Life insurance is one of the main concerns for anyone who feels that life is slowly slipping away. You must be worried about the expenses and responsibilities that might be difficult for your children to manage after you.
So, being a parent your concern is quite genuine. It is not always possible for the kids to maintain all the expenses of the funeral after your death.
Moreover, some points may stop you from buying insurance. It is about your dropping health and we all know that dire medical condition is the biggest obstacle in a way of insurance.
However, thinking is unstoppable and if you haven’t given insurance a thought – you might have wealthy children. Not everyone is this lucky. So, the USA has some offers for the people aging and needs to set their funeral expenses right or other life insurances for another purpose.
Still, have questions in mind?
Do You Need This Life Insurance?
We are not here to force or convince you of your decision. But just imagine the expenses you will leave behind. You are at the age where most people have common diseases like diabetes, high blood pressure, and a weak body.
So, it is natural to think that life is slipping away from your hands. However, if you don’t want to trouble your children, you may need to think about life insurance.
In other cases, you may not have someone close enough to manage your funeral or leftover expenses on your behalf. This scenario also requires a second beneficiary. However, these are the points that can be explained by the banks or insurance companies.
This time, you need to understand either you need an insurance plan or not. Different plans have different criteria for approval.
So, start searching if you don’t want to bother your children or anyone else after your death. Sometimes, children also purchase it for their parents. They only want to give the best goodbye for their parents leaving nothing for the people to badmouth about them.
Finally, choose your scenario, share your life story with the insurance company and they suggest you the best plan for over 85. However, we can further discuss the possible plans that are implemented in all over the USA or other requirements you need for the approval of life insurance without any obstacles.
There can be one case, in which a person dies before the duration of the insurance plan – no money is given. Still, the chance is worth taking and if you are healthy to survive, you have nothing to worry about.
Best Life Insurance Plan for 88 Years Old
Insurance plans are not only limited to burial investments. It includes all other needs including investments, debts and any other finances. These policies come with a complete plan considering the health condition, financial situation and demands of the people.
Therefore, if you are over 88 years old, you still have the best options to choose for your life insurance plan. It may sound less valuable but holds a great value in many ways.
Comparatively, there are affordable and cheap policies with calculated time to avoid any hassles in the future.
Following the list of some basic plans offered by most companies and banks in the USA:
Simplified Life Insurance
People over 90 can avail of this plan. It is a short-term plan and you can get approval only after answering a few health concerned questions. The beneficial part of these policies is the acceptance even you have been rejected before. So, choose wisely by keeping your requirements in mind.
If you have not calculated your funeral cost – you must do it now. As this is the reality of life and we cannot put the burden of the last formalities son our children. So, make it easy for them and purchase the plan now. It doesn’t require any medical exam and price can be from $5,000 to $50,000. You have a choice to name any beneficiary from close members. The same beneficiary will be able to collect money and fulfill all your wishes after death.
No medical Exam
Although, many of the insurance plans for the elderly and especially above 88 years old are not asked for a medical exam. But you might need to answer a few “Yes” or “No” questions regarding health. It is easy to get covered through this policy. You just need to choose the right company.
Guaranteed Life Insurance
This is the most beneficial plan for many. No one can ever be denied of this policy. No requirements, not even questions answers about health or a medical exam.
Some companies may differ in terms and conditions, but basic plans are the same in most states of the USA. So, if you are looking for a plan that is suitable to take away all your worries of funeral and death – you can select any of the policies. You have your choices in front of you, all you need is to select the company and discuss the details of their policies along with the terms and conditions.
These are main categories and further divided into more including Survivor life and Rapid decision express which are the few best choices for anyone above 88.
Moreover, people with serious health issues can are supposed to be rewarded with the “graded death benefit” and a “modified death benefit”. These terms mean that the coverage amount will rise by the time and your beneficiaries won’t get a full amount in case of your death within the starting few years of the policy.
How to Get Life Insurance?
You can shortlist the companies and lookup for the best policies or plans they are offering. The best method is to go through the details about each company and their plans before deciding over anything.
If you are unable to do it by yourself, ask for help from your kids to provide you the list of plans and companies that are offering amazing insurance policies for the elderly over 88 years old.
There are several companies in the US offering no-medical exam life insurance policy. If you want to look up to the list. Below are the top 10 of the companies that you should keep in your list for consideration.
Requirements for the Approval
Well, term life insurance is not available for seniors who are 75 or above.
Remember that all the policies offered to elderly people or the ones above 85 years fall under the whole life insurance policy and regardless of the type of plan – there is one clause added in almost every policy. It is known as the incontestability clause.
What is the Incontestability Clause?
This clause means that if the person dies only within 2 years of the policy purchase. The case would be investigated. The company needs to assure if they have given the right medical information or not. In case of misrepresentation, there will be no coverage and if it goes right.
The beneficiary will receive the full amount of the claim regardless of the duration. It is time taking, but necessary to keep the system right in every way.
However, if you are buying the policy on behalf of your parents, make sure you are completing all the formalities and have a consent form from your parents. Companies do investigate the whole matter including health, but in case of any fraud or false document – you might have to face dire consequences.
States Where Life Insurance is Not Available for Above 85
There is only one bad news and that is if you live in any of the states like New York, Washington, Vermont, Connecticut, District of Columbia, Maine and Massachusetts – you won’t be getting any coverage.
The reason is quite obvious and that is the license of the companies. They are not allowed to serve life insurance above 85 in these states.
Companies Available for You
You might have few in the list, consider some of the following too as they are some best companies in the USA with amazing policies and plans for your life insurance.
Security National Life
There is no waiting period and insurance is available for the age range from 40-90. The company is reliable and stable. You can contact them through the agencies that are working with them.
American Continental Life Insurance Company
You won’t have to wait for 2 years if you are above 85. Policies are available from the age range of 45 to 89. You may not find any direct contacts, but you can always approach them through the agencies.
If you are worried about life insurance or burial insurance and you are feeling growing old – you must be sure that you can get life insurance with no quite tough conditions. There are companies in the USA with the best life insurance policies for the people growing above 88.
If you are one of them or you have your parents reaching this age, apply for the insurance to cover all the taxes or other expenses on their death.