How To Find The Right Life Insurance Policy For 80 Year Old

When youre 80 and older there are fewer life insurance options for seniors than when you were younger and you cant afford larger policies. The good thing is that at this stage of your life you dont need as much insurance as you used to. Most adults in their 80s have paid off large debts such as mortgages grown children who are not dependent on them and do not need a safety net to cover lost income. They also usually have savings and assets to pay off the debt they leave behind.

It makes sense to buy life insurance when you reach age 80 especially insurance that pays for funeral and other expenses. There are some other types of policies that you may want to consider besides final expenses insurance especially if you have debt for medical bills or want to leave an inheritance for a loved one.

Benefits of Life Insurance Policy For 80 Year Old

Life insurance is a great support system for people over 80 to ensure the security of their families and dependents. Some policy insurers offer life benefits such as premium discounts quick death benefits sudden death and payout guarantees.

Also if the insured person dies the amount will be paid to the account holder. The waiting period of the policy is also generally shorter. In addition some medical institutions do not offer medical examination insurance which is suitable for people who do not want to undergo a troublesome examination.

What Are The Different Types Of Life Insurance Policy For 80 Year Old

If you’re looking for funeral insurance youll find that your options are limited. There are three types of life insurance:

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Level Death Benefit – A level death benefit plan protects you from the first day of the policy. Over 80 of these life insurances are non-vet life insurances without any medical examination. It has no waiting period and will pay the death benefit to your heirs after your death.

Classified Benefit – If you die shortly after the policy the beneficiaries will not receive the full death benefit. There is a waiting period. If you switch to the first year of beneficiary you will receive 30% death benefit and if you switch to the second year your beneficiary will receive a 70% death benefit. If you die in the third year of the policy the full death benefit will go to your heirs.

Revised Benefit – This type of plan also has a waiting period. If you die within the first two years of the policy your beneficiaries will get only the premium and interest usually 10%. The full death benefit is available only after waiting two years.

Health Status Life Insurance Policy For 80 Year Old

Life insurance coverage is available at reasonable premiums if you do not have any significant health problems. Life insurance is easily available for people over 80 if they have not had any surgery or terminal illness.

Regular use of alcohol and tobacco can adversely affect your health and insurance. Most life insurance companies favor non-drinkers and non-smokers by offering lower premiums. If you stop drinking and smoking for a year before applying your premium will be lower. Quitting drinking and smoking can help you stay healthy and keep your life insurance premiums affordable.

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Minor health problems such as high blood pressure and high cholesterol will not affect your premium. Other important health conditions may affect your eligibility. It is better to get life insurance without tests and without health problems. This plan will be approved regardless of your health but your premiums will be more expensive.

Premiums are more affordable with health problem plans. Consider getting a non-issue warranty plan if you dont qualify for an easy issue policy. With this type of policy you can get the policy without any medical tests or health related questions.

How Much Does It Cost To Get Life Insurance Policy For 80 Year Old

Life insurance for over 80s depends on the state you live in. This affects the amount you pay for life insurance. Men and women also have different sizes. Women generally live longer than men and men pay more because your current age affects life insurance rates. Prices increase with age. Smoking also affects life insurance rates. Smokers pay higher premiums than non-smokers.

As you can see rates vary by age death benefit and type of insurance. You should be aware that one companys rate may vary by as much as 50% from another. This is because each insurance company has different underwriting standards. If you need to know how much you will pay for life insurance we encourage you to fill out the instant quote form on this page. Get instant accurate quotes on life insurance for people over 80.

Life Insurance Policy For 80 Year Old – What Not To Get

Now that you have some understanding of whole life funeral insurance here are the types of life insurance you should not buy:

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Term plans are sold as funeral insurance

Some companies will sell you life insurance dishonestly. These policies have a lower monthly fee but cover a temporary period. If you die early you wont have the money to pay for funerals and burials. Globe Life and AARP are two companies known for their low interest rates. AARP life insurance is not available for seniors over the age of 80. These companies sell term life insurance to seniors seeking funeral insurance. Also their life insurance ends at age 80.

Insurance in the mail you see on tv

Many companies will advertise on TV or mail you ads. You can apply for these offers by post. Fill the application form with your bank details only. They say that your acceptance is guaranteed and cannot be withheld. Top life insurance seen on television is guaranteed by accepting life insurance. These policies do not require medical insurance or health issues. If you meet their age requirements you will definitely get accepted. This policy has two drawbacks. Firstly they are very expensive and secondly they have a two year waiting period before the policy pays out any benefits.

Avoid these deals because you may qualify for funeral insurance with medical issues that covers you immediately. Try applying for a plan with a medical condition because your premiums will be more affordable and you wont have to put up with the two-year waiting period.