For insurance companies, taking up cover for people who are elderly may prove a risk, but today, many are slowly coming up with plans that will embrace the elderly. Taking up life insurance for people over 50 is one of the best things that your can do to show your family that you love them and care for them. Especially if you are the sole provider, your death can leave your family in hard times and hence the purchase of the policy can ease the tension left behind when you die. Though increasingly becoming popular, adequate education on the policy and the benefits associated with it is necessary for the public. If you have not taken the cover, below are some reasons that should motivate you to purchase a cover:
Settlement of the funeral expenses
When you die, the insurance company comes in and handles your burial expenses. This is important for you family members will not have to work harder in the attempt of raising funds for your burial. The company takes charge of the burial plot and any other expenses that may be related to you burial.
Reimbursement of your debt
If at the time of your death you had unsettled debts, the company comes through and takes the responsibility. As outlined in the terms and policy of the company's conditions, it may take charge of all the debts or some of which you had left. This releases the burden that you family would have to carry if you had not purchased the cover.
One of the most attractive factors of the policy is the fixed premiums. This means that you will not have to be scared of the premiums getting higher as you get older. From the start of the contract until completion, you may end up paying the same premiums throughout hence convenient to the applicant.
No medical exams
If you had failed to get cover in the old traditional policy, you should not be worried. This is because the health status of an applicant cannot be an issue. Many companies are offering these policies to get a wider customer base. As in the recent past, where applicants have been denied coverage due to their lifestyle and occupation, this policy has opened its doors to everyone despite their mode of lifestyle, occupation or hobby. Hence as seen above, the purchase of this cover is not only convenient and flexible, but it also comes with a load of advantages to the applicant.