29 Jun 2019 Best Life Insurance for Seniors over 80
Seniors over 80 typically won’t qualify for term life insurance policies over 10 years in length, however, you can still qualify for permanent coverage.
A permanent policy is also likely a better choice.
Final Expenses Life Insurance Policy for Seniors over 80
Some people want life insurance for “final expense” needs or they feel a strong desire to ensure their loves ones receive life insurance proceeds regardless of when they die.
There is final expense policy for smaller face amounts that have simplified underwriting.
Simplified Issue Life Insurance for Seniors over 80
A simplified issue just means that you can qualify for a life insurance policy without having to take a physical exam.
In other words, there is no need to go anywhere to get examined and no one will need to come to you – no blood test and no or urine test. If you’ve ever purchased life insurance before or even in your current search, you’re probably aware that a physical is a normal requirement for most policies. Many people find it to be a hassle or to be intrusive.
So with a simplified issue policy you get affordable rates with less underwriting criteria.
This also means that your policy will get approved much faster and with much less hassle than usual.
Guaranteed Issue Life Insurance for Seniors over 80
Guaranteed Issue policies are available for the hard-to-insure or people with health issues.
Similar to Simplified Issue life insurance, these policies do not have medical tests, but they also do not have any health questions.
This type of policy has a two-year waiting period for payouts on non accidental deaths.
BURIAL LIFE INSURANCE for Seniors over 80
Burial insurance is an affordable alternative to stashing away enough cash to pay for your own funeral.
Many families do better with financial obligations than they do with saving money. A commitment to pay your premiums every month is one way to make sure you have enough money saved up when the time comes.
Since the average funeral and cremation (or funeral and burial) is now just shy of $8,000, putting away that kind of cash is difficult.
Burial insurance is one way to avoid leaving your family with any financial troubles.
Most burial insurance policies are permanent policies.
Sometimes you will see term burial insurance.
Since both are about the same price, we strongly recommend the permanent policy for this type of life insurance.
What Steps are Involved in Life Insurance for Seniors over 80?
In most cases, this will be the process:
- Get a quote (by phone or online)
- Apply for coverage – simple process, which can be done by phone
- Take a free medical exam
- Wait 4-6 weeks for approval
- Pay your first premium, and your policy is now effective.