In many families, at least one adult has a life insurance policy to ensure financial security for those left behind after a death. Though adults over 65 can still use life insurance for this purpose, these policies have many other advantages for the aging demographic. Las Vegas in-home care experts discuss a few of the reasons your senior loved one might want to consider life insurance.
Cover Emergency Medical Expenses
A life insurance policy isn’t just for covering expenses after someone has passed away. Some of these policies also provide coverage for the serious medical risks many seniors face. If your loved one’s policy has a savings component, he or she can make withdrawals or borrow against the cash value. This can provide your loved one with the money he or she needs in case of an emergency medical situation.
Make the Golden Years Less Stressful
Seniors often experience stress due to issues such as finances and health. This is why so many have turned to life insurance to gain peace of mind about what the future holds. Ongoing stress not only affects your loved one’s psyche, but it could also impact his or her physical health. Stress has been linked to medical issues ranging from high blood pressure to diabetes.
Simplify the Estate Planning Process
Estate planning can be confusing for those who are not familiar with the process. A life insurance policy can pay for an executor who takes care of financial concerns after someone has passed away. An executor ensures the assets are passed from one party to another as quickly as possible and in a legal manner. These individuals can also clear up confusion your loved one might have about where specific assets go.
Spend Less on Taxes
An inheritance tax is a state tax that must be paid by the beneficiary before receiving any assets. Depending on the size of your loved one’s estate, this tax could be an incredibly large financial burden. To avoid this, many people have integrated life insurance policies into the estate planning process. Though Nevada does not collect inheritance taxes, senior policyholders and their family caregivers in Las Vegas should still be aware of this possibility in case they move to another state.
Life insurance can also be used to help pay for your loved one’s in-home care. To learn about how this process works, reach out to Home Care Assistance in Las Vegas. We are a leading provider of Parkinson’s, stroke, and dementia care in Las Vegas, and our caregivers are expertly trained to assist seniors with many daily tasks. For more information and to request a free consultation with one of our Care Managers, call (702) 550-3185 today.