Everyone should aware with the fact that the death is certain and one day everybody will have to go whether they want it or not. But a responsible person would definitely want to leave a legacy for the next generation. Beside this the funeral expense is another major concern. As a result you need money and at the age of 85 you become unemployed and dependent. So, how would you collect the money to pay debt, taxes and final expenses? This is only possible if you obtain a senior life insurance policy from a reputed brand.
The life insurance for seniors over 85 is expensive and not many insurers offer this. But you would be relieved to hear that there are still some providers who are offering a plan for you at the age of 85 or over. But they might limit the coverage if you obtain a poor health. When you are over 85, you would definitely be suffering from some minor health problems such as diabetes, high cholesterol, memory loss and so on. You might have gone through some major health surgery in the recent years and this is not surprising at all. The insurers always look for a decent health and lower age to consider a lower premium. At the age of 85, you must prove a point with your health to obtain a lower premium, otherwise there is no option rather to pay a high amount every month for the premium.
Some providers offer guaranteed acceptance life insurance for people over 85 years and this is always wise to grab such offers. The process is fast and you don’t need to go through any paperwork. As a result you should get it completed within the day or next at maximum. At some stage, they will ask you a few questions about your current health and that’s enough. But the premium would be at its highest and there is no doubt about it. The medical exam or test is one of the most important criteria to measure the health condition of the client and when the providers are waiving it, this means they are doing so for the sake of imposing a higher amount as the premium.
Which Types of Life Insurance is Suitable?
If you are looking for a life insurance for seniors over 85, then you must consider for the whole life insurance. Most of the plans for seniors are available till 89. So, if you buy a term life insurance of 10 years for instance and if you are still alive after the term, you won’t be able to renew it. Also you won’t be qualified for any other plan. As a consequence, the term insurance won’t provide you a penny. In this situation you are definitely in a dilemma. But the permanent policy is valid till the last day and you don’t need to renew it. In terms of price, both types of coverage would be same at the age of 85. This is why we suggest you for the no exam whole life insurance which looks a better plan.
At the age of over 85, you are definitely looking for a policy which is enough to cover the final expense only. Today the expense of funeral is quite high and you can expect to buy a package for $7,000 at minimum. After 10 years, the price would be higher and you should be aware of this. You are definitely late in taking the right decision but as long as there are plans available in the market you should not worry too much.
While researching for the best price and coverage, always ask for free quotes and compare between them. You really don’t need to visit everyone and ask for quotes. This will take a lot of time and you will lose hope. With the help of internet this job can be done within a few minutes of time. You don’t even need to become an experienced internet user to do this simple work. These are free, non obligated and if you know how to compare between them and can select the best one, this will definitely help you in the long run. The life insurance is not only required for financial security but it provides a lot of mental satisfaction to the person as well. So the final word is, if you are over 85, then there are still limited options for you but they are possible to grab.