Life insurance for seniors is essential to have. This ensures security for seniors and their family. Getting coverage is one way of assuring one’s life. Especially, during catastrophe and challenges. It is true it may be difficult to find the best plan. However, there are so many options available in the market. This makes anyone feel confident and free from doubt. In addition, they provide the best for seniors and their family. Moreover, seniors have many choices for funeral planning.
Life Insurance For Seniors – What Makes It Challenging?
This is very challenging because some seniors have fears and anxieties associating with their age. Social security raises an issue to most of the working groups. This is due to a minimal benefit they can get in times of death. Further, families with children still studying can get a monthly benefit. However, they also fear that it won’t cover all the children’s needs.
A problem also arises involving the very minimal amount which the social security provides. They only provide about $255, a lump sum burial benefit in cases of death. They give this amount to dependent children or a surviving spouse. But, there are so many questions that may arise from this very minimal benefit. Surely, this is not enough to cover the expenses of death and burial expenses. Even for someone who has full contributions to social security.
Yes, there is monthly payment for the dependents. However, this case will not provide full security to the family. They will be facing emotional and financial struggles upon one’s death.
Losing a breadwinner with kids can be so hard. There is always an issue of getting lump sum money amounting to $255 from this government agency which majority of the workforce is dependent of. How can this money cover the medical bills, credit card balances and other expenses after one’s sudden death? Moreover, a widow or widower must also send application in order to get the monthly benefits.
Life Insurance Requirements
There are so many requirements that a survivor needs to consider. For example, they can receive full benefits during their retirement age. Or, as early as age 60. The survivor may also begin receiving benefits as early as age 50. If, they are disabled. Also, if the disability happens before or within seven years of the worker’s death. Once the surviving spouse gets remarried at the age of 60, they may still qualify to receive the benefits.
Children under age 16 can receive the benefits. Remember, social security death benefit is a government benefit. Therefore, the benefits depend on their contribution to social security. Further, higher contribution means a higher percentage of benefits for the dependents. Also, it varies depending on the worker’s income.
A good life insurance is essential to add up with one’s social security benefit. One should get a good life insurance while working and healthy. Further, one must not depend on the benefits from social security. One should really consider life insurance for seniors.
Qualifications may not be a problem. Actually, there are many insurance companies that cater an individual’s needs. They may also customize the policy. Again, depending on one’s needs.
Find the Right Broker
Brokers do not represent one insurance company. Instead, they exist to help one get a policy. Also, they provide guidance in burial insurance for your parents. Most seniors come with health problems. Some fear they won’t get any coverage with the current health conditions they have.
This is not a dilemma. For burial insurance for elderly, one cannot rely on social security alone. Burial insurance for seniors is affordable. Because, there are smaller coverage ranging from 5k to 30k benefit. Brokers shop for the right plan and price. In fact, it is their responsibility to fit a senior’s needs to the right policy. There are insurance companies who accepts chronic health conditions. Also, some are diabetic-friendly and cancer-friendly.
The Facts About Insurance
According to research, one’s lifestyle may affect illnesses they will be experiencing. Especially, during senior years. A healthy lifestyle is highly encouraged. This means taking a good diet, following an exercise routine, and getting enough sleep. Of course, getting rid of smoking is ideal. Smoking can be very dangerous to one’s health. Most insurance companies charge higher premiums for tobacco use.
Moreover, there will be a requirement of MIB report or background check. This includes health and prescription drugs. There are no medical exams or blood tests. These are only simple health questions. It determines if one qualifies final expense insurance.
Seniors may somehow take an effort to maintain a healthy lifestyle. Remember, this is not just investing for the insurance but also in one’s health.
Eating healthy and getting at least 7 hours of sleep leads to a healthy life. Some doctors advocate a diet which balances blended fruits, vegetables with meat and few carbs. Also, they recommend juices from fresh fruits and vegetables for seniors. This aids faster digestion. Moreover, it protects seniors from getting diseases that are dreadful.
Types of insurance
There are 3 types of final expense for seniors.
- standard plans
- graded or modified plan
- guaranteed plans
Most final expense insurance in the market are available on commercials. Some come from direct mailers in one’s mailbox. There is no need for medical exams before getting an insurance. However, just answer a few health questions. Life insurance for seniors guarantees for life. There is no decrease of benefits. Likewise, no increase of premiums.
Health conditions categorized to be pre-existing might incur more costs for medical expenses. Therefore, it is essential for the insurance broker to modify the benefit from the insurance. Some seniors may not qualify for the standard plan. Insurance companies may advise them to get a modified plan.
Graded or Modified Plan
Modified insurance policy involves payment or premiums that are a little higher. There are set percentages for the benefit. Further, a beneficiary will receive this amount after the death of the insurer. It takes the year of premium payment as a variable. For example, most insurance companies partially cover modified plans.
This is specialty type of whole life insurance. It offers as life insurance policy for people that have a tough time getting standard life insurance plans. Usually, this policy pays out death benefits during the first few years. Also, it requires premiums that are somewhat higher than standard life insurance policies. Many insurance companies offer limited benefits during the first and second years.
This policy does not require any medical exams. According to surveys, this insurance are applicable to people who have the assurance to live at least two years. However, some fear to pass away after five to ten years due to some illness.
This is also the same with guaranteed life plans. This is for seniors who can’t qualify for any life insurance. Most brokers will highly recommend this insurance. Especially to those who are suffering some illness.
The insurance policy will give the insurer a premium benefit in times of death. There is a 2 year wait provision meaning no full payout for the death benefit. Well, for the first two years.
The Best Life Insurance
An insurance company may place an insurer into a risk category. Again, this is based on their health and lifestyle. Most insurance providers find this categorical process an essential aspect. This provides the best life insurance for seniors. Moreover, it maintains the standard of the insurance company. It stabilizes the income of the insurance company that may somehow jeopardize the benefits of other insurers.
Finding the life insurance for seniors can be a tedious job. Especially because some are already facing so many challenges in life. Also, it is not just a problem with age. It also involves some health problems.
It is responsibility of an insurance broker to fit the seniors’ needs to an insurance. At least, they get to live a good life whilst alive. They will no longer worry in times of their death. As brokers, they can help find the policy that qualifies their illness.
Inzur Brokers Help Seniors Find The Best Policy
We find/fit health conditions and budget for the best life insurance for seniors. As brokers, we are also giving some advice for the insurance policy buyers. This is aids seniors get better life insurance rates. Of course, one cannot change or control factors with regards to health problems. Such as, hereditary ailments. However, an individual can make changes with their lifestyle in to get better rates with the insurance.
We ensure helping potential customers make the right choice. We guide them to the right path. Such as, checking one’s lifestyles is one of our responsibilities. So, if you are thinking of buying an insurance policy, check your health history and prescription drug medications. Because, the underwriter from insurance company will interview you for potential risk and qualification. Quitting cigarettes prior 1 year will make you pay less for your life insurance. This might lead you to lesser risk and at the same time lower problems with health issues.
The independent insurance broker has a wider view for the different insurance options. A broker has the capacity to scout and find an insurance provider which is suitable.