If you are trying to find life insurance for seniors over 80, you might have a lot of concerns. You might be worried about your parents’ health, their health care expenses and many other things. For example, even though you might not want to think about your mom and dad passing away, you might be worried about the cost of funeral expenses. Funerals, on average, cost between $7,000 and $10,000, so it’s something to be concerned about as your parents are aging.
Those who have life insurance in place might not be too worried about these costs, but if your parents aren’t covered, you could be wondering about their options. After all, it can be tough to find life insurance for seniors over 80. Some of the options that are available are not very affordable, and some require a waiting period. Luckily, it is possible to find burial insurance for seniors over 80, and we can help you find that coverage.
What is Burial Insurance?
As you might already know, there are a few different types of life insurance for seniors over 80 out there, such as term life insurance and whole life insurance. For someone who is over 80 years old, final expense insurance is the best choice.
There are options out there when it comes to burial insurance for seniors over 80 that are designed to cover burial expenses. Funeral or burial insurance is a type of whole life insurance for seniors over 80 with a relatively low death benefit, often ranging from $5,000 to $15,000. These payouts can be enough to cover a funeral and other basic end-of-life expenses, and premium amounts are often quite reasonable. Also, with burial coverage, the premiums will be fixed for life, so you do not have to worry about higher costs later.
This type of coverage can be a good option for older seniors for a few reasons. First of all, the application process is a bit easier than with many other types of life insurance for seniors over 80. The medical exam is often done over the telephone and only involves answering a few questions about your health. These burial insurance companies often don’t have a problem with minor health issues and are more concerned about more serious problems, like heart attacks, strokes or cancer. High blood pressure, high cholesterol and other relatively minor, common health issues often aren’t a big concern. Even for those with more serious health issues, however, there are options like policies with a graded death benefit.
What are the Different Types of Life Insurance for Seniors Over 80?
When shopping for burial insurance, you might notice that there are a few different types. These are the three types that you will be able to choose from:
- Level Benefit – A policy with a level benefit will pay out immediately after the insured’s death with no waiting period.
- Modified Benefit – With this type of coverage, there is a waiting period for the full death benefit. However, if death occurs in the first few years after coverage is purchased, the premiums will be returned, along with a small percentage of the death benefit. The percentage that is paid out often increases each year.
- Graded Benefit – If the insured passes away right after getting the policy, the full death benefit will not be paid out. Instead, there is a waiting period for the full death benefit, but a percentage of the death benefit may be paid out in the first few years.
How to Find Life Insurance for Seniors Over 80
As you can see, burial insurance can be a great option for your elderly parents. However, you should know that some companies that offer this coverage do not have options for seniors over a certain age.
Luckily, there are a few companies that do, such as:
- Mutual Of Omaha
If you would like to shop for coverage for your elderly parent, it’s a good idea to compare life insurance quotes for seniors over 80 online. We make this easy to do right here on our website, where you can find cheap burial coverage that offers the death benefit that your family needs for peace of mind.