Most older residents of North America cannot pay for long-term care because of the high cost. Only a few older people use their insurance to cover long-term care expenses. This is a serious problem; too many older adults are not prepared for these expenses, leaving them and their families at financial risk. There is a great solution: buying life protection can help cover all possible costs for long-term care. There are some other advantages of buying life insurance over 60; Find out about these below.
Give Financial Support to Your Spouse
Married elderly couples are usually eager to leave their best halves with debts after passing away, and for some good reason. Funerals in North American countries are very costly: they can cost up to $ 6,000 or more. Not all families can pay these expenses, and that is why life coverage is a useful solution.
Life insurance policies can wholly cover the costs of a spouse’s funeral and burial, and that coverage can provide peace of mind to the insured person. Covered by a life insurance policy, the individual can be sure that their partner will receive the essential support to deal with the financial aspect of a funeral. A surviving spouse can also use the coverage funds to enhance the benefits of their pension plan.
Life insurance over 60 makes it simpler to deal with the funeral costs, and that means financial pressure doesn’t add to the already stressful situation.
You Can Get Life Insurance If You Are Sick
Many insurance companies offer traditional life insurance policies usually refuse to give life protection to the elderly who have preconditions. A serious illness represents a high risk to your life, not to mention the fact that old age contributes to that higher risk as well. These are the key reasons why an insurance company will reject your life insurance application.
However, having a precondition does not mean that you run out of life coverage. There are several insurance companies that offer insurance to people who do not want to undergo a health examination. This type of insurance generally called without medical life insurance, does not need a medical exam to qualify. But this feature also makes the rate of this type of insurance higher, compared to a traditional life insurance policy.
There are two kinds of life insurance policies that do not require a health exam: simplified issuance and guaranteed issuance. Simplified issuance insurance requires that you answer a series of questions, but there is no medical exam and the policy offers coverage from day one. Guaranteed issuance insurance does not require medical exams which means that you are automatically approved for this insurance, but you will have to wait two years before the policy starts working.
Life Insurance Is a Reasonable Choice for Seniors
Progress in technology and medical care is making it possible for people around the world to live longer lives. That is why the population of older adults outnumbers the population of younger people, and also it is why more life cover alternatives have to come into play. Before these alternatives, one could not pay for life insurance if they were over 60 or 70 years old.
Now, it is no longer a problem. Older people no longer have to be anxious leaving their families with nothing but emotional and economic distress when they leave. Life insurance over 60 is a useful hand thanks to which you can be sure that your family, children, and spouse are economically secure. Know more: https://en.wikipedia.org/wiki/Life_insurance#Whole_life.
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