Very few companies offer life insurance for seniors over age 80. There are plenty of life insurance companies that promote term life insurance. Also, promoting whole life insurance. However, if one is over the age 80, options can have limits. You may be looking for insurance that requires no medical exam because you are already dealing with a number of health problems only to discover that a number of insurance providers do not have the option for no medical exam. Ergo, as one gets older, life insurance choices become less problematic.
Purchasing Life Insurance for Seniors Over 80 Does Not Have to Be Difficult
It is frustrating, especially for seniors. Is it not ironic that those who need life insurance the most are those who cannot get it? There are number of companies who do not even provide life insurance for seniors who are older than 80. If they do offer this, they charge a high premium.
On the bright side, all is not lost. This does not mean that it is not possible to get insurance that can help with the final expenses. Final expenses in other words are funeral insurance and burial insurance. Seniors over 85 must prioritize final expenses. Because, no one would want to die and leave families with debts.
There are no medical exam options that perfectly fit seniors. However, professional brokers can definitely help seniors find them. Brokers have a number of top insurance companies. Buying life insurance for seniors over age 80 is not as hard as you think.
How to Find Life Insurance For Seniors Over 85 with No Medical Exam
Brokers understand the plight of seniors. One of their goals is helping seniors find the life insurance with no medical exam. A senior at 80 may easily compare rates from the best insurance providers. Then, brokers figure out which seniors can afford and start with. They can also discuss with the broker other options.
Approaching brokers is better than going to an agent. Seniors must remember that agents are exclusively working for one insurance provider. Therefore, an agent will pretty much refer you to the insurance company they are representing. At least, brokers have no commitment to just one insurance company. They have the liberty to provide seniors different options. This way, they can easily look these over and proceed to policies that best suits them.
Options for Life Insurance for Seniors Over Age 80
There is confusion associating with people shopping insurance for seniors. For young adults, it is easy to shop for life insurance. Options are countless. Before proceeding, it is better to learn more about life insurance for seniors over 85.
Term Life Insurance
This is a popular choice for younger adults. Because, they can purchase a large policy at reasonable monthly premiums. Unfortunately, this option is not available for senior citizens. Especially, for those who are over 80 years. Most life insurance providers that give term life insurance have stringent underwriting.
Term life insurance for seniors over age 80 is usually hard to find. If one does find one, they must expect to go through a very strict medical exam. It does not end there because one still has to go through the underwriting process as well. If they can get this term life insurance, they will also discover that the premiums are quite high.
Whole Life Insurance
This insurance is more expensive. Simply because it lasts for an insurer’s whole life. Also, it builds up cash value. Health conditions that come with aging may be difficult to get traditional whole life insurance policies. Some insurance companies charge expensive rates. Also, there is no other option for no medical exam. Therefore, one must look for a life insurance that may as well bypass whole life options.
Burial Insurance for Seniors Over 85
This life insurance for seniors is different from whole life insurance and term life insurance. It may have similarities that cover the policy holder their entire life. The difference is that the face values are smaller than the whole life insurance and term life insurance. Funeral insurance for seniors is often ordered with acceptance so there is no need to be anxious about getting turned down. These policies have lots of benefits and you can easily find one then start applying for it.
Another benefit of a funeral insurance is finding one they can afford. Funeral insurance is a program for someone with fixed income. Also, it ensures coverage on funeral and burial expenses. Remember, funerals are getting more expensive over time. Also, securing a life insurance helps protect the family from the burden of paying for it.
Life insurance for seniors over age 80 may be difficult to find. But, once they find the best they may realize that it is better than not having at all. Whether they get it just a funeral insurance because getting whole life insurance seems to be impossible, go for that option. A senior may not receive coverage for some expenses while they are still alive. But, at least their survival beneficiaries will not worry about their funeral costs.