Death is not the end, not by a long shot. You can fully expect the inevitability of our mortality to visit us all, but we can also trust that our memory and legacy will go and on in those that survive. This is why many seniors over the 85 mark have decided to seek a method of insurance to provide for their families when they are gone.
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Just because this was not started many years ago, is no reason to wait another day before taking full advantage of the life insurance for seniors over 85 years.
Table of Content
- Do You Need Life Insurance for 85 and Older?
- How Affordable is an Insurance Policy for Seniors Over 85?
- Should You Go for A Guaranteed Policy?
- How to Calculate Life Insurance Face Value at 85?
- Suitable Life Insurance Options for Over 85:
- When to Decide on a Suitable Life Insurance?
- Get Multiple Quotes Online and Compare the Rate with Us:
Do You Need Life Insurance for 85 and Older?
After you die, burial expenses can cost an arm and a leg. Appendages you can’t supply after your demise and a bill that will be submitted to your surviving family. Certainly, an expense of this magnitude is not something you would hope for your family after you have passed.
But the problem is compounded by your age. A life insurance policy costs a significant investment, and depending on others for livelihood makes this expense difficult to address. So how can you gather the resources for final expenses, insurance premiums, and taxes? The only way to do this is with an affordable insurance policy for seniors over 85.
How Affordable is an Insurance Policy for Seniors Over 85?
The life insurance options you will find for people over 85 years from most providers can seem steep, especially in today’s markets. But don’t you worry; you are not left with no alternatives. While finding an affordable premium plan is more difficult, some options are open.
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Is there any limitation?
You may expect some limitations to the coverage provided if you are in poor health. Those over 85 commonly present minor health concerns ranging from the not-so-serious, like amnesia or arthritis, to the more severe conditions, including diabetes and high cholesterol.
There is also a possibility that you had to undergo surgery within the past few years, which would not be surprising.
What do the insurers look at?
Insurers are always looking for those in good health and young enough to present a wide profit margin before offering affordable premiums. People with a drinking or smoking habit are often considered at higher risk and offered higher premiums.
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This is because people like this are prone to more sickness than those that live healthier lives. These conditions are likely to arise soon. These points are very important and can hurt the rates for some people.
Should You Go for A Guaranteed Policy?
Many providers offer guaranteed acceptance and grant policies to those over 85 years old, and it is a good idea to grab these options while you can. These feature a super fast underwriting process that won’t require paperwork or many other formalities usually applied to this process. Many times you can be completely insured by the following day.
Many of these providers will ask some questions about your current health conditions but nothing scathing or obtrusive like a full medical examination.
The catch to this option is that you must pay a higher premium, typically much higher than the average. These medical examinations are important to the provider’s profits, and waving them means they are shouldering a substantial risk. This warrants a considerably higher premium.
How to Calculate Life Insurance Face Value at 85?
When you are trying to figure out what you will receive in terms of face value for the policy, the face value is the amount of the death benefit provided.
Typically the face value can be transferred free of taxes because the premiums you paid over the past years were taxable. With this in mind, let’s look over a few important considerations you will need when calculating the face value of a policy for someone over 85.
This is important:
Whatever the fixed dollar amount you find listed on the policy, remember that the face value will be the amount the beneficiary will receive after the policyholder has passed away.
However, the face value of the insurance policy can be supplemented by various other benefits that can make an advantageous addition to the primary coverage. The face values can differ from what you find in the cash payout.
To fully understand the total benefit that will be paid to you, you will want to look for the schedule of benefits listed in the policy itself. This includes riders that can increase the overall benefits of the policy should the policyholder pass away due to specific causes.
For instance, if the policy were to pass away from an accident caused by fire hazards, the benefits of the policy are instantly doubled.
So, if an individual over 85 were to die of a particular type of accident, the policy could be doubled due to the rarity of the situation.
Then several other events can alter the face value of the policy; for example, if the cash value increases so much, the face value must also increase. Another point is that loans that are left unpaid can also be deducted from face value.
Furthermore, a slightly reduced face value can be paid to the insured if they suffer an accident. This, of course, reduces the face value of the policy until that amount is paid back.
Suitable Life Insurance Options for Over 85:
If you are looking into a life insurance policy for the elderly over the age of 85, you will have two options in the market – term life insurance and permanent life insurance. While there are other options, it is quite likely that one of these will be the best for you. You may find that term life insurance is best for you, at least for the next 10 to 15 years, although you can never guess when you will go.
Then there is permanent life insurance, also called whole life insurance. This policy type begins on the day it is purchased and runs its course until the day the policyholder dies. While this option can be considerably more pricey than the alternative, it also has specific advantages.
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At 85, you are probably looking for a policy that covers the final expense at a minimum. Today the funeral cost is quite high, averaging $10,000 in the USA. Due to the probable gradual increase in funeral costs over the next years, you will need much more than this. So, for those who are 85 years old, you are already late in making the right decision. But as long as plans are available, you should not feel disheartened.
When to Decide on a Suitable Life Insurance?
Getting the best prices for your policy is not the long horrendous comparing process we loathed in the past. With the advent of the internet, all these prices and comparisons can be made online.
You won’t need to be an expert to access and use the user-friendly interface available on many websites.
Get Multiple Quotes Online and Compare the Rate with Us:
Life insurance quotes are completely free and non-obligated if you apply from us. You need life insurance not only for financial protection, but it provides a lot of mental satisfaction to you as well. Remember that life insurance for seniors over 85 has limited choices. But you can find a decent one upon proper research in the right direction.