It’s really very painful when we lose someone beloved. For some persons, the pain becomes more because they can’t pay the funeral expenses. It is your responsibility to secure your family financially before you pass away. Life insurance for people over 80 is a little bit confusing because of age, hardly people look for a life insurance but for some people, it is an urgent plan and it’s available.
“Yes, policy for over 80 does exist”
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At this stage of life, people want to cover debts, mortgage, and funeral expenses with life insurance. You may also like to leave some money behind for your family. Any further delay can increase your policy cost vividly.
The medical exam is just a part of the policy. You can choose burial, whole or term life insurance. There are many companies offering no medical plan after 80 but you have to compare the rates to make it suitable for you. This plan is specially arranged for seniors, so you can definitely get your plan.
No exam policy is a good choice if you want coverage under $100,000.
Insurers may ask you very basic health questions. They may ask about any major surgery, heart diseases, cancer, stroke, diabetics or HIV/AIDS. Questions about smoking and driving habit are also very common.
There is nothing to worry. These questions don’t have much impact on your policy.
A whole life plan is recommended for seniors over 80. It is known that term plans are more affordable but after a certain age, the opposite happens. Whole life insurance covers the rest of the life and it also creates cash value. Hence, obviously, it is a good option for seniors over 80. It can cover all your financial needs.
Burial insurance for seniors over 80 is one of the most common plans that people at this age looks for. This plan is a type of whole life policy. It covers until the end of the life but the death benefit is smaller than other policies. It is meant to cover the funeral costs. Most of the insurers cover $25k or even more, details here.
A term policy is good for younger people. People up to 70 years can easily get term policy but after 80, it is not recommended because of life expectancy. Still, there are some companies offering term plan over 80 years but with high premiums.
Burial insurance covers the entire funeral expenses so you don’t need to worry about it. It is generally a plan without a medical exam. Hence, you don’t need to think about your health to get this policy.
Burial plan is affordable for seniors. As the coverage amount is not that much high, anyone can afford it. It is specially offered to seniors who are not working, so the premium will be cheaper.
With this policy, you will never lose your dignity from your family. You can plan the expenses after your death, so your family members don’t need to worry about the costs.
The cost varies from company to company. Your state is also a big factor for the costs. On average, people over 80 pay about $116 per month for their plans, however, this varies. Men and women pay different prices and your age is also a big matter here.
To know the exact amount you have to pay, compare the rates here.
Walter C. Rouleau
Life Insurance Guideline
N Centre St
Los Angeles, CA
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