Life insurance does not have to be exclusive to young people. It can also help retired people.

Times have changed, before it was taken for granted that by the time parents reached a certain age, their children were already independent and parents would not have any type of outstanding loan.

Now, the crisis has meant that many children have to continue living with their parents and that they still have mortgages in progress.

In addition, life expectancy has increased. Men live an average of 78 years, and women 84. In Spain, according to a fairly recent study, there are more than 8,500,000 people over 65 years of age.

Naturally, insurers have had to learn to adapt to these changes and offer their life insurance to seniors and retirees as well. These demographics are able to get cover from Insurance Hero, with specialist plans catered to them. This could mean they don’t need to undergo a medical check, or that they can still receive cover if they have pre-existing medical conditions. The requirement to be able to get a policy is usually more difficult for seniors as it’s based on the fact that the company will be likely to incur more risk. However, this is changing and many companies now provide policies that are just as affordable as they would be for a person who is much younger.

life insurance

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 in two cases:

• If the insured person dies, some eye med insurances usually advance an amount of money, destined to cover the expenses of the burial.
• If the insured person were to suffer an accident and survive, but the income of the dependent relatives is reduced in some way, the insurer will pay the established compensation.

Hiring life insurance as a retiree can be a really interesting offer that we should all consider since we never know what can happen to us, and above all for two fundamental reasons:

• Economic peace of mind 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 the event of death. However, there are many other options that you should know and take into account, such as:

• Repatriation. If we die outside of our city, the company will bear the expenses generated by the transfer.
• Disability due to a traffic accident. If the disability is caused by a traffic accident, the policyholder will receive an additional amount to the one he contracted in the policy.
• Death due to a traffic accident. The beneficiaries will obtain additional money for the amount of the insurance itself.
• Death of policyholder and spouse in an accident. The successful bidder or the children will receive an amount equal to that 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 insurance and funeral insurance are responsible for facilitating the situation for family members when the insured person dies. However, the purposes are different.

The first is in charge of 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 he who receives the compensation, in case of disability.

On the other hand, funeral insurance deals with paying the expenses of the burial and its procedures.

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