Three in five people own some type of life insurance. Another 34% report a likelihood of making a purchase within the coming year. Unfortunately, the U.S. has the highest rates of chronic health conditions, such as diabetes and heart disease. In fact, 87% of older Americans report at least one chronic illness, and 68% reported two or more according to The Commonwealth Fund in 2014. This means that the likelihood of an increase in life insurance claims is inevitable.
Today, more than two-thirds of all health care costs are for treating chronic illnesses. Among health care costs for older Americans, 95% are for chronic diseases as claimed in The State of Aging and Health in America of 2013. Affordable term life insurance is great for those that are fairly healthy and with a history of longevity in their family. On the other hand, cancer care insurance can be very expensive and harder to obtain. For those with cancer, they must be realistic about making a life insurance claim
By 2050, it is anticipated that Americans aged 65 or older will number nearly 89 million people. That is more than double the number of older adults in the U.S. in 2010 according to The State of Aging and Health in America. In 2030, the last baby boomers will turn 65. The State of Aging and Health in America 2013 reports that one of every five Americans or about 72 million people will be an older adult.
Only 40% of Millennials showed some level of interest in a life insurance and a supplementary combination policy, and 25% of all consumers said they would be interested in such insurance products. Many of these Millennials take the recommended one and a half to two servings of fruit a day and two to two and a half cups of vegetables every day. On the negative side, one in seven baby boomers (14%) say they are currently being treated for depression. This is a higher rate than among other generations of American adults according to Gallup, 2015. The possibility of overdose or interactions with other medications makes a case for life insurance claims.
The Standard in Senior Protection is Medicare Supplemental Health Insurance that offers coverage for expenses that Original Medicare does not pay for. With the right coverage, you can see any doctor who accepts Medicare. Also, Health care needs are covered anywhere in the United States so you can travel without concern. Benefits can be paid directly to your doctor, your hospital, or you. Your coverage begins immediately since there is a No Pre-Existing Condition waiting period. With timely paid premiums there is a guaranteed renewable coverage for life.
Last year, 55% of Americans would recommend life insurance to someone else. In 2015, there was an increase of 11%.