Life Insurance for Seniors Over 80
Life insurance for seniors over 80 is usually reserved for final expenses, so they are known commonly as burial insurance.
These are whole life policies with a smaller benefit.
How life insurance for seniors over 80 works
Policies like this are whole life so here is how they work:
- Premiums don’t increase
- Your benefit never decreases
- As long as you make payments the coverage never expires
- It builds cash value
What you qualify for is based on your gender, where you live, and your health.
But we can find policies for virtually everyone. Even those with cancer, diabetes, and for those over 80.
The key is working with an agency with access to numerous carriers. That is how you get the best rates with the highest coverage for everyone.
And that’s what we do.
Will it have a waiting period?
You can still find policies without a waiting period at age 80.
However, you’re going to have to get a simplified issue policy which means you’ll have to answer a health questionnaire.
Don’t fret about that fact though. Just because you have certain ailments — like diabetes — does not mean you can’t qualify for no waiting period life insurance.
These questionnaires don’t take long to fill out either.
How much life insurance coverage can I get?
Usually, those who are 80-years-old and above have coverage amounts limited to $40,000 or less.
We may be able to find some policies with more coverage than that, but in most cases if you wanted a larger benefit it would take additional policies from different companies.
Eligibility just depends on your age, where you live, and your health.
The best part is, these policies are the most flexible option because the payout is a tax-free cash paid directly to your named beneficiaries.
It isn’t paid to a funeral home or anything. So, if there is money left over your family can use it however they please or however you described in your will.
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