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Finding life insurance for seniors can at times be a challenge. This can especially be the case when seeking life insurance for seniors over 80 or burial insurance for seniors over 70. However, for those who know where to look, the process can be much easier, as there is coverage available – and in many instances, it can be affordable as well.
Do Seniors Over 80 Need Life Insurance Coverage?
For many years, there has been a debate as to whether those who are seniors even need life insurance coverage. In certain instances, there are individuals who feel that once a person’s children are grown and on their own, life insurance is no longer necessary. This, however, is not at all the case.
There are numerous reasons why life insurance for seniors over 80 is extremely important to have. First, regardless of what age you are, there will be final expenses to contend with. Today, on average, a funeral can cost in excess of $9,000. Expenses such as a headstone, burial plot, transportation, flowers, and the actual service itself can all add up. Let us help you find the Final Expense Insurance you deserve.
Given the high cost of funerals today, there are many families and loved ones who are unable to pay these expenses directly, requiring them to either use credit or dip into savings. Having a funeral insurance policy available, however, can alleviate the financial burden of these costs, as well as the stress on families at an already emotional time.
Seniors may also need life insurance for paying other debts, too. Many individuals pass away leaving the balance of a mortgage, auto loan, credit card debt and more. This, too, can put survivors in a negative financial position going forward. Using life insurance proceeds can, however, rid these debts and allow survivors to move on without added financial burden.
While many people may not realize, there are dozens of different final expenses that you could leave behind, that you never thought of. All of those expenses could easily add up to thousands of thousands of dollars. All of those debts can make and already difficult situation a thousand times worse. That’s where a life insurance policy comes in, it will give your loved ones the money that they need to pay off those expenses and insurance that they are getting the money that they need.
Life insurance for seniors over 80 may also be needed as an income replacement vehicle. For example, there are many married couples who rely on income from pensions. When one spouse dies, the pension income may stop, leaving the surviving spouse with little or no income to continue paying their ongoing living expenses. Without life insurance to replace that pension income, the surviving spouse could be forced to drastically change his or her lifestyle and be left destitute.
In many instances, there is also the issue of estate taxes. Those who owe estate taxes at death could be liable to pay more than half of their estate’s value, leaving very little to their loved ones. By having a life insurance policy available to pay these taxes, family assets can be left in place where they rightfully belong.
Types Of Life Insurance Available To Seniors
When shopping for life insurance for seniors, it is likely that both term and permanent coverage will be available. However, there will also be some possible limitations in the coverage that must be anticipated.
For example, in most cases, after age 89, it can become difficult, if not impossible, to find term life insurance. With that in mind, if you want coverage to continue past that point, it may be best to choose permanent coverage.
In most instances, the term life insurance that is available will be offered in 10-year increments. The permanent life insurance coverage will last for an indefinite period of time, provided that the premium continues to be paid. Permanent coverage will also include a cash value build-up where the cash can accumulate on a tax-deferred basis.
For seniors who are over age 80, there is another type of policy that could also be considered – especially for those who may not be in good health. This is a policy with graded benefits. Here, the named beneficiary will not receive the full amount of the death benefit if the insured dies within the first two or three years that the policy is in force. Rather, the beneficiary will only receive a return of the policy’s paid-in premiums during this period (possibly with some amount of interest).
Ever at age 80, there are several different options for life insurance option. Each of them is going have difference advantages and disadvantages that you should consider when you’re looking to get life insurance coverage for your family. If you don’t know which type of policy is going to work best for you, please contact one of our agents. We would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs.
What About No Medical Exam Policies For Seniors?
For seniors who are not in good health, a no medical exam life insurance policy could provide a good alternative for obtaining the coverage that is needed. This type of coverage is guaranteed to be approved as soon as an applicant pays the premium, without regard to the individual’s health condition or past health history.
There are several types of no medical exam coverage that are available on the market today. These include guaranteed issue, simplified issue and graded benefit life insurance coverage. With guaranteed issue life insurance – also referred to as guaranteed acceptance life insurance – there are no health questions on the application for coverage, as well as no medical examination as a part of the insurance underwriting process.
Simplified issue life insurance also does not require that the applicant take a medical examination to be approved for coverage. There are, however, usually at least some health related questions that the applicant must answer on the application for coverage.
It is important to note that in any of these cases, the premium that is charged will typically be quite a bit higher than for a comparable life insurance policy that is traditionally underwritten. This is because the applicants for no exam life insurance are usually in poorer health – meaning that the life insurance company is taking on more of a risk with these particular insureds.
A senior may want to consider the purchase of a no exam life insurance policy if he or she is not in good health, as this may be the only type of coverage that they can qualify for. In many ways, no exam life insurance can be considered to be the “coverage of last resort.” It can, however, be financially rewarding for an insured’s survivors who need the death benefit to pay off debts or to replace lost income.
No medical exam life insurance policies are also typically processed much more quickly than other types of policies. This is because there is no medical underwriting to contend with. Therefore, if an individual is in need of coverage quickly, this may be a good way to obtain a policy within just a few days versus several weeks – or longer.
The amount of death benefit that is offered by a no medical examination life insurance policy can vary. Often these plans will provide up to $250,000 in coverage. However, there are some policies that may provide as much as $500,000 in death benefit proceeds. In many instances, the amount of the policy’s death benefit will not decrease over time, and the premium is typically locked in at a guaranteed rate. This can be helpful for seniors who are living on a fixed income and may not be able to pay any more than they have originally budgeted for.
These plans are an excellent option for seniors because they allow anyone to buy the life insurance coverage that they need, regardless of health or any pre-existing conditions. Everyone deserves to have life insurance protection, and your health or age shouldn’t keep you from getting it. These no exam plans are going to be more expensive, but you can’t put a price tag on the peace of mind that having life insurance will bring to you and your family.
How Much Does Life Insurance For Seniors Over 80 Cost?
When considering the purchase of life insurance, one of the biggest factors will be the policy’s premium cost. For those who are older, this factor can be a concern. However, when compared with the potential debts that survivors could be left with by not having the coverage, the premium is typically much, much less. A lot of 80 year old applicants assume that the premiums aren’t worth it, but it’s much better than leaving your loved ones with a mountain of debt and final expenses.
Just as with life insurance for younger individuals, the cost of coverage will be based upon the following:
- Height and weight
- Smoking status/tobacco usage
- Marital status
- Occupation and income (if applicable)
- Health condition
- Medications / prescriptions
- Health history / family health history
- Lifestyle / hobbies
- Foreign travel
For those who are applying for traditional life insurance coverage, it is likely that a medical exam will be required as a part of the underwriting process. This will require a short meeting with a paramedical professional. They will take and record your heart rate and blood pressure.
Also, a urine and blood sample will also be taken. These samples will be analyzed by the life insurance company to determine whether or not other potential health risks are present in the applicant. All of the factors above are going to play a huge role in how much the insurance company is going to charge you for your life insurance policy. If you want to get lower premiums for your plan, you’ll need to improve the factors that you can, like your smoking and your overall health. While your age is going to be one of the most important factors that they look at, it’s not going to be the only thing that they look at.
Once all of the information has been collected and received, the life insurance company’s underwriters can make a more informed decision with regard to the applicant’s insurability, as well as a premium price to be charged. We typically only recommend standard policies for people are are looking for life insurance over 50 but are under the age of 65.
Where To Purchase The Best Life Insurance Coverage
When seeking the best life insurance for seniors over age 80, it is wise to do a good amount of research and shopping prior to making a purchase decision. This is because the policy offerings, as well as the premium prices, can vary a great deal from one insurer to another.
We can assist you when comparing policies and premium quotes. We work with all of the top life insurance companies in the life insurance market, and we will get you the information that you need right from the convenience of your home computer. Information can be obtained within just seconds, and it can be done without the need to meet with an insurance agent. To begin the comparison process fill out the form on this page.
If you have any questions on how to purchase life insurance for seniors over age 80, how to obtain a premium quote or life insurance as a whole, please contact us directly at 888-389-8676. It is never too late to obtain life insurance coverage. Our experts are here to help ensure that you obtain the right type of life insurance policy for your specific needs.
We know that finding the perfect affordable life insurance plan can be a long and difficult process, but it doesn’t have to be. Our agents can help connect you with the perfect life insurance plan to meet your needs. Additionally, we can help you compare dozens of policies at once. We are independent insurance brokers, which means that we don’t work with only one single company. Instead, we work with dozens of highly rated companies across the nation.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. If something tragic were to happen to you, your family could be stuck with a massive amount of debts and final expenses, which can make the situation a thousand times worse. Your life insurance coverage will give them the money that they need, regardless of what happens to you.