Life insurance does not have to be exclusive to young people. It can also help retired people.
Times have changed, it was previously assumed that by the time the parents reached a certain age, their children were already independent and the parents would not have any outstanding loan.
Now, the crisis has caused many children to have to continue living with their parents, and that they still have mortgages in progress.
Life expectancy has been increased
In addition, life expectancy has been increased. The men live an average of 78 years, and the women of 84. In Spain, according to a fairly recent study, reside more than 8,500,000 people over 65 years.
Naturally, insurers have had to learn to adapt to these changes , and they also offer their life insurance to seniors and retirees. The requirement to be able to hire it is based on the fact that they will have to perform some medical check-ups so that the company can determine the risk. Clearly, the cost of the fees will not be as cheap as for a person who is much younger.
Life insurance is a policy in which the person who is insured protects their relatives, always depending on the coverage contracted and the amount of the premium paid, and protects them against two cases:
- If the insured person dies, some insurances usually advance an amount of money, destined to cover the expenses of the funeral.
- If the insured person suffers an accident and survives, but the income of the relatives in their care will be reduced in some way, the insurer will pay the compensation set.
Hiring a life insurance being retired can be a really interesting offer that we should all consider, since we never know what can happen to us, and especially for two fundamental reasons:
- The economic tranquility for the person who is insured and also for their loved ones.
- Protection against any unforeseen event or accident that we may suffer.
The main coverage offered by this type of insurance
Is the payment of the stipulated capital in case of death. However, there are many other options that you should know and consider, such as:
- Repatriation If we die outside our city, the company will be responsible for the expenses generated by the transfer.
- Disability due to traffic accident . If the handicap were caused by a traffic accident, the policyholder will receive an additional amount to that hired in the policy.
- Death due to traffic accident . The beneficiaries will obtain money complementary to the amount of the insurance itself.
- Death of the policyholder and spouse in an accident . The winner or the children will receive an amount of the same amount as stipulated in the insurance for death in another situation.
- Psychological counseling If the insured dies, their first-degree relatives may receive assistance from this professional.
It is true that both life and death insurance are responsible for facilitating the situation to family members when the insured person dies. However, the purposes are different.
The first is responsible for financially compensating the beneficiaries so that life changes as little as possible, at least in economic terms. In addition, if the insured person does not die, it is she who receives the compensation, in case of disability.
On the other hand, death insurance is responsible for paying the burial expenses and their efforts.