Buying a life insurance could be your most valuable asset. There are many uncertainties in life, and no one knows what the next morning will present. So, it is wise to arrange provisions for the emergencies. Moreover, life expectancy of the US citizen is steadily increasing; about one in every seven Americans is 65 or above. Once you attain the age of 80, you notice a change in your financial and health concerns and feel the need for coverage. Only the life insurance for seniors over 80 is able to keep you secured. Getting life insurance for seniors becomes easy when you provide required information to the insurance providers.
Why to buy life insurance for seniors over 80?
There are plenty of reasons for buying senior life insurance; the best is its income replacement ability. In case you are retired and living on pension and your spouse who has no income leaves with you, having a life insurance could provide for finance when you are deceased. As a responsible person, you should never want your spouse to be in an awkward situation. Further, a life insurance can help your survivor in many respects. Its proceedings can be used for repayment of outstanding loans and for covering up the ever escalating burial expenses.
Once you attain the age of 80, you have only limited options for buying life insurance for seniors over 80. Majority of the insurance providers will provide protection and burial insurance only. There are many associated costs with the death of any person. These are burial costs, unpaid loans, accumulated medical bills due to long protracted illness, taxes and probate costs.
How life insurance for elderly persons helps?
In most of the cases a person over 80 thinks about life insurance to cover up the burial and memorial expenses. It helps the seniors in many ways.
- Low payment option: The funeral expenses are rising regularly with time. When you opt for burial insurance, you pay for the expenses in advance and this is always lower than what your survivors have to pay after you pass out.
- Provides financial assistance: Buying life insurance for seniors over 80 means that you are making financial provisions for your survivors so that they can repay if some debts remain unpaid.
- Fulfill final wishes: Only through funeral coverage you can rest assured that your funeral will meet your expectations and your last wishes will be fulfilled.
- Renewable: When you opt for burial coverage, your beneficiaries receive much more than what is required for the funeral and, therefore, they have the option to renew it and save money.
Cost affecting elements
The cost of life insurance varies depending on your habits and health condition. For buying life coverage at 80+ years you have to prove that you maintain a fairly good health without major diseases. These are the most vital points that the insurance companies consider when fixing premium. In case you have not been under the knife in the recent past, there should be no issue in getting affordable premium. The insurance company may also prefer to have you medically checked to see if you are alcoholic or addicted to smoking. Before you apply for insurance coverage you should quit such bad habits for at least 12 months.
Life insurance for seniors over 80 plans
- Term life insurance: This can be bought for a fixed term starting from 5 years. While others have pay less for term life insurance, there is little difference in premium for seniors over 80. This becomes ineffective after the expiry of the term and hence not a good option for the seniors. Because if you buy that for 10 years when you are 80, it will be hard to find an insurance company providing suitable policy at the age of 89.
- Whole life insurance: Considering the difficulty of getting covered when you attain ripe old age, it is a better option. Although you have to pay more than the term life insurance, it covers you till your death.
- Graded life insurance: This offers whole life coverage to otherwise uninsurable seniors. But, buying this policy the beneficiary does not get full death benefit in case of death of the holder within two years. Full benefit is available in case of death after the waiting period.