What Types of Life Insurance Are Available for Seniors?

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Life Insurance Options for Seniors in Naples, FL

Many adults start thinking about life insurance and securing policies long before the senior years. However, those who have put off the idea until they’ve reached retirement age still have plenty of options to help make sure their families are financially covered. Naples elderly care experts discuss some of the different types of life insurance your senior loved one might want to look into.

Guaranteed Issue Insurance

This is typically the first type of policy insurance brokers suggest to seniors. During the application process, your loved one will not be asked any questions about his or her health and will not need to undergo any medical screening. Unfortunately, these policies have higher premiums and lower death benefits due to the lack of screening. Seniors who have serious illnesses make the best candidates for guaranteed issue insurance.

Simplified Issue Insurance

For seniors who are relatively healthy, a simplified issue policy might be a better option than a guaranteed issue policy. Instead of being accepted outright, your loved one will need to answer a few basic medical questions. As long as your loved one has not been diagnosed with any major illnesses or diseases, he or she will likely be accepted. The key factor when determining premiums for simplified policies is if the senior smokes or not.

Term Life Insurance

Term policies are often seen as an ideal option for younger policyholders, but many of the leading insurance providers now offer short-term coverage for older individuals. Instead of a 30 or 40-year limit, these policies are often reduced to a 10 or 15-year limit. This particular type of policy is ideal if your loved one is in relatively good health and is willing to undergo a thorough medical examination.

Funeral Expense Insurance

According to the National Funeral Directors Association, the average funeral costs over $7,000. This is why many seniors have chosen basic funeral expense insurance instead of a comprehensive term or whole life policy. These policies are not only incredibly affordable, but they can also give your loved one peace of mind that his or her passing will not be a financial hardship for family and friends.

Learn how your loved one’s life insurance policy can be used to pay for certain home care expenses by reaching out to Home Care Assistance. We are a leading provider of flexible part-time and live-in care, and we also offer comprehensive Parkinson’s, post-stroke, and dementia home care Naples families trust. Our caregivers are trained and experienced, our Client Care Managers are available 24/7, and we back all of our care services with a 100% satisfaction guarantee. Call (239) 449-4701 today to learn more and to schedule a complimentary consultation.



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