Why You Need Life Insurance Regardless of Age

Most people don?t consider their need for life insurance. They may not get around to planning for it or they may put it off for as long as possible. Many Americans today do not have life insurance, and will leave their family and close ones with a big hassle after they are gone. Most times, it is not done intentionally but for the simple fact that they do not want to think about it or they put it off for too many years. Life insurance provides many benefits to both the insured party and the family that is left behind. Purchasing life insurance does not mean that you are old or that you are likely to need it anytime soon. Life insurance is simply a preparation and an insurance policy to protect those you care about.

In fact, by 2050, it is anticipated that Americans aged 65 or older will number nearly 89 million people, more than double the number of older adults in the U.S. in 2010. (The State of Aging and Health in America 2013). With advancements in medicine and incensements in technology, people are living longer and healthier. Life insurance policies are not needed for many years, but still provide a sense of calmness and peace of mind for those insured.

Many seniors today are living with chronic health conditions that may affect their life insurance cost and plans. The life insurance plan is affected similar to the health insurance plan of a chronic condition sufferer. Today, more than two thirds of all health care costs are for treating chronic illnesses. Among health care costs for older Americans, 95% are for chronic diseases. (The State of Aging and Health in America 2013). Although the life insurance cost may be affected by a chronic condition, life insurance plans can be individualized and created to cater these needs.

Health care expenses can be costly to someone with a chronic condition. They may leave behind medical bills and costs without life insurance. A family member may be stuck with late medical costs. The U.S. has the highest rates of chronic health conditions, such as diabetes and heart disease, 87% of older Americans report at least one chronic illness, and 68% reported two or more. (The Commonwealth Fund, 2014). These chronic illnesses may leave people more at risk for needing life insurance and life insurance costs will be created to ensure that these conditions are factored into the plan.

Health and life insurance are necessary parts of life. Health insurance is needed to ensure that someone remains healthy and receives the necessary medical care in the event of a medical emergency. Life insurance is needed in the event of a loss and to prevent leaving a burden or high medical bills to the family. Life insurance cost will depend on a variety of factors, including age, health status and the occurrence of any chronic health conditions. Either way, life insurance provides many benefits to both the insured and the insured?s family and close ones.