Maricor Bunal
If you are nearing the age where you’re having to consider what you will leave behind for your family, the last thing that you want to hear is that you will be leaving them with the cost of your funeral and other burial expenses when you go.
But if you haven’t gotten life insurance yet, you may be worried that it will be too expensive or not offer enough coverage. Or maybe your health has kept you from seeking life insurance all these years, as you knew that you wouldn’t be able to pass the health exam so many policies require.
Many people think that it may be too late for them to consider buying a life insurance policy, but there are still many options out there that are affordable and convenient. Therefore, it is never too late to get a life insurance for elderly over 80. Here are a few reasons why.
It Will Cover The Cost of a Funeral
The average funeral costs anywhere from seven to ten thousand dollars. This is all money that will come out of your family’s pocket without a life insurance policy and can add stress to your already grieving family.
Many who wait to get a life insurance policy later in life do so because they do not want to think about the idea of having to leave their family. However, leaving them with the stress-free knowledge that the funeral and burial expenses are paid for will make things a lot easier.
It’s More Affordable Than You Think
As long as you have no major health issues, you will be able to get an affordable policy. If you are perfectly healthy in your 80s, it is economically sound to decide to get coverage now.
Many worry that they will not be able to be covered because of prior health issues. However, there are plans that cover these types of people and involve no health exam to be accepted. While these premiums tend to be more expensive, it will be worth it in the long run to have peace of mind.
If you spend the money to get these premiums without the health exams, the benefits far outreach the cost because you will at least have a plan. These type of plans will allow even those with the worst health issues to plan for what will happen to their families after they are gone.
With no recent surgeries or diagnoses, an affordable premium is well within reach, so cost is not much of an issue, especially when you think of how much money it will save your family in the long-run.
Term or Whole Policy?
You may think that it would be very difficult to choose a policy. However, it is actually very simple, and you just have to consider what kind of coverage that you need. For example, a term policy only lasts for ten years, and you will not be able to get other coverage after those ten years are up. So, these types of policies would only be the right fit if they will be used within those ten years.
A whole policy, on the other hand, will last from when you purchase it until your death. Whole policies also allow for an accumulation of funds that will be left to your family after you pass. So, when thinking about a plan, you have to choose what will work best for you.
Better Late Than Never
With all of the health coverage options that are offered, it would be silly to pass up an opportunity to make it a little bit easier for your family when you pass on. While it may seem that it is too late to get a life insurance policy, there is actually never a bad time to get yourself covered. At an age when anything can happen, it is better to be safe than end up putting strains on your family after you pass…
