If you are looking for insurance that protects parents, it should be taken into account that most companies accept 65 or up to 75 years of age as a maximum age, but if that range is not yet reached, it will be easy to find adequate coverage. It should be noted that the older the person, the premium may increase a little because it could represent greater risks such as existing conditions. However, you can find affordable prices or different forms of payment.
Some Life insurance companies have several coverages depending on the lifestyle of the person to be insured. For example, to protect a parent who is still working, you can take out more comprehensive policies that protect you financially against any risk.
Some coverages that can be found are the following:
Total Disability : assists you with an insured sum in case that due to your work or any other event you have had an accident that does not allow you to continue working or performing your daily activities. You can also choose to waive the payment of the premium so that it continues to be protected without having to continue paying off the policy.
Spouse : the company may extend the benefits of the coverage to the husband or wife of the policy holder.
Illness : either due to a terminal illness such as cancer diagnosed by a doctor, a percentage of the established insured sum may be given to the father of the family. Although some companies can also provide an extra amount for a fracture or injury.
Surgeries : some companies have a catalogue of surgical interventions. If the person requires surgery, the insurer will provide financial support and the policy can also be extended to another beneficiary such as your child or spouse.
Organic Losses: depending on the part of the body amputated, a percentage of the compensation amount will be delivered and if it was collective death, occurred within public transport or building, the compensation could be double.
Funeral Expenses : supports the children or any other beneficiary to defray the expenses of the vigil , cremation or any type of funeral cost that the policy covers. The company can provide assistance with an institution in agreement or deliver the amount allocated to this coverage.
Savings : it is a policy that saves the capital of the insured whose term can be from 1 to 20 years but also until the person reaches 65 years of age. In this coverage, the contractor will receive the amount of money that he saved during the indicated period and if he chooses it, it could be a greater amount than that saved since there are investment options that generate returns. In addition, in this coverage some institutions accept contractors up to 80 years of age
Education : if the father of the family still has minor children, he can hire this protection that will help financially in the education of the children in the event that the owner should be absent. The insurer would be providing an insured sum to the descendants or through a trust so that they continue with their education up to an age limit that can reach 25 years.
Early death : if the contracting party dies in the first five years of validity of the insurance, the beneficiaries will continue to be protected since they could receive the compensation established in the policy.
The aforementioned coverages can be chosen within the same plan or hired additionally. It should be noted that each one has its specifications and exclusions in which certain protections could be limited depending on the age or health status of the father or mother to be insured.
What happens if it is required to assure the parent that he has already passed the age limit for hiring?
The insurance market increasingly opens up more possibilities for those interested in taking out a Life policy, for this reason companies are dedicated to offering products for the elderly and in the case of Life there are no exceptions.
Top life insurance companies in USA provides special coverage for the elderly where it assists in Funeral Expenses in the event of death. The child who wishes to protect his parents with this type of policy may feel safe because if for any reason he dies, an amount that can reach up to 500 thousand pesos would be given to the father or mother , depending on the plan that is chosen. This coverage will financially support those parents who, due to their age or illness, cannot survive on their own.
In addition, while the policy is in force, the elderly may obtain different assistance such as medical consultations either at a health centre or at home. Medical discounts, ambulance delivery, dental service , home laboratory studies as well as nursing. A plumber, electrician, carpenter, or bricklayer may also come to your home to provide a free service.
To contract this plan it can be done by means of deposit or bank transfer. It is important to consult the conditions of this protection as the aforementioned assistance may have an extra price, certain exclusions or event limits.
There are also other types of life insurance for the seniors such as comprehensive medical insurance that can complete the protection of the loved one. Before contracting any other policy, it is necessary to know the age limit accepted by the insurer, the conditions for contracting, forms of payment and more coverage.