I am an elderly man and I am sixty eight years old. I live alone for my wife died three years ago and my children, of course live their own lives though they do come to visit quite often. I have never had any serious health issues and thus never thought about what would happen once I am not among the living anymore. However, a recent situation made me think about such stuff. Actually, I started thinking about buying some kind of life insurance.
What actually happened is that some time ago, maybe a year or so, my overall health started deteriorating and I decided to visit my doctor. Short after, I was diagnosed with a serious disease. The doctor told me that I suffered from prostate cancer. It was too late for surgery and I was prescribed certain medications. However, those medications would not cure me; they would just prolong my life. Now, that was the point when I started thinking about my kids and what they would have to go through once I am gone. I did not want to leave all the expenses for the funeral and for the different taxes that are to be paid when one dies.
So, I decided to buy some life insurance. Since I really had no idea about insurance at all and the procedures that follow it I wanted to get myself a professional advisor and see what my options are. The one thing I knew, however, was that health condition mainly determines the cost of the premium. Anyway, I met with the advisor and he presented me with different options and combinations. The one that seemed most appropriate for me was the so-called guaranteed issue life insurance. The main thing that differentiated it from all other types was that you did not need to go through a medical exam nor provide any information about your health. Therefore the cost was a bit higher but still acceptable. So I asked about some more details and realized that it was really the optimal solution for me.
I then chose the company that offered the best price and finally applied for it. Since medical exam was not included, I got my insurance in only a week or so. I have paid premiums for a year already and my mind is now at ease for I know that my children will be left with enough money to cover all the necessary expenses.
To end this story with, I would like to give some advice to elderly people in situations similar to mine. The guaranteed issue insurance is really convenient for our condition. However, you should anyway consult a professional advisor or a broker for they are familiar with all the possible combinations and catches as well. They may also help you find the best insurance company in your area. All in all, be careful, pay attention to every single detail and in the end you will find yourself satisfied and at ease.