Are you actively looking for health insurance for senior citizen parents? May it be for yourself or your parents, you’re in the right place. 🙂
After reading this whole post, make sure to connect right away with a Financial Advisor to get started. The fact that you’re here means it’s actually the right & best time for you to get health insurance for your senior citizen parents because the more you delay it, the less chance of getting them insured, and the more cost of premium you can incur.
Let’s get started!
How can I get health insurance for senior citizen parents?
SUN Senior Care plan is a life & health insurance plan that you can avail from Sun Life. It caters the needs of individuals whose age is from 50 to 70 years old. This plan offers a limited-pay whole life critical illness (CI) plan that offers a combined benefit of savings and comprehensive health protection even at a late stage in life, providing coverage during one’s golden years up until age 100.
Normally, individuals can apply for life & health insurance plans until age 60 only. That’s why it’s really hard for individuals age 61 and above to get insured already. Sometimes, if they find a plan that can insure them, they find the benefits very limited. Been there, done that.
But if we’re talking about comprehensive health insurance for senior citizen parents, then SUN Senior Care is a really good deal.
Benefits of SUN Senior Care
- Special access and privileges to a wealth of information
As part of the prevention process, Sun Life aims to help Filipino people achieve not just lifetime financial security but also healthier lives.
That’s why, when you acquire a SUN Senior Care plan, you’ll gain access to a wealth of information, nutrition and health experts, fitness activities and events, and other available preventive care programs to help one live a healthier life.
- Lump sum financial benefit
In case of critical illness diagnosis with any of the covered 17 common advanced-age critical illness conditions, the client can claim up to 150% of the face amount acquired from SUN Senior Care plan. In this way, the financial burden of the family from hospital expenses can somehow be eliminated.
- Additional one-time cash benefit
SUN Senior Care plan gives an additional one time cash benefit of 5% of the face amount in case the client will undergo any one of the four (4) specific covered surgeries/conditions.
- Life insurance coverage
In case no critical illness has been made, SUN Senior Care plan gives a guaranteed life insurance protection to the client equal to 150% of the face amount.
- Cash values
Since SUN Senior Care plan is a participating traditional plan, it offers cash benefits ℅ cash values & non-guaranteed dividends.
How long should I pay for the SUN Senior Care plan?
SUN Senior Care plan offers a limited paying period. You can choose between 3, 5, or 10 years to pay. Take note that the paying period depends on its availability according to your parent’s age.
Final Thoughts on Getting a Health Insurance for Senior Citizen Parents
I, myself, have done my research and compared SUN Senior Care plan to other health insurance plans I’ve found on the internet. The reason is, I also want my father to get insured who is going to be 56 years old as of this writing.
Some plans I’ve found can really be affordable during the first few years, but if you actually compute the total premiums you will be paying, it’s still pricier compared to the SUN Senior Care plan.
While they are pricier than the SUN Senior Care plan, those plans also offer very limited critical illness benefit.
This is the reason why I prefer the SUN Senior Care plan as the life & health insurance coverage for my father. We were able to get a plan for him with 450K coverage for less than Php 36,000 per year only.
So before the premium gets pricier for you, and while your parents are still healthy with no medical history as much as possible, I suggest you get this plan already for your own peace of mind.
The peace of mind you’ll get from acquiring health insurance for senior citizen parents can actually be the best gift you could ever give to yourself, and of course to your parents also.
Your Financial Advisor for Life,
P.S. Looking for a more comprehensive health insurance plan that can cover you from over 100 Critical Illnesses? Click here.
P.P.S. Check our newest plan: Sun Cancer Care!
Christine Caranyagan is a Certified Investment Solicitor (CIS), Associate Wealth Planner (AWP), Estate Planner (AEPP), and Agency Leader of the Philippines (AALP). She’s a 2019-2020 Macaulay Club Awardee, and a 5x Medallion Qualifier as a Licensed Financial Advisor.
Her mission is to help fellow Filipino people achieve lifetime financial security & healthier lives.
If you want to learn more about financial planning, you can contact her thru her personal contact number 0935 7368 619, or send her a message here.