You may be aware that the premium for life insurance policies is linked closely to the insured’s age and health status. In some cases, when the applicant is older in age or has pre-existing health conditions, the life insurance application may be declined altogether. However, you may need burial insurance for seniors or other types of coverage, and you may be wondering how you can find great quotes for the coverage you need.
When you are looking for life insurance for people in their 80s, you may run into several challenges, and you may winder if you can get approved for coverage. While it may take some time and effort, it is possible to find affordable life insurance over 80 and to get the coverage you need.
Why People Need Life Insurance Over 80 Years Old
There has been an on-going debate about whether a senior life insurance policy is necessary, and some people think that after you reach your senior years, the need for coverage is minimal at best. While many life factors may be different for seniors than for those who are in their younger years, there are actually numerous reasons why it may be beneficial for you to purchase life insurance over 80 years old.
One of these reasons relates to funeral and burial costs, and this is a concern that many seniors may share. When you pass away, your loved ones will be responsible for paying for these costs, and the expenses can be rather significant. The average funeral will cost approximately $10,000, and some have a much higher cost. These expenses will include everything from the burial site and funeral service to the casket, headstone, flowers, transportation and more. Most of these expenses will need to be paid within a few days after you pass away, and your loved ones may not have this amount of money easily accessible in their own accounts.
This can create a financial hardship for them, and some will use credit cards or sell assets in order to pay for theses expenses. This financial stress is at a time when they may be enduring emotional grief, and this may be the last thing you want your loved ones to go through. A burial life insurance for seniors has a fast claims process and may be an easy solution for overcoming these challenges. This type of final expense insurance is a smart idea for those who do not want to create financial stress for their loved ones. In some cases, the funeral home can be named as the beneficiary in a policy for burial insurance for seniors, and the insured can make all funeral arrangements ahead of time.
The final expense insurance benefits will be paid to the funeral home and will cover the pre-arranged plans. Therefore, the family will not have to make the plans or worry about the cost. Even when the claim is paid out to the family members, the claim on this type of coverage is processed quickly so that the family will not have sell assets or take on credit card debt.
Life Insurance for People Over 80
There are other reasons to purchase life insurance for people over 80 besides paying for funeral expenses. Ideally, you will have no debts in your senior years. It may have been a goal for you before retirement to have all of your credit cards, your mortgage, your car loan and other debts paid off so that you could enjoy a more comfortable life with financial security. However, many seniors do have at least a few debts, and these are debts that may pass on to your survivors. Life insurance benefits are often used to pay off any lingering debts, and this can reduce the financial stress that your loved ones may feel when you pass away. If you have debts and are concerned about them transferring to your loved ones, you can get life insurance quotes over 80 today to learn more about your options.
In addition, a senior life insurance policy may be used to replace lost income. Even in retirement, you may be providing some income to your household, and this may include your spouse or other dependent family members. Some sources of income may transfer in full to your spouse or other family members, but some will be reduced or eliminated altogether. For example, some pension income may be discontinued when you pass away, and this could create financial hardship.
Affordable life insurance over 80 years old may also be used to pay for estate taxes. If your estate will be subject to taxation, you should be aware that as much as half of its value could be eroded by estate taxes, and this could impact the financial well-being of loved ones. The benefits from a life insurance policy could be used to pay for all of the estate taxes, and this could preserve your estate’s value. In this way, a senior life insurance policy can preserve your legacy and can improve the financial well-being of your loved ones after your passing.
Selecting the Right Insurance Policy for Your Needs
If you have determined that you would benefit from purchasing life insurance, you may be ready to start looking for life insurance quotes over 80. It is important to understand that there are different types of senior life insurance policies available to meet different needs, and there may be some limitations because of age. For example, many life insurance policies will cease coverage at age 99 or 100, so if you are shopping for affordable quotes at age 89 or older, it may be difficult to find a term life insurance policy. Permanent life insurance for people over 80 may be a better option in this case.
Term life insurance is generally sold in 10-year increments, so you typically can expect to find term coverage if you are in good health and if you are in your early 80s. It may be unlikely to find a 20 or 30-year term policy. If you are interested in coverage that will remain in place for the remainder of your life, permanent coverage is a good option to consider. This is a type of policy that will remain in place as long as you pay the premium regularly, and it also gives you the added benefit of building up cash value on a tax-deferred basis.
Another option for life insurance for people over 80 is a policy with graded benefits. With this type of policy, the full death benefits would not be paid out if the insured passes away within the initial two to three years of purchasing the policy. If the beneficiary does pass away within this period of time, the return on a claim generally be be the amount of the paid-in premiums, and interest may also be applied in some cases.
Getting Life Insurance Quotes Over 80
From final expense life insurance to term life, permanent life and other types of coverage available for seniors, there are many options available for you to consider. The quotes for your burial insurance for seniors and other types of coverage will vary based on many factors. The type of coverage that you need, the amount of the benefits, your age, your health status, other insurance you may have and more all will play a role in the cost of your insurance.
When your goal is to find affordable life insurance over 80, you must first determine what type of coverage you need. Then, you must determine the benefits that you need.
Each company will offer different types of policies and will have different premium rates. Most people will benefit from the peace of mind that comes from knowing that their final expenses will be paid in full and that their funeral will not create a financial hardship on loved ones. Burial insurance is a more common type of coverage purchased by people at this stage of life, but it is only one of several options available to consider.
Whether you need final expense insurance or another type of senior life coverage, a smart idea is to work with a life insurance broker that specializes in offering insurance to seniors. A life insurance broker is affiliated with numerous insurance companies rather than just one company, and this gives you convenient access to a wider range of policy options.
The broker can help you to determine your coverage needs for life insurance over 80 years old and can get quotes for the policies that are a best fit for your needs and that may be easier for you to qualify for. He or she can also answer your questions about the options so that you make an informed decision that is best for you.
Getting coverage later in life can be stressful and time-consuming, and working with a life insurance broker can help you to more easily get approved for the right coverage you need and to help you avoid paying more than necessary for your coverage.