Getting old is definitely something that we do not like to coop with but also something that we have no control over. It is the same as the sun rising in the morning from the East and setting down from the West. Well, we cannot actually change the way or stop the path or simply pause the run button in time and wait and live forever. You could give it a try if you were in a Sci-Fi film, but hey, this is a reality, and we are all part of an unavoidable truth living in a temporary yet a very miserable world. However, understanding the hardships of life, there have been several developments in the world that are supposed to help us with the most important things that concern us, especially when we are old. One such thing is the life insurance for seniors over 80.
A quick introduction of life insurance for seniors over 80
If you are not an 80 – year – old senior who is looking for a review of the perfect life insurance company to get the policy from, you might think that this all sounds pretty insane. Well, that is natural because you are not matured enough to look at everything in a matured way as an elder of 80 years would do.
However, whether you were just going through articles while you are not someone of this specific age, or whether you are actually 80 or older, you should keep reading. If you are on the first-mentioned category, you will understand why you need to get a protection as early as possible (you will get to see this in a very short while). And if you are someone of the latter part, then this is where you will find everything that you need to know when it comes to getting the perfect policy that you have been looking for.
Anyways, read on to find out each and everything that is there to know about life insurance plans that are there to the elders. In this article, we shall bring you the type’s benefits and the companies that provide the best protection coverage to you.
So, elder or not, read on, because, well, we are all stuck with the same old reality of this world and being young today does not mean that you will be young tomorrow as well.
No more hassle, we will go straight to the business, right now!
What do you mean by a life insurance for seniors over 80?
Some people say that it is useless to get anything when you are someone of seventy or eighty years of age. But trust us when we say this that is NOT the case. There is a purpose for everything, and eighty sure is not too old for getting a life insurance if you know what you are looking for.
As a matter of fact, if you are someone of this age, you should definitely get a life insurance policy at all costs, and it should be your first priority as well. This will help you with any of the outstanding debts you have, help your family members with the burial and other funeral costs and even save some for your loved ones – for when you are gone.
But here comes the reality.
Getting a life insurance at this age is pretty hard, and the companies that offer policies are pretty rare. It is even harder for them to receive a temporary policy. The premiums would be a bit higher than what you would have been required if you were ten years younger or so. However, as you might see, it is not that the chances are 0 percent, it is simply that the choices are less and therefore you need to search a little harder and dig a little deeper in order to get the best policy.
Why would an elder over 80 years of age need a life insurance policy?
If you are someone who has been earning all over your life, and IF (that is a big IF) you have saved some for your funeral and all, then you might think that this is not actually necessary.
Well, do not come into any conclusions just yet, because in here we bring you everything that is there to know with regard to the question on “why someone of this age will need a life protection in the first place”.
– If you have people depending on your income
Leaving the loved ones is the worst, and I cannot even imagine what it would be to leave them and go for like forever. Even the thought is pretty dreadful. But it is even more painful if you have people who are still depending on your pension. Say, your spouse. If you were wondering what might happen to them when you were gone, whether they would be safe or not, this is the best way to assure that you allow provide them with the best for their future.
– You have debts unpaid.
Unpaid debts are not just a burden for you but also will be one for those that are left behind someday. So, the best thing to do is to settle them all at once, and they go on with paying the premiums of the insurance.
– You want to support your family to cover your funeral costs.
Though the above two reasons might be limited to a few, this is applicable to any and all. Anyone who is willing to save their family members from the burden of bearing all those high funeral costs can take this as a better option.
– You want to leave an inheritance to your family and loved ones.
With a better insurance, you will be able to leave a better amount of money to the beneficiaries, which will result in the providing of a better life to the loved ones. You will be able to become a hero among the family members even when you are gone!
What are the types of plans that they have?
You get a set of different policies that you can pick from. But in here too, the one thing that you have to remember is that the number of options that you have would deliberately change with the type of company that you select and the policies, rules, and regulations that they follow. This would mean that, though we have mentioned a few of the most elegant plans that you can receive as an elderly person of the society, you might have to stick with the ones that are offered by the companies.
Anyways, here are the types that you can have a go at:
– Term life insurance for seniors
This is the best, the most affordable and the most exclusive protection plan that is provided to the seniors of any age (therefore those who are over 80 is definitely included here).
These come in terms of ten years, twenty years and even thirty years. But the availability of these is a bit low with regard to the age. Well, mostly the term plan of ten years is available for those who are eighty and above while the other ones are exclusively limited for the younger ones.
For these plans, you will have to undergo a medical examination and answer a set of medical questions as well.
– Simplified – issue life insurance
This has a relatively low coverage value with a higher premium, but they are called as final expense coverage, making the people believe that they have been made to cover your funeral only.
The application process to these plans is not included with any sorts of medical examinations or check-ups, but you might have to answer a questionnaire that is related to the health. This is actually no big deal, and almost anyone could get selected.
You should keep in mind that they come in higher rates than the normal ones.
– Guaranteed – issue plans
This is a permanent policy that comes with NO medical exams and such. They have nothing regard to your health and such details, and they also provide better death benefits. But you have to remember that the premiums are pretty high, so the values you have to pay would be higher.
Also remember that most of the companies have graded death benefits, which means that the value given to your beneficiary if you die within the first two years will be very low than the regular – discussed amount.
– Long-term care plans
This is not a life insurance but is a plan that is made just for seniors such as you. With this policy, you will get the chance to play for nursing homes and other caretakers and such needs, and this will be definitely useful while you are alive.
They do come as riders for the policies brought forth by some companies, while some companies have this as a separate option to those who are above the minimum age to qualify for the insurance itself.
What are the most affordable companies?
It is important to make sure that you have understood this one thing as many companies do not accept new applications from those who are above this age range.
Therefore, we believe that it is our duty to bring you the list of the most affordable and trustable companies that are in the “We apply applications from people above 80” list.
1. Mutual of Omaha
This is the least expensive of them all that approves applications until you are 85. They also do not put any waiting period or other customary regulations to hold your experience as a senior down.
2. Royal neighbours of America
This company comes with a lot of benefits than others. To get started with, you can apply until you are 85. You can also get a very relaxed underwriting with them, and a pretty affordable pricing scheme to those who are 80 and above.
You can apply until you are 89, and they do not have any waiting period to receive the values. They offer competitive pricing for the mentioned age group.
You can apply until you are 85 years old. They too do not have any waiting period and offer limits starting from 1000 USD. They are famous for accepting even the most severe health issues, which are commonly known to be disapproving signs in most of the other companies.
5. Foresters financial
They offer member benefits to those who are receiving the plans at no additional cost at all. They also accept applications from those who are having health issues too. They do not have a waiting period of any number of years.
Everything about life insurance for seniors over 80 in a wrap!
Well, now you know the importance, the benefits as well as the places that will get you the best life insurance for seniors over 80. As you see, you might be a little old but definitely not too old.
Though your choices are limited and the costs are a bit higher than the normal coverage that a senior of around sixty years of age would get, you cannot say that you are out of any chance to get protection coverage. At this age, you really do not have to worry about the health state and other conditions, because well, hey, it is not as if you were getting it to live forever.
However, since now you know that there are scammers who do cheat on the seniors like you, make sure that you take perfect care on which you place the trust with. The technology is very advanced, and you can actually differentiate an honest company with a bunch of scammers. So, if you are the elderly person, you can get the support one of your younger family members and if you are searching for this for your parents or grandparents, make sure that you give them the best – just like they did for you in your whole life.
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