Term life insurance for seniors over 80 involves a lot of knowledge. For those who are 80 years old and older, it is normal to think about their passing away. Funeral costs can go for as much as $6,500 and that does not even include the burial plot. In a nutshell, a funeral can cost around $10,000. If you do not have any cash to spare because you have no savings, this may be a reason for you to worry. Therefore, it’s only prudent and practical that you look into getting a small life insurance policy. This can be regarded as final expense insurance.
Can they have term life insurance for seniors over 80 ?
If you are looking for term life insurance for seniors over 80, you have to know that they stop providing term life policies for those who are older than 65 years old. You will have better luck investing in a whole life insurance instead. Thing is, when you are already looking for insurance for that age, your priority is to get burial insurance with no waiting period. Let’s be honest, at that age, Death may come knocking on your door and you are expecting it.
Final Expense Insurance, which is commonly referred to as burial insurance or funeral insurance is a life insurance policy that comes with a low face value. It ranges between $5,000 to $50,000 and you get these from the insurance company. You can also have your loved ones and family members as your beneficiary. They can claim and receive the money upon your passing away. It is then their responsibility to use the money to pay for the burial and unreal costs and also carry out your wishes.
Final Expense Policies are simplified issues. You are asked lots of several medical questions instead of going through a medical exam. Those who have serious health issues receive “graded death benefit.” This is also referred to as “modified death benefit.” The coverage amount increases over a period of time. The downside to this is that the beneficiaries do not receive the full face value if you die early on.
Getting Burial Insurance Instantaneously
It is still possible to get burial insurance for seniors over 85. In fact, if you know where to look, you can get burial insurance with no waiting period. We suggest that you approach a broker and not an agent.
Agents recommend you to the insurance provider that they are working for. They do not give other options because they will make it seem that the only insurance for you is the one they have an employment contract with. On the other hand, brokers can give you a wide range of insurance policies for your age range. The more choices you have in front of you, the higher chances that you can go for the one that is truly best for you,
Bottom line is there are insurance providers that can have 80-yer old seniors approved for final expense insurance. This policy also does not expire over time. The monthly premium exists for life. It will never increase. Therefore, burial insurance with no waiting period is also covered by this kind of insurance.
The Time To Act is Now
If you are in your 80s and in need of life insurance policies so that your final expenses will be covered and leave money behind, then you should consider looking into this now. You also do not want your loved ones to be in debt after your death. If you look for an insurance policy that has a waiting period and you have to pay high premium for, then it completely defeats the purpose of getting a burial insurance for seniors over 85 in the first place.
It is also interesting to know that there are life insurance companies that accept applicants at this age. Remember that if you turn 86 and older, it can be difficult to secure new coverage. The catch is you have to be in good health. If you are, then you can get pretty good coverage.
Term Life Insurance or Whole Life Insurance for Seniors
Here’s the hard, cold and honest truth. You only have one life insurance option when you are 91 and older and that is whole life insurance. Finding term life insurance for seniors over 80 is no longer an option. So if you are 80, the only insurance option that you have is whole life burial insurance policy.
The reason for this is that life expectancy for the average US citizen does not cover the period that the term life insurance policies do. Term life insurance policies can go for as less as 5 years and as much as 20. It does not seem practical for an insurance provider to offer 20 year term life insurance policies for someone who is already 80 years old and older.
Whole life policies are simple to understand. You need not worry because the fine print is comprehensible. There are constant monthly rates, no policy expiration date at any age. Also, it guarantees that death benefit does not decrease.
How A Funeral Policy For Over 80 Works
The burial insurance for seniors over 85 that you usually sign up for is also a life insurance. Burial policies are simplified whole life insurance plans. This means you do not have to go through a physical or medical exam to get an approval.
The most unique and valuable element to a funeral expense insurance for those who are over 80 is the relaxed underwriting. Naturally, folks develop health issues when they age. Insurance companies are aware of that. This is why they built the underwriting for the funeral insurance policies. It accepts common and serious health issues of the policy holders.
It is very easy to secure a plan and have full coverage after signing the contract. There is no more waiting period. You can also pay the lowest rate which insurance company offers.