Are You Financially Protected from Covid?

It’s an unfortunate fact, but older adults are more prone to die from COVID-19 than younger adults. According to AARP, about 8 in 10 deaths from COVID-19 have been among people age 65 and older, and 95% of Americans killed by the disease were age 50 or older.

One reason COVID-19 is especially lethal in older adults is that they have more chronic illnesses than their younger counterparts. Eighty percent of seniors have at least one chronic health condition, and a number of these – from COPD to obesity to diabetes – are known to complicate a coronavirus infection and worsen the severity of COVID-19.

Another factor that makes COVID-19 so dangerous for older adults is the condition of their immune systems. As we age, our immune system weakens, making them more likely to get infections and less capable of fighting them off.

As older adults, our lungs don’t have the clearing capacity they once did, our kidneys don’t function as efficiently, and our liver function decreases. Once an older adult gets sick with COVID-19, they don’t have all of the layers of protection they once did.

Older Adults Don’t Want to Leave Big Expenses Behind When They Pass Away

One of the biggest fears older adults have is that they’ll leave their family with large unpaid bills when they die, particularly their final expenses. And final expense costs can be extremely high.

In the U.S., there is an average of 2.4 million funerals per year, with the cost for loved ones being between $8,000 to $10,000. And it’s getting more expensive every year. According to The Consumer Price Index, funeral costs have risen by over 227% in the last 30 years.

According to the National Funeral Directors Association, the median costs for a funeral in 2021 are:

• Basic services fee: $2,500
• Casket: $2,500
• Funeral Director’s Fee: $1,500
• Embalming and body preparation: $750
• Funeral Ceremony: $925
• Transportation: $500

This amounts to $8,675 and doesn’t include the cost of a burial plot and headstone. There also may be medical bills that loved ones will need to pay.

The Solution to High Funeral Costs

The best way for a family to avoid dipping into savings or going into debt to pay for a funeral is to be financially protected with life insurance. With the right coverage in place, your family will be able to cover your funeral expenses, medical expenses, and any legal expenses there might be. This allows them to grieve and focus on your legacy.

When you die, life insurance will pay your beneficiaries a tax-free, lump-sum benefit that they can use however they see fit. Funeral directors expect to be paid immediately, and if there aren’t extenuating circumstances, your loved ones could have a check from the life insurance company within a week of filing a claim.

Many seniors and individuals have turned to final expense insurance, such as simplified issue or guaranteed issue life insurance, to cover all of the costs of a funeral and other outstanding bills. Contact Oscar Young at (312) 625-0133 or visit him at www.LiteQuote.com for information on how you can have the security of knowing that your loved ones are financially protected from COVID-19.