2019 BEST Life Insurance for Seniors over 80
Guaranteed Issue Life Insurance
- You will not have to take any medical exam nor answer any medical questions.
- These policies will also typically last your entire life, so it’s impossible for you to outlive the policy death benefit period.
- If you’ve been told that you can’t qualify for traditional term or whole life insurance do to some pre-existing condition, just know that you may still qualify for “guaranteed issue” life insurance, which is typically considered final expense burial insurance .
- They will have what is called a “Graded Death Benefit” built into the policy.
What is a Graded Death Benefit?
Graded Death Benefit is a clause that the insurance companies will include in any guaranteed issue policy to help protect themselves from insuring a really ill applicant, which precludes the full payout of the death benefit in the initial two or three years of the policy.
Now these Graded Death Benefits will typically vary from one insurance carrier to the next but they will all typically include some period of time during which the new life insurance policy will not cover the insured for NATURAL CAUSES of death.
Why should I buy guaranteed acceptance life insurance?
There are a number of reasons you might consider buying a guaranteed acceptance policy:
It’s easy to get and you can’t be turned down
The application process is usually very simple, and since the issuing insurance company only has to verify eligibility, you’ll typically receive your coverage within days. Eligibility requirements vary by policy or program, issuing company and state, but typically include age and perhaps a few other factors.
You’ll want to be sure you understand the eligibility requirements before you apply.
There’s no medical exam or health information needed
Since you can’t be turned down for medical reasons, this information isn’t necessary to apply.
There are no health questions, medical tests or physical exams of any kind.
Rates won’t go up as you grow older
The rate you receive when you apply is usually locked in for as long as you keep your policy current and won’t increase as you age.
The younger you are when you apply, the lower your monthly premiums will be.
However, because acceptance is guaranteed, the premiums may be more expensive than traditionally underwritten life insurance policies.
How to apply for Guaranteed Issue Life Insurance Seniors over 80?
The first step is to see if you’re eligible for this type of insurance.
Although you can’t be turned down for health reasons, many policies have limits based on age and other factors. Once you know this is the right coverage for you, the next step is to get a free quote and submit your application.
Many companies offer the option to easily apply online or directly by mail.