People generally have the wrong idea about the importance of life insurance living past 90 years. There are various myths about life insurance for senior citizens who have crossed 90 years of life. Some people believe that life insurance for people in this age group is not possible and is irrelevant too.
However, the insurance companies have challenged both of these myths and provided the life insurance coverage facility for seniors over 90 years of age. They have seen the relevance of the concept and found it as a fruitful business opportunity as the significance of life insurance for people in this age bracket is much more sensible and optimal.
Although it may be a little more expensive than life insurance policies for young people prices are not sky-high. One can afford them and get benefits from the insurance policies just like anyone else.
Why Do People Above 90 Years of Age Buy Life Insurance?
Although the reasons may vary from individual to individual, yet there are some of the common concerns that most of the people share in this age.
Let us take a look at the importance of life insurance after 90 years.
To Cover Burial Expenses
When people age, they always have this concern of mortality in their minds. Some may show it while others may just try to hide this anxiety from their family members. The wisest and practical people arrange for their own burial expenses so that their family remembers them as a legend of integrity.
Sometimes they even gift this insurance policy to their loved ones so that they can comfortably spend money while being alive and can repay the debt once they cease to exist. However, it is a good idea to get life insurance after 80 years to cover this expense as the price increased with age.
Pay Any Borrowed Money
As stated above it is always advisable to live a comfortable life of dignity than leading a miserable old age. The life insurance policy allows them to borrow money on debt.
Thus, they can enjoy the comforts of life by paying minimal installments and leave behind the insurance policy for their loved ones to pay their debts after their death. This is a win-win situation for everyone and covers their additional expenses that occur at this age.
Responsibility to Family
People reach the age of 90 years after seeing a lot of ups and downs in life. They often have witnessed a maximum of the human situations that include misery as well as royalty. They very well realize the impact of the death of an elderly loving person in a family.
Thus, in order to secure the future of their loved ones, they tend to take the insurance policy. The money serves as a gift to their family after their departure. Sometimes they may even offer them money for a cause so that their death may be remembered as a noble gesture by those who survive after them.
To Keep the Dignity
One who has been an earning hand all throughout his or her life, often never wants to become a burden on anyone. It hurts the sentiment of retired people to borrow money from their children. Life insurance policies enable them to sustain their dignity in its highest form.
While being alive they may pay the installments in the form of premiums and rest assured that their family will be awarded when they die. They may always want to be a “provider” to their children rather than being a “responsibility”.
These are some of the reasons to name but it is for sure that there is a lot of importance of life insurance living past 90 years. It is rightly said that money may or may not matter but one cannot deny its significance for leading a comfortable life.