Life Insurance for Seniors – Do You Need It?
Life insurance for seniors is becoming very important as funeral prices increase. Dying is bad enough as it is, but now people are expected to pay a fortune to bury their loved ones. Having life coverage during retirement can be a solution for the high costs of burial ceremonies.
Dying – an expensive thing
A simple funeral ceremony with flowers, casket and suit included, can cost well over $9,000. If clients want something extra or special for their deceased, they will have to pay a lot more than that. A cremation can be a cheaper method of laying or beloved to rest as it “only” costs something between $2,000 and $3,000.
Many families rely on welfare help for funerals, while other families borrow money. In any case, an unexpected death can cause serious financial harm to a family.
Senior citizens are expected to play a more important role in the household’s finances
Retired family members may have to contribute financially to the household’s funds. Nowadays, people marry older and for the first few years of their adult life, they will need their parent’s help to manage financially.
In this context, having senior life insurance is essential not only for covering funeral expenses, but for providing financial stability for family members too.
Senior citizens can purchase life insurance
The insurance market offers several plans that provide life insurance for senior citizens. Older clients can qualify for any policy as long as they are in a good medical condition and if they are under 65 years old.
Some plans, life final expense insurance specialize in providing coverage for senior citizens. These policies do not require medical examinations and they can be purchased online. The premiums are more expensive and the death benefit is limited to a small amount.
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