Life Insurance in Your 80s
Can you find life insurance in your 80′s?
It can be a challenge to find an affordable and useful life insurance policy for a person who is already 80 or 85 years old, but it is quite possible. In fact, some brokers and insurers even specialize in the niche market of finding policies for older people, or for people with health issues.
Burial Policies
Many people over eighty are just looking for a burial policy. This is a whole life insurance policy with a face value that is usually between $2,500 and $25,000. The death benefit, or face value, is usually intended to cover the costs of funerals and other final expenses.
Immediate vs. Graded Death Benefits
In order to to get an immediate death benefit, the older person will probably have to be in fairly good health for their age. For those with more severe health conditions, there are graded death benefits.
Term Life For 80 Year Olds
A person in fairly good health, who has passed their 80th birthday, may also be able to find ten year term life policies. A term policy means that it will expire after the time has elapsed, but that it will be cheaper to afford more coverage. You may find term coverage in amounts from $50,000 to $100,000 or even more.
Low Cost Premiums Over 80
You probably already know that it will cost more to cover an 83 year old than it would to cover a 73 year old in most cases. So if you already have some life insurance, but just feel like you want to buy more coverage, you should probably just add to your existing coverage. You will probably not do better if you try to replace it!
Women’s premiums will also be cheaper than men’s premiums. This is just because women, as a group, are expected to enjoy slightly longer life spans than men are.
But your final cost of life insurance will depend upon many things. Your age, general health, zip code, type of coverage, and the amount of coverage will be important. The insurer you use will also matter. So it is important to compare your choices before you decide to buy!
Learn more about life insurance for the elderly at Over50Web.net.
