What kind of legacy and last wishes have you put into place to ensure they are carried out as you want them to be? What steps have you taken to ensure this?
A 2020 Gallup poll revealed that only 45% of U.S. adults have a living will in place, which leaves a great amount of people unprotected. What if something medically happens to you, such as stroke or Alzheimer’s? Having the proper end-of-life documents prepared, such as life insurance for seniors, can help ensure any burden of your care is in place and your last wishes are followed.
Here is a list of end-of-life documents you should consider:
1. Last Will and Testament – this document is a statement of your final wishes and how you want your estate handled after you pass on. It can be used to specify custody of dependents, as well as lay out a distribution of your assets to family, friends, or organizations. Without a last will and testament, your estate and distribution of your assets will be sent to court to be decided upon. (Note: life insurance policies with named beneficiaries are not subject to probate court).
2. Living Will – this document specifies your medical instructions for the health care that you do or don’t want in a case that you are unable to express your wishes. A living will details what kind of medical care you want to receive if you are not capable of making that decision yourself.
3. Power of Attorney (POA) – a POA document is where you can designate a person who will have the authority to make decisions on your behalf. You may need a POA if you experience a temporary or permanent illness, disability, or are out of the country. POAs have the ability to make decisions regarding real estate, business, financial matters, and more. There are several types of POAs and each serves a different purpose. Be sure to speak to a professional when preparing a Power of Attorney form.
4. Funeral/Burial Arrangements – documenting your funeral and burial wishes ahead of time can spare your loved ones from the burden of having to make decisions while also grieving. Making these plans now also gives you the opportunity to guide your loved ones on how you’d like to be remembered, while honoring religious or cultural traditions and personal preferences. You may also want to consider final expense insurance, as funerals cost range from $7,000 to $12,000 on average.
5. Life Insurance – there are different types of life insurance options, such as term or whole life insurance. Having a life insurance policy and enough coverage can help financially protect your loved ones for any final obligations after you pass on. Think of a life insurance policy as a type of financial safety net that provides for your loved ones should the unexpected happen. For seniors curious about their life insurance eligibility, affordable options exist and can help with end-of-life planning goals.
Peace of Mind Takes Planning
The truth is, having your end-of-life documents in place can help provide peace of mind to improve your quality of life. The key is to take care of it now, not later. It’s important to be aware that end-of-life documents can be impacted by individual state rules and regulations. Consult an estate planning attorney to ensure your end-of-life documents are thorough and compliant.
A great place to start your planning is with life insurance for seniors. From whole life insurance to life insurance eligibility, Americo Senior Life and our professional insurance agents can help you find the answers to your questions, simplify the process, and explain your options. Talk to one of our experts today.