease poses a high life risk, not to mention the fact that advanced age also adds to the increased risk. These are the main reasons why an insurance company is denying your application for life insurance.
However, getting a pre-condition does not mean that you are left without coverage of life at all. There are many insurance companies offering insurance for people who are unable or unwilling to take a health test. Such type of insurance, also referred to as no medical life insurance, does not require valid medical examination; however, such provision often increases the price of this type of insurance compared to a traditional life insurance policy.
Life insurance for seniors is a reasonable choice
Advances in technology and education are helping people around the world to live longer lives. That’s why the senior population is outnumbering the younger population, and it’s also why more alternatives to life coverage need to come into play. Before those reforms, if they were older than 60 or 70 years, one could not afford life insurance. Now, it’s no longer a concern-older people no longer need to worry about leaving their families with nothing but emotional and financial pain when they’re gone. Life insurance is a helping hand to make sure the family, kids and partner are financially secure.