How to Buy Life Insurance For Seniors Over 80

How To Buy Life Insurance For Seniors Over 80 Picture

While we don’t recommend waiting any longer than necessary to buy end of life coverage, we still see demand related to life insurance for seniors over 80.  Working with dozens of carriers, we can shop your case around to find the very best offers out there for you.

You can see instant quotes on burial insurance for people over 80 by filling out the quick quote form on the right sidebar. If you struggle with some major health issues, be sure to call us at 1-800-598-6445  for an accurate quote. We will work hard to find you a company that accepts all of your health issues.  They are out there.

Obtaining Burial Insurance As a Senior Over Age 80

Most seniors are on a fixed income and want to make sure they are getting coverage at the best possible price from reliable insurance company.  We work with the top insurers in the nation who provide seniors with competitively priced senior whole life insurance products.  That is where you start.  Trying to get this type of coverage from you homeowners agency is not going to work out well.  Next, make sure you are working with an independent specialist who works with senior life insurance products.  Have them do a complete comparison of the companies you qualify for or use the free quoting tool on the right to get started.

What does that mean to you…Maple Valley Group is we are one stop shopping for your coverage.  We are working for you, not some insurance company with 1 or two products to offer you.  This is not a State Farm office.  This is a independent agency office that handles seniors needs day in and day out.  That is our specialty.  Don’t let your age or hearsay convince you that you cannot qualify either..  We can qualify the vast majority of people over 80.  Many clients have been for full, immediate coverage.

All of these carrier offerings of life insurance for seniors over 80 will have the following features:

  1. The policy will not expire at any age.
  2. Your monthly premium will be locked in for life. This is regardless of your age or health.
  3. Getting a policy with no waiting period is possible even for folks in their 80’s.  Obtaining a policy without a waiting period will depend on your overall health as a senior.

By all means, if you are in your 80’s and are looking for a life insurance plan to cover your end of life costs, pay off debts, or just leave legacy money behind… act right now!!  Any insurance for the elderly like this is based on your age at application.  A decline in health can also raise your rates by forcing you into a “guaranteed acceptance”policy which always includes a waiting period.  Moral of the story, lock in your lifetime cost now right now.

We’ve helped many seniors in their 80’s, easily and painlessly.  There are no medical exams required so no needles.   Burial policies for seniors are meant to be easy to qualify for.  Most people aren’t their healthy best during their “golden years” are they?

We can show you how simple the process is.  Over 90% of applicants qualify for full benefits so it is best to apply for full, immediate benefits.

In our article here, we’ll bring you the key points about getting life insurance as a senior over 80, show you how a burial life insurance policy works, and go over the current costs of a funeral.

Burial Insurance For Seniors

A burial policy is usually defined as a small whole life insurance policy from $5,000-$25,000.  The name itself makes the purpose of the coverage self explanatory, but they are typically designed to be easy to qualify for.  The standard application will be just a few health questions to qualify you.  These are no medical exam policies and have very quick issue times.

There are even options for those with very serious or even terminal health conditions called graded benefit and guaranteed issue life insurance.  While these two options have what are called “waiting periods” of 2-3 years for full natural death benefits, they still offer whole life coverage regardless of your health.

Smaller policies of this design are meant to pay out quickly to help cover the costs of a funeral so a loved one is not burdened with a very large expense related to your end of life expenses.  Larger policies can be purchased, but we recommend Guaranteed Universal Life coverage about $25,000 as they are the better value at this point.

CLICK HERE to get an instant quote for burial insurance.

Term Life Insurance Senior Options?

For those of you who may know me personally or even the articles we write here for seniors doing their insurance or Medicare research…we do not like term life insurance for end of life planning at all.  It is pushed by all the young, online whipper snappers who do not have a lot of wisdom in working with seniors.  Term life is much cheaper…because it expires.  Simple as that.

An AARP Term Life policy expires at age 80.

There are all kinds of people living to 90 and beyond.  My Nana (grandma) lived to age 100 for heavens sake!!  Term life insurance expires.  I will stop here as I feel a rant coming on!!

As a senior already in the 80 + age bracket, you understand what I am talking about here.  There are very few insurance companies that will offer term insurance coverage past 80 let alone take new applicants.  At your age, you are stuck with end of life, burial insurance coverage for the most part.  That is a blessing in disguise.  You will not outlive the coverage, as it is permanent and it will quickly take care of your loved ones financially in your passing.  That is what makes the best life insurance for senior needs… true whole life, burial insurance.

Best Life Insurance For Senior Needs

Most seniors that are purchasing life insurance that have reached their 80’s are searching for end of life insurance.  This is most commonly called burial insurance, final expense insurance or even funeral insurance.  In most cases, the best life insurance product to meet this specific need will be a permanent, whole life, no medical examination type policy.  Term life insurance is not a useful option to obtain at this point of your life.  A permanent policy guarantees benefits to your beneficiary that cannot be cancelled, reduced or reach expiry.

Top option for the vast majority of seniors is a simplified issue, no exam, whole life policy.  This assumes a need no more than $25,000.  This policy would ideally be medically underwritten to help keep the costs down and offer full coverage immediately upon acceptance.

Beyond that, our recommendation for larger policies is the newer, guaranteed universal life insurance (GUL).  This is best for leaving a legacy for family, charitable giving, pension maximization are covering estate taxes of those families with high net worth.  While GUL it may not be quite as easy to qualify for, it is a no nonsense, permanent policy that has term like insurance rates.  Coverage amounts start at $25,000 and go up from there.  This is pure protection.  Your not spending extra premium monies on the cash value accumulation account in a whole life insurance policy.

Upon your passing, your beneficiary(s) will be paid the full death benefit of the policy.  Unlike a whole life policy, there is no cash value accumulation and therefore are not paying for it in your premiums.

Is there a best company?  Yes and no.  Yes, most senior have a health condition or 2 beyond high blood by the time they are 80.   A key point to remember here…different carriers handle health issues differently and will charge considerably different premiums for the same benefit amount.

It is vital that you work with an independent agency or broker like Maple Valley Insurance Group that have access to all of the top senior life insurance companies.  This kind of coverage is not bought at the local State Farm, Allstate or Farmers office.  You are looking to the wrong people and wasting your time.  They do not have access to the insurance companies that specialize in these types of policies that insure people age 80+.

The Wrap Up on How to Buy Life Insurance As A Senior Over 80

The best life insurance for senior burial expenses is going is to be a senior whole life insurance policy that ensures full coverage upon acceptance at your age.  While sometimes this type of coverage may not be available due to tough health conditions some seniors live with, the goal for the “best” must include coverage that offers guarantees for your peace of mind  for you and your family.

Why pay for something your loved ones may never get the benefit from?  All reputable, top notch life insurance companies pay their claims as long as people are honest with them.  They might not like it, but they have a legal obligation to do so.  Unlike auto or homeowners coverage, a life insurance policy is legal and binding.  The key is being honest and buying the right coverage for your needs.

We strongly encourage you to speak with an independent senior specialist regarding your specific goals before purchasing any life insurance.  You want to have access to lots of the top burial insurance carriers to get the best value for your money.  There are often a number of options, and sometimes picking the “best” is not so easy.

If you are looking for a quick quote, you can use the quoting tool in the right sidebar.  You’ll have an instant quote in under two minutes with all the top carriers.

Life insurance and burial insurance for that matter are a very personal thing.  Everybody has different needs, health situations and financial means that will dictate the best end of life coverage to purchase.  Truth is, you may also be better off self insuring depending upon your current age.

This again, is another reason to give us a call and talk it over.  You have everything to gain and nothing to lose.  If we can’t help you we sure aren’t going to hurt you!!  Those are the famous words of my deceased associated who started this company with me 17 years ago.  Let us know how we can be of service.  Call 800-598-6445   As always, feel free to comment below.

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