Senior Insurance

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Is Sandwich Generation Family Members Last Expenses Covered

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Are you part of the “sandwich generation”?  So what is the “sandwich generation?” This term refers to those of us who have our own children to care for, and are also providing care for our parents. With today’s economy, many households now consist of three generations of family members living under one roof.

Having a family member or someone else close to you die with no life insurance to cover all the costs of their final wishes can no doubt be stressful, and can cause hardship and often resentment amongst family members.

If you lose a family member, you will likely be responsible to pay for the cost of their funeral and burial services. While some people may have money saved up that they can pass to their loved ones to cover these costs, quite a few people have died and passed the financial burden to their loved ones and family members. What many people do not realize is that even the most affordable funerals still cost several thousand dollars. Some of the costs of the funeral include:

  • Funeral service including officiator, location rental for service, and other accommodations
  • Flowers, photos, programs, and other service decorations
  • Funeral procession costs, including vehicles
  • Casket and case
  • Cemetery plot and headstone or marker
  • Other miscellaneous costs including accommodations for guests and refreshments

All too often a loved one’s wishes for their final arrangements are compromised because there is no life insurance, or there simply isn’t enough money to carry out those wishes. Today, total costs for funeral expenses and final arrangements can be as high as $12,000 or more depending on Individual choices and desires.

Today, more companies are giving out offers to join them by getting life insurance for seniors even at the age of 80. The statistical analysis from the health sector enables us to see why this is the case. Today more than ever, the number of people who are able to live longer than 90 years is on the increase in a developed nation like the United States.

The rise in technology in the health sector and the improvement in medical care is enabling us to see our grandmas and our grandfathers more in this earth for longer periods. Such diseases as high-blood pressure, diabetes, and conditions like high or low sugar levels can now be easily monitored and necessary measure taken to combat the condition.

However, everyone is destined to die someday, some sooner than others, since mortality is a certainty for all humans. Therefore, every individual has to accept the fate that he/she may die today or tomorrow. It is natural for people to become more prone to illnesses and diseases as they age.

Many seniors choose to buy a life insurance plan to provide their spouse with money to maintain their lifestyle, or to help out with their own final expenses including a funeral, memorial service, burial costs and other relates expenses.  Whenever you take a burial insurance cover and your sudden death occurs, your family does not have to be troubled a bit about the expenses involved in the funeral ceremony.

Here are a few major reasons why seniors need a life insurance:

Final Expenses – Funeral expenses: In the event of the death of one senior partner, the other senior partner may lack the funds required for the funeral. There are expenses that should immediately be addressed after the death of a loved one. These entail the funeral and burial costs. These may amount to thousands of dollars. Suddenly, the children or relatives of the deceased are faced with a burden. An insurance cover would come handy under such circumstances.

This is when life insurance plays an important role. It can answer all the expenses associated with the funeral and burial. The insurance coverage will handle all relevant matters that need to be paid after death. This will certainly take away the worries concerning the services that are observed after a person’s death. In this respect, senior citizens need to have the peace of mind that they deserve.

Living expenses and debts – When a person retires from work and he/she has no other source of income, survival in this world can be difficult, since money is important in every aspect. Its value in life cannot simply be ignored. If you do not have enough savings and no one is around to look after you, then, you will encounter financial difficulty during the remaining years of your life.

As a solution, senior life insurance will not only cover the expenses after death, but will also allow you to withdraw money from your savings account whenever needed (if you have purchased a whole life insurance policy). You do not have to ask help from anyone, just to live a dignified life during your twilight years.

Savings for the Family – It is important to think about the future of your spouse after you die. When you die, the pension money stops, but if your spouse is your beneficiary, he/she can use the money to survive during the remaining years of life. As a policy owner, it is up to you to choose anyone as your beneficiary. It can be one of your family members or a charitable trust.

It is very important to be honest when applying for life insurance. Make sure to give accurate information pertaining to your age, height, weight, gender, occupation and hobbies when filling out your application. Standard policies include a 2-year contestable period, during which the insurance provider can rescind the policy because of fraud or misrepresentation. Therefore, avoid omitting any relevant information. Furthermore, do not make any misrepresentations that are likely to invalidate the policy.

Because the costs of a funeral can range widely and unexpected costs can quickly add up, purchasing a burial insurance policy is a good pre-emptive decision. Don’t make your loved ones worry about costs when the only thing they should worry about it honoring you in the best way possible.

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Tuesday, November 11th, 2014 Wealth Preservation Comments Off on Is Sandwich Generation Family Members Last Expenses Covered

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