What is senior life insurance? It is an insurance policy aimed at covering expenses that come with old age like medical costs, nursing care costs, remaining debts and burial or funeral expenses.
Senior life insurance for that reason, should be purchased to ease the financial burden that comes with old age, and ultimately, death. The insurance is ideal for those in retirement especially if they don’t have permanent life insurance or their employers stopped paying for life insurance after they retired.
Senior Life Insurance Is Not Necessary If:
- You have saved enough to cater for your final days and burial expenses.
- You have no credit card debts, loans or mortgages that will require to be settled before or after your death.
- You have already made burial arrangements with a funeral home of your choice.
What Exactly Is Meant By Final Expenses?
These are generally funeral costs which include expenses on body dressing and viewing, transportation, casket, embalming and hospital bills included. Robert Schmidt of Burial Insurance Pro notes ” many seniors will use a whole life insurance policy, known as a burial insurance policy to address all of their funeral expenses. These policies generally provide coverage ranging from $10,000 to $25,000. At the time of their death, their family receives a lump sum, tax free payment that their family can use to pay for these types of funeral costs.
Cremation may not cover much expenses and it’s a bit economical.
What Life Insurance Offer To Seniors?
You may be wondering, what really constitutes senior insurance and how you stand to benefit from it in this modern era.
Well, you are not necessarily the beneficiary of life insurance, but loved ones who are tasked with the facilitation of a decent send off.
Your loved ones are the same people who will make major decisions about taking you to a nursing home if need be, and settle involved charges. In details, these are the benefits of purchasing life insurance.
· Long-Care Financing
With old comes health complications like chronic illnesses and other medical issues. Most prevalent illnesses at old age include ALS, renal failure, cancer, stroke, organ transplant and more.
Your loved ones may also consider taking you to a nursing home if it happens to be the most logical option at the moment. All these expenses are catered for effortlessly when there is a term life insurance or a Medicare plan in place.
· Peace of Mind
How? Because of the fact that your loved ones will not struggle to cater for funeral arrangements after your death. So, much money goes into organizing and facilitating decent and modern burials, and a funeral life insurance compensation could come in handy. However, this type of life insurance is particularly helpful for seniors over 90 who can’t quality for a traditional plan.
· Debts Settlement
Death at times knocks when least expected but in old age, it is expected. However, you may pass away before settling debts leaving your loved ones with the task of settling them. Such debts could be medical bills, or estate taxes and loans. Part of the senior insurance compensation could be used to settle most of the debts, if not all of them.