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Benefits of Life Insurance for Seniors

Most 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 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 protection can help cover all possible expenses for long-term care. There are also other benefits of buying senior life insurance; find out about these below.

Provide financial support to your spouse

Older married couples are often anxious to leave their better half with debts after they die, 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 cover is a practical solution.

Life protection policies can fully cover the funeral and burial expenses of a spouse, and this coverage can bring some peace of mind to the insured. Covered by a life protection policy, the individual can be sure that their partner will receive the necessary support to deal with the financial part of a funeral.

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

Senior life insurance makes it simpler to deal with the expenses of a funeral, and this means that financial pressure is not added to an already stressful situation.

You can still get life insurance if you are sick

Many of the insurance companies that offer traditional life protection policies often refuse to offer life protection to seniors who have pre-existing conditions. A serious illness poses a high risk to your life, not forgetting the fact that advanced age also contributes to this increased risk. These are the main reasons why an insurance company will reject your life insurance application.

However, having a pre-existing condition does not mean you are left without life cover. 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 no medical life insurance, 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 that do not require a health exam: guaranteed issue and simplified issue. The guaranteed issue insurance plan does not require medical tests or medical questions; this means that this insurance is automatically approved, but you will have to wait two years before the policy starts working. Simplified insurance requires you to answer a series of questions, but there is no medical examination and the policy offers cover from day one.

Conclusion: Life insurance is a reasonable option for senior citizens

Advances in technology and healthcare are making it possible for people around the world to live longer. This is why the senior population outnumbers the younger population, and also why more life cover alternatives must come into play. Before these changes, you could not afford life insurance if you were over 60 or 70 years old. Now, that’s no longer a problem: 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 helping hand by which you can be sure that your family, children and spouse are financially secure.

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