Senior Life Insurance Benefits

Most of North America’s older residents 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, leaving them and their families at financial risk. There is a solution: buying life insurance can help cover all possible long-term care expenses. There are also several other advantages to purchasing senior life insurance; learn about these below.

Provide financial support to your spouse

Older married couples are often eager to leave their partners in debt after they pass away, and for good reason. Funerals in North American countries are quite expensive: they can cost up to $5,000 or more. Not all families can afford these costs, which is why life coverage is presented as a practical solution.

Life protection policies can fully cover the funeral and burial expenses of one of the spouses, and such coverage can bring peace of mind to the insured person. Covered by a life protection policy, the individual can be sure that her partner will receive the necessary support to face the financial part of a funeral.

In addition, a surviving spouse can use the coverage funds to increase their pension plan benefits.

Senior life insurance makes it easy to manage funeral expenses, and that means financial pressure doesn’t add to an already stressful situation.

You can still get life insurance if you’re sick

Many of the insurance companies that provide traditional life protection policies often refuse to provide life protection for seniors who have pre-existing conditions. Serious illness poses a high risk to your life, not to mention that advanced age also contributes to that increased risk. These are the main reasons an insurance company will deny your application for life insurance.

However, having a precondition does not mean you are without life coverage. There are many insurance companies that offer insurance for people who are unable or unwilling to undergo a health exam. This type of insurance, often called life insurance without medical expenses, does not require a medical exam to qualify; 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. The guaranteed issue insurance plan does not require medical exams or medical questions; That means you’re automatically approved for this insurance, but you’ll have to wait two years before the policy kicks in. 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 Option for Seniors

Advances in technology and healthcare are making it possible for people around the world to live longer lives. This is why the elderly population is outnumbering the young population, and it is also why more life coverage alternatives have to come into play. Before these changes, you couldn’t afford life insurance if you were in your 60s or 70s. Now, it’s not a problem anymore: Seniors no longer have to worry about leaving their families with nothing but emotional and financial distress when they’re gone. Life insurance is a helpful hand by which you can be sure that your family, children and spouse are financially secure.