Life insurance is simply a contract between an individual and an insurer who promises to pay a particular sum of money during times like terminal illness or death. It is very important to have life insurance as it provides funds to survivors to make up for loss of income and cover various expenses. Life insurance also provides retirement income.
Life insurance for seniors over 80
Buying life insurance at the age of 80 and above might be difficult but not impossible. There are a lot of companies that provide life insurance for seniors over 80. Some may charge high premiums, some are affordable. It is important to understand that life insurance for over 80 is limited and it greatly depends on the health of insured person. The best way to obtain life insurance for over 80 is to compare the prices and options offered by different life insurance companies. There are three main things that determine the life insurance policy for seniors over 80:
1) Condition of Health: Insurance companies offer life insurance for seniors over 80 only if they are in good health. Seniors within normal weight range, who is able to take care of themselves (bathing, dressing, eating etc), with no history of major illness are more likely to obtain good life insurance policies.
2) Insurance type:
- ‘No exam Life insurance plans’ are the most common plans for seniors because it does not require examination of the health condition. Although the coverage is usually limited to $25,000, it is the quickest way to obtain life insurance for over 80.
- ‘Exam required life insurance’ is hard to qualify for as the senior needs to go through medical examinations. But this is the only plan that offers best coverage for least price.
- Graded life insurance: For seniors with major health issues, Graded life insurance plan is the best option. Although the benefits are minimal in this plan, it is better than nothing.
- ‘Term Life Insurance Plan’ can be acquired by seniors in great health. The policy lasts for at least 10 years and the premiums are cheaper than the others
3) Amount of coverage: The amount of coverage varies from plan to plan. Individuals in good health are more likely to get best plans with higher coverage amount. As health depreciates, the amount of coverage becomes less.
Benefits of obtaining life insurance for seniors above 80 years old:
Life insurance is something that people put aside, especially when it comes to life insurance for people over 80 years old. People don’t realise the benefits of acquiring life insurance. It is of course not very easy to obtain life insurance for over 80, but its advantages are many. These kinds of life insurances provide funds for survivors. It helps to make up for the loss, helps in covering funeral and other such expenses. It helps for covering expenses regarding settling of the estate.
There are many life insurance for over 80 seniors that provide retirement income. People often apply for insurance when it is too late. Obtaining insurance early will be of great help and offer a lot of coverage. There are various sites online like lifeinsurancequotes-online.org etc that help to compare various insurance quotes.
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