Whether someone is in good health or has a chronic illness, they should invest in life insurance if they have dependents. Life insurance policies are a crucial part of estate planning. Having life insurance can give an insured person peace of mind that their family will have financial support upon their death. Upon getting life insurance, the policy owner selects beneficiaries, typically their spouse or children, to inherit from the policy. If the insured person’s death precedes the end of the term, the heirs receive a payout of the insurance proceeds from the insurers. This payout, called the death benefit, is a lower amount than the policy’s cash value.

The payout eases the financial strain of injury, illness, and death for the living dependents of the insured. Heirs receive the death benefit if the policy was active when the policyholder died, and the insured person paid the required premiums.

Policyholders pay premiums on life insurance policies throughout the policy term life. How much coverage someone needs impacts their premium payments. For this reason, people should buy insurance they can afford. Factors that may affect the plan a person gets include the size of their family, their family savings and expenses, and health status.

Many insurance product options exist, such as term life insurance, trauma cover, total and permanent disability (TPD), and income protection. Trauma cover is an option in cases of critical illness. TPD coverage is an option for people with permanent disabilities that might not be able to work. Income protection insurance covers injuries and disabilities that prevent people from working. Researching and comparing different types of life insurance policies can help insurance seekers. Policy-seekers can use iSelect to compare and shop for insurance companies and products with ease. iSelect provides detailed information on various life insurance products offered by many insurers.

Policies vary, but in general, lump-sum payouts from life insurance may help heirs afford daily expenses and costs of living. Life insurance is useful for paying medical bills and funeral costs. Beneficiaries may use the money to travel, pay education fees, pay off debts, or pay the mortgage. In cases and families with older adults, houses may need remodeling to allow safe and cozy living while aging. Heirs can use life insurance to fund home repairs and renovation.

Everyone, especially older adults, should have a comfortable place to live and deal with the loss of a loved one. Older adults often reside in care facilities, but they may need and want to stay home. The United States Aging Survey reports that many older adults wish to stay home. Seventy-five percent of older adults surveyed intend to age in their current homes.

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Aging in place remodeling makes homes safer for the aging population. Thirty-four percent of older adults said they made changes to their bathrooms, and 28 percent said they improved the lighting, to allow them to age in place (United States Aging Survey, 2015). Families should consult experts, such as those at Live in Place Designs, to rework homes. These skilled contractors make renovations that suit people’s current and future needs and make homes functional for people of all ages and abilities.

Modifications including bathroom rails, stair rails, improved lighting, easy-to-access light switches, non-slip flooring, and wheelchair-accessible walk-in showers and entrances and doors, help older adults avoid trips, falls, and injuries. Having a house that accommodates aging allows older adults to stay in their homes and be with the loved ones they need.

Home renovations and other expenses can cost a lot, but life insurance helps ease any financial strain. Losing a loved one is hard, so life insurance ensures that families don’t have financial pressure in addition to emotional and mental stress.

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