Finding the Best Insurance Coverage for Senior Citizens

For senior citizens, obtaining life insurance may be quite challenging. Whether you need whole life insurance, term life insurance, travel insurance, or burial and funeral insurance, you’re up against a few obstacles.

The first obstacle is your age, of course. Because you’re over 65 years old, you’re considered more of a risk for insurance companies. Someone who is younger will experience lower premiums because they aren’t as likely to run into health problems that seniors face. Things like diabetes, Alzheimer’s disease, heart attacks and strokes most commonly occur with age. The good news is that if you presently carry a good bill of health (and you’re trying to keep it that way), you’ll be able to find a good life insurance policy that’s affordable.

The second obstacle is if you have a family history of health problems. If high cholesterol, high or low blood pressure or abnormal glucose levels run in your family, this will affect your insurance policy rates. Equally, if you were diagnosed with a health problem as a child, you’re at a greater risk for these things to reoccur as you age. These things considered there are insurance agents who specialize in insurance for seniors. An experienced insurance agent will point you in the right direction for your specific needs. Compare the benefits of whole life insurance and term life insurance to see which one you prefer.

Here is a description of of the different types of insurance that seniors might be interested in

  • Whole life insurance or universal life insurance carries higher rates. This type of insurance is created to be an investment and probably isn’t the best choice for seniors.
  • Term life insurance is much more affordable and carries a specific term that you control. You can opt for a 10-year or 20-year term insurance plan with great coverage at low premiums. Many term life insurance policies give you the option of opting out of a medical exam. You can even apply for some no-exam life insurance policies right over the internet.
  • Burial and funeral insurance, also called final expense insurance, is a great option for you if you cannot purchase any other type of life insurance policy. This insurance not only will cover your burial and funeral costs, but may also pay off any debts you have. No one is denied this type of insurance.
  • Travel insurance is another option if you do a lot of traveling. This insurance is affordable and can be purchased annually. Many credit card companies offer travel insurance for free.

Legal Issues Facing Seniors

Seniors today face many situations that may require legal help. Drawing a will, creating a trust, estate planning, nursing home abuse and social security and disability claims can become sticky situations for seniors facing them alone. Thankfully, there are many good elder law lawyers who are experts in simplifying these issues so that seniors can live out their golden years worry-free.

Preparing a will is of upmost importance for seniors. In the event of your death, did you know that the state will decide what to do with your estate if you don’t have a will? Although intestacy laws vary by state, it’s likely that a court will evenly distribute your assets among your closest blood relations. If you have children, the state will decide who will be their guardian. You have the option of writing your own will or hiring an attorney to assist you. The process of preparing a will isn’t difficult or expensive. The library or internet can provide you with self-help materials or forms to go by or you can simply write down the basics, such as—

  • Your name and the names of all those you wish to leave your assets to (called beneficiaries).
  • A list of your assets, such as your home, investments, a business, property and personal items.
  • The name of a guardian to take care of dependent children and manage any property you leave them.

It may be a good idea to hire an attorney if you have any doubts about your will. For example, if you have large assets that may be subject to estate taxes or have children from a previous marriage, a lawyer can assist you in making sure your will legally covers all the details.

Furthermore, if you have an estate that is worth more than $100,000, own substantial real estate assets, or own a small business; a lawyer can help you set up a trust or estate plan. A trust can protect your assets from creditors and lawsuits and can also minimize estate taxes. A lawyer will assist you to retitle your trust to avoid probate after your death. Probate is a lengthy and expensive court process that will determine how your estate should be distributed. An estate plan is similar to a living will, providing instruction regarding your care if you become physically or mentally incapacitated.

Another situation in which you should seek legal help is when you have a social security or disability benefit claim. You’ll have to attend a hearing before a judge—something you’d rather not do alone. With all the rules and regulations regarding these issues, a disability or SSI lawyer can advocate on your behalf so that you receive what you deserve. These lawyers charge a fee only if you win, so you can be sure that they will work extra hard for you.

Hopefully, you or a loved one won’t ever need the service of a nursing home abuse lawyer. However, in situations where you are aware that nursing home abuse laws have been broken, there are knowledgeable and experienced lawyers who can help. Do you have a loved one with unexplained bruises, cuts or broken bones? Does your loved one appear distraught and unhealthy in the nursing home? Unsanitary living conditions and improper administration of medications are signs that the nursing home may be abusing or neglecting your loved one. Nursing home abuse lawyers are experts in nursing home abuse laws and can assist you.