We all have a moral obligation to ensure our loved ones do not bear an overwhelming financial burden when we are no more. If you are a senior citizen you may not want to leave your spouse or your children with the financial responsibility of paying off your debt, medical costs, legal costs and/or funeral expenses. As you shop for a policy, it is important to choose a plan that discloses the time you will be eligible for benefits. The following are some of the tips to consider when buying life insurance for seniors, including:
· Guaranteed acceptance
Many of the seniors are reluctant to shop for insurance because they assume they will be denied or end up paying high premiums as a result of their advanced age and/or pre-existing medical conditions. Therefore, a guaranteed acceptance policy comes handy. Although such a policy has smaller benefits when compared to the traditional insurance policies, the policy plays an important role in catering for the final expenses. Some of the plans are designed to provide insurance benefits to pay a caregiver or fix the home to facilitate a sale, when you are no more, as well as providing money to cater for the final expenses.