For seniors who are looking to their future, protecting the financial status of their family becomes a paramount concern. The cost of funeral expenses, unpaid debt, and leaving behind a legacy is beyond the financial capacity of many seniors who do not want the burden shifted to their family.
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However, obtaining standard life insurance policies may be difficult, if not impossible because of advanced age or poor health. This puts their families in a precarious situation as they are left with the burden of paying funeral expenses and any unpaid debt.
The good news is that there is guaranteed life insurance for the elderly over 80 years old which provides more than enough benefits to cover funeral expenses and leave behind additional funds to cover debts. For many, this may be the only type of policy that is affordable or even available to them based on their age and current health condition.
What is Guaranteed Acceptance?
This is a type of life insurance geared towards seniors of advancing age and poor health that cannot qualify for standard policies. There is no medical examination or health questions, you just fill out the application forms, and you are guaranteed to be accepted.
However, keep in mind that this is the most expensive form of life insurance available and many companies put a cap on the level of benefits that may range from $50,000 to $100,000. Given the limitations, there are several benefits that this type of life insurance provides for seniors who do not qualify for standard life insurance policies.
Guaranteed: The first and most obvious benefit for this form of no waiting period life insurance is that you are guaranteed no matter your age or the state of your health. You do not have to worry about qualifying or wait until the results of the examination before knowing your status. You are accepted no matter the circumstances.
No Health Exam: Getting a health exam can be a real hassle which is why many seniors prefer to skip the experience and instead get the insurance right away. This means less time is getting the life insurance active and not having to undergo an examination.
Benefit Levels: While the amount of benefits is not as high compared to standard life insurance policies, they are ample enough to cover funeral expenses and a considerable amount of unpaid debt. This means that the remaining amount can pay off the mortgage, auto loan, or other debt that needs to be settled.
Is Guaranteed Acceptance Insurance Worth It?
The answer will depend on your age and overall health. You should exhaust attempts to get a standard life insurance policy first before choosing guaranteed acceptance. This is because guaranteed acceptance is the most expensive form of life insurance available and there is a cap on the benefit levels.
However, if this is the only type of insurance that is available to you, then it would be wise to take it so you can financially protect your family from burial expenses and unpaid debt. Be sure to weigh all your options before choosing this form of life insurance.