Myths Surrounding Life Insurance for the Elderly

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Life insurance is an important financial decision that gives you the opportunity to appoint beneficiaries to receive the benefits from insurance when you are no more. The choice of the beneficiary is completely yours. The most important thing is to ensure the person is someone you trust. Most of the married people often choose their spouses or children to be their beneficiary. Insurance is recommended for everybody, including men, women, children and the elderly. However, there have been many myths surrounding life insurance for elderly, including:

  • Seniors do not need insurance coverage

We live in a society that has not come to terms with the fact that seniors need insurance. They have the misconception that when you retire or get to a certain age you do not need insurance. Therefore, the idea of a senior shopping for a Term Life Policy is often frowned upon. At best, seniors are encouraged to buy the Whole Life Policy that would last their lifetime so that the benefits can be used to cover their final expense costs.

  • Seniors cannot get insurance coverage

In the past, insurance companies where reluctant to provide coverage to the elderly because they considered them risky. Today, many of the leading companies offer specialized products for the senior citizen market. The majority of these companies offer final expense insurance policies. If you are looking for coverage you can always find a product that matches your needs and falls within your budget.

  • Cannot get insurance when they are sick

Many of the insurance companies offer different products, including products that cater for multiple health problems. Regardless of pre-existing medical conditions, you are assured of getting a product that falls within your budget. As a result, the no-medical exam insurance policy for seniors is becoming popular. With this type of product, the insurance shopper does not have to undergo any medical tests.

  • Insurance for seniors is expensive

The cost of insurance is a key factor in choosing insurance. When you shop around you will be able to find inexpensive insurance coverage for seniors. In fact, there is a product for every budget.

  • The only insurance cover available is the whole life policy

Many of the insurance carriers provide term life policy for people under the age of 65. However, due to competition most of the leading insurance companies are now providing 15 to 20 year policies for people over the age of 65. The sooner you apply for the term policy the more you stand to benefit from lower premiums. Visit our website!

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