Senior Resources » Boomers and Life Insurance and Health Issues. Oh My!

Boomers and Life Insurance and Health Issues. Oh My!

Life is unpredictable. That’s why we have life insurance! Of course, we typically associate life insurance with death. After all, life insurance policies exist so that if we die unexpectedly, our loved ones won’t be left in a financial lurch. However, that’s not all that life insurance can do. Keep reading to learn more about life insurance, health issues, and how they might relate to you.


What Happens if a Health Issue Arises?

Some policies allow the policy holder to obtain part—or all—of the death benefit in the event of certain health issues. This enables both you and your loved ones to divert the full brunt of the financial woes associated with treatment. Here are some different ways that you can use the death benefit:

1. Your overall care.

In other words, the advance payment can be used to cover the costs of paying a professional or even a family member to tend to your needs.


2. Tending to life events.

You can use the money from your policy to pay somebody (usually a family member) to assist you, regardless of distance.

3. Home modifications.

Last but certainly not least, you can also use the money to you remain where you are. In other words, modifications made to the home to make it more accessible.

Read Next: 8 Simple Home Safety Solutions for Aging-in-Place

As with any “perks” or policy changes, restrictions do exist in most cases. Aside from restrictions, policy holders must also meet specific qualifications in order to receive the death benefit prematurely. Therefore, it’s absolutely vital that you consider this decision carefully. It might have lasting financial ramifications on you and your family.


Can I Still Obtain Insurance After a Health Issue?

Encountering a health issue—minor or major—does not necessarily mean that you are uninsurable during or after the fact. Surprisingly, most affordable health insurance companies, such as Health Net, are more than willing to assist potential clients. Unfortunately, the insurance coverage will cost more for a sick person than for someone with a clean bill of health.

While it may come as a shock, many insurance companies will provide life insurance to people who suffer from hypertension, Alzheimer’s, and even cancer! In fact, Prudential has been underwriting life insurance policies for breast and prostate cancer survivors for more than 80 years. Visit their website here.

So, Boomers, if this is a concern for you, don’t fret. There are still insurance companies out there who’ll be willing to cover you—with or without health issues.

Looking for more?

If you want more information about critical illness insurance companies, we’ve got you covered! Here are a few of the best.


Originally published April 14, 2023

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