Life Insurance For Seniors Over 85 - Life insurance is one of the most reliable ways to provide for your loved ones after your death. But deciding which policy is right for you can be a challenge.
What type of life insurance should you have? How much is enough? What is the best life insurance at your age?
Life Insurance For Seniors Over 85
Senior life insurance varies from company to company, can involve a medical exam (also called a life insurance exam) or simply answer health questions, costs anywhere from $15 a month to hundreds of thousands of dollars a month, and can be used for anything. Pay off large debts like a mortgage to cover small bills like funeral expenses. While it's true that you'll pay more for life insurance as you reach your golden years, that doesn't mean you don't have options. In fact, there are affordable life insurance policies for those who want to leave cash benefits for their families, or those who want to make sure that their final expenses are covered. You can pay as little as $15 per month, or you can pay more than $1,000 per month. In this article, we'll cover all your options, including final expense insurance for seniors, so you can make the right decision.
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You can begin to answer this question by reviewing your financial situation. For example, do you have a spouse, child or someone who depends on you? Do you have big bills like a mortgage or car payment that need to be paid while you're gone? If someone is financially dependent on you, you should consider a policy to protect you from unexpected expenses. Even if you think your dependents are well taken care of, life insurance may still be a consideration because your family will have to pay estate taxes, end-of-life medical bills, and funeral expenses (which can be as much as $9,000. Plus).
Determining the amount of coverage you need depends on a variety of personal factors, including your marital status, your family size, your debts, assets, and your end-of-life goals. As a general rule, The Wall Street Journal recommends purchasing coverage equal to 8 to 10 times your annual income. If you have life insurance through your employer, the coverage may not be enough and may end when you retire.
Be sure to factor in other expenses as well: funeral expenses, debt payments (such as your mortgage, car loan, and credit card debt), and any medical bills related to your death. You may also want to leave a small gift to your spouse, children, or charity. Your needs will change over time, so periodically check your policy and make sure it meets your financial needs.
When you're thinking about whether you should buy term life or whole life insurance, you need to consider two things: your age and your budget. Keep in mind that as you age, term life insurance policies will become more difficult to renew, so whole life insurance may be a more suitable option for seniors.
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Term insurance pays only for death within the policy term, which is usually one to thirty years. Most term policies do not offer additional benefits. Term policies generally come in two types: level term (where the benefit remains the same throughout the policy), or declining term (where the benefit usually decreases over the policy term). Healthy men age 70 and older can expect to pay between $122 and $435 for a ten-year term life insurance policy with a $200,000 death benefit. And healthy women would pay between $66 and $194 for the same policy.
Whole life insurance, sometimes called permanent life insurance, pays benefits regardless of the insured's death, as long as the policy is still in effect. Most whole life policies last the life of the insured and accumulate some cash value that you can pay off in the form of a loan. The policy loan must be repaid during the lifetime of the insured or the loan amount will be deducted from the benefit on death. For most traditional whole life policies, the death benefit and insurance premium remain the same throughout the policy.
When purchasing senior whole life insurance, healthy men can expect to pay between $1,122 and $2,089 a month for a $250,000 death benefit. And a healthy woman will pay between $934 and $1,801 for her life insurance policy.
You can also choose to buy senior final expense life insurance, which is a type of whole life insurance. You can usually avoid a medical exam and only have to answer a few health questions on the application. Also the premium is significantly lower. If you decide to buy such a plan, men will pay between $43 and $286 for a $10,000 policy, while women will pay between $33 and $211.
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Universal life insurance or adjustable life insurance allows more freedom than a standard whole life policy. With some universal policies, you can reduce or skip payments, although this may cause the policy's value to rise more slowly, as you cover your payments with current dollar value.
If you have health conditions that make it difficult to qualify for term insurance, guaranteed universal life insurance is something to consider because it is a cross between term life and whole life insurance. You must go through the same approval process as you would when purchasing a senior term life insurance policy.
Final expense insurance, also called "grave insurance" or "funeral insurance," is a type of whole life insurance designed to help your loved one with funeral expenses and other end-of-life expenses, such as unpaid medical bills. Today, a funeral can cost $9,000 or more, according to the National Funeral Directors Association. Final expense policies are popular among seniors because they often don't have to undergo a medical exam to qualify — coverage is issued based on answers to health questions on the application. Most of the time the cost of the policy is more affordable than other types of life insurance because the amount of the policy is usually lower, usually $10,000 to $15,000.
In general, final expense insurance is often cheaper because you can buy a policy for as little as $15 per month. Final expense plans are perfect for seniors on a fixed income or people who have trouble qualifying for larger policies.
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When determining how much coverage you can afford, be sure to consider your entire budget and any upcoming changes that may affect your finances. Some may be looking for the cheapest life insurance, but many times these policies are not for seniors. Choose the policy that has the best benefits to help your loved ones survive.
The cost of your policy will depend on your gender, age, general health and the amount of coverage you have. If your goal is to make sure you don't leave your loved ones behind with your funeral expenses, a final expense insurance policy is what you need. But if you want to leave more to your beneficiaries, term or whole life insurance may be better, if you can afford it.
Some people feel that because of their age or health, they will not be approved for life insurance. But improvements in the insurance approval process and the availability of special insurers that focus on covering those most at risk mean that life insurance is available to almost everyone.
Once you find a company with a policy that meets your needs, you will be asked to fill out an application. To be approved for coverage, you must provide certain personal information about yourself, such as your age, height and weight, any health conditions you have, and any life insurance you have. Some insurers may require you to undergo a medical exam to qualify.
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For smaller policies, some companies offer life insurance without a medical exam. Usually final expense insurance for seniors
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