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, health care expenses for your loved ones 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 a life insurance policy in place might not be too worried about these costs, but if your parents aren’t covered, you could be wondering about their options for affordable life insurance. After all, it can be tough to find the best life insurance for seniors over 80. Some of the options that are available from certain life insurance companies are not very affordable, and some require a waiting period. Some ask more health questions than others, while some are more willing to accept people who have certain health problems and health conditions. Luckily, it is possible to find life insurance for seniors over 80, and we can help you find that coverage.
As you might already know, there are a few different types of life insurance plans 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. These may have higher premiums, but no exam life insurance is a good way to purchase permanent life insurance when you wouldn't qualify for term coverage or other options.
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:
A policy with a level benefit will payout to the person's family members or other chosen beneficiary immediately after the insured’s death with no waiting period. If possible, you may want to look for this type of life insurance coverage. Then, the cash value will be paid out immediately, so you can help avoid a financial burden from funeral costs, medical bills, and other expenses.
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 the 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.
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. Also, payouts might be available in the case of an accidental death. These life insurance options are often the best for older seniors or those who might not be in very good health.
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, such as an 80-year-old or older. Luckily, there are a few companies that do offer great options for older senior citizens, such as those that offer guaranteed issue life insurance/guaranteed issue whole life insurance and other options:
If you would like to shop for coverage for your elderly parent, it’s a good idea to compare the best 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. Although you might wish that you could find free life insurance, you may find that a term insurance policy, a whole life insurance policy or another option is available at lower life insurance rates than you thought. Plus, we'll help you avoid the major hassle while shopping for the best rates for the type of policy that you are interested in, from a term policy to universal life insurance to a whole life policy and more. Just provide us with a little information -- such as your birth-date, phone number and ZIP code -- and one of our licensed insurance agents will help you with finding free quotes for senior life insurance.