Written by Bill Ware
I hope this article will help you to make an intelligent decision about getting life insurance for yourself or life insurance for your parents and or elderly relatives. I will try to help shed some light on the process because people often get impressions that are based on misinformation that they have gotten from someone else or a bad situation that may have happened to them in the past. I can understand these perceptions because the life insurance has had a bad reputation for some time because of some bad apples. I am not here to try and sell you anything that you don’t want or don’t need, I only want to try and help you to make a decision that is in your own best interest. I believe that if every agent acted that way that we could all make a living and improve the reputation of the industry, so let’s get started.
Myth #1: Life Insurance for the Elderly is Too Expensive to Afford.
Life insurance companies want to make money. They don’t want to give you a policy that you are going to pay a small amount for and cash out rich. They will calculate the risk and give you a premium that will cover the person for the time that the policy states. This premium may seem to be higher than you would expect, but again, you have to look at this from the point of view of the insurance company. They base their premiums off fixed mortality rates and what is the likelihood of them having to pay off a policy. The rates are calculated from a group of policies because some of those people will live longer than expected and some will not. So, your premium will be based off an average of what a group of people will do. So, don’t expect a premium that is too high or a premium is too low. If you do your homework, you will get a fair premium, that may not be as expensive as might think.
Myth # 2: An Older Person can’t get Life Insurance.
Life Insurance is available for people to purchase until they reach the ripe old age of 85 or 90. So, if you’re 82 and in reasonably good health then you can get covered. If your parents are elderly and you’re wondering if you can still get them insured If the answer is yes, if they don't have major health issues. However, you must understand that the coverages for people this age are extremely limited and you should contact a professional to see what is available.
Myth # 3: It Would be Easier to Pay for the Funeral Services Than it Would be to get Them Insured Now
This is another case of misconception. The cost of funeral expenses has risen just life everything else. You could pay for a loved one’s funeral services, but to do so when it happens and you’re not prepared is usually a mistake. Times like these are difficult enough and taking care of them later can make them a lot more difficult. The chances of you paying too much could increase dramatically when you’re in the position of having to go out and shop for services with a limited time to prepare. If you show up at a funeral home or church and you have insurance for your loved one, things will usually go a lot smoother. Also, you aren’t tempted to use high-interest rate credit cards to pay these bills, which can add another bill on top of the already expensive cost.
Myth # 4: The insurance Agent Will Take Advantage of Me because of the Position that I’m In.
This won’t be the case if you do your homework first and then contact an agent, contact more than one. There are agents out there that want to help you to get coverage that’s good for you and your family. Not every agent is thinking about how he can make a quick fast buck off you because if he’s a good agent he may someday call on you to refer him to other people that you might know. Now if he’s done a good job then you will be more likely to recommend him to a friend or a family member. Also, this person may be a member of your community and to damage his reputation in this day of instant checks isn’t something that will help you to have longevity in this industry.
Myth # 5: Insurance is a Rip-off.
Each state in the U.S. has a Dept. of Insurance, whose job it is to protect the people of that state from being swindled by life insurance companies. Yes, you will get the people who tell you that it is better to put your money in a cookie jar and save it, but most people won’t. If you’re thinking of getting life insurance for an elderly person, or if you’re an elderly person yourself, it all depends on what your plans and goals are. Life insurance can make things a lot easier for the people that you care about in your life and you can do that at a reasonable cost.
I hope that this article has been of some help for you and that you make a decision that you can live with. If you have any questions please feel free to visit me at http://www.awareinsurance.com/. Contact me, I would be glad to help you in any way that I can.