As an insurance agent, I meet people in all walks of life who are looking for good life insurance policies. For those who have turned 80 years old, it’s common for them to believe that the time has passed in obtaining life insurance. However, there is cheap life insurance for people over 80 if you know where to look and what type to get. Here are a few questions that I get asked from seniors about life insurance.
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Why Should You Get Life Insurance?
Life insurance for elderly parents over 80 years old is not something that should be considered mandatory. You will need to look at your financial situation and see how it is impacted because of funeral expenses and loss of income. For seniors who have built up a healthy nest egg, have no outstanding debts, and their family is financially sound, the need for life insurance may be minimal.
Of course, even getting burial insurance or pre-paid funeral can take away any financial burden that an unexpected passing will bring. It does offer peace of mind at least from a financial standpoint that all expenses have been addressed.
How A 80-Year-Old Senior Can Obtain Life Insurance?
There are essentially two types of life insurance, whole and term. While whole life insurance will last for the rest of your lifetime, the benefits are simply not practical for seniors who have lived into their 80s. Term life insurance will last from five to ten years, is far less expensive, and the benefits can be tailored to the financial needs of your family in case you should pass away.
For seniors over 80, you should consider the minimum financial requirements that should be addressed first which is your funeral expenses. Today, the average funeral costs around $9,000 which will need to be covered. Any outstanding debts such as mortgages, auto loans, and the like should be paid off as well by the policy. With that information, you can calculate the right level of benefits so that you only pay for what is needed.
What is the Key to Getting Low Priced Life Insurance?
The key is your health. While no medical exam life insurance is popular, it is also more expensive compared to standard life insurance that requires a health examination. If you are in good health and have not suffered from any major diseases, coronary issues, or substantial injuries, your policy will be significantly lower in cost when you take a medical exam.
For example, an 81-year-old male in good health can expect to pay about $400 per month for life insurance that offers $100,000 in benefits. The cost per month is more than double for a $250,000 policy.
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However, if you have serious medical issues, then going with a guaranteed acceptance policy may be your only choice. The benefit levels are usually $25,000 to $50,000 for guaranteed acceptance with rates that are affordable for many seniors.
However, the rates will vary depending on the insurance company, so be sure to check them out first before making a purchase. If you cannot afford the premiums, an alternative is a funeral insurance for over 80 years old that only covers the cost of burial expenses.