Protection In The Sunset Years
Life insurance is an essential resource in life, no matter what age you are.
You can never precisely predict what is going to happen. It is therefore important to always be prepared.
While some senior citizens find maintaining an insurance premium on top of their daily expenses hardly justifiable, others find it a rather obvious choice for protecting their families in case anything happened and they were to no longer be there.
Life insurance may come in handy in catering for debts you may leave behind, maintaining your family’s current lifestyle, or even meeting the final expenses especially for those on a tight budget.
Therefore, it is important to ensure you choose your preferred type of insurance cover based on your personal and financial needs, click here for more information.
Seniors Life Insurance
Life insurance for seniors is available to persons from the age of 50 up to the age of 75, though in some instances it is up to the age of 79. Life insurance for those beyond 79 years is rare as premiums tend to be quite high. In some instances, depending on the insurance cover you are taking, you may be required to undergo medical examinations in the course of the cover application. Once cover is issued, it will be renewed yearly as long as you keep up with the payments.
Types Of Insurance Cover Available For Seniors
There are various forms of life insurance for seniors. However, the main types of insurance cover available for them include funeral expense cover and term life cover.
Funeral Expense Cover
In this type of insurance cover, a lump sum benefit is given to your family in the event of your death, to cater mainly for the funeral expenses so your family’s finances can be channeled into other expenses. This provides great relief to the family during a very trying time. It is also important to note that, unlike other insurance policies, there are usually no medical tests that you have to take for this type of cover. This is therefore a good option for those with a couple of other medical issues. Usually, the acceptable age for this type of insurance is slightly higher than that of term insurance, as it gives you more options a little later in life.
Term Life Insurance
In term life insurance, a benefit is paid to your family in the event that you die within a stipulated period agreed upon with the insurer. This period is commonly referred to as the term of the policy. In this type of life cover, the insurance companies must look at factors like the age, sex and other health-related issues of the insured before issuing cover as they affect the amount of premiums payable. Read: How To File A Complaint Against Mortgage Broker
One of the common types of term life insurance suitable for seniors is the critical illness insurance cover. In the event that you are diagnosed with a critical illness, this insurance cover is a sure way to ease the financial burden on you and your family by catering for expenses like medical bills. It pays a lump sum benefit on the diagnosis of a specified medical condition like cancer, stroke or even a heart attack. Those with ongoing financial commitments or those who want to maintain their independence and lifestyle would find this type of insurance cover particularly useful.