|
While there is no doubt that purchasing life insurance earlier in life will help keep your premium costs down as you grow older, this doesn't mean you have to go without having an insurance policy in place. In fact, there are policies available for people of all age groups, including life insurance for people over 80 years old. f you are shopping for elderly life insurance at 80 years old and above, then you are probably concerned about leaving a financial burden on your family. This is the biggest reason why seniors look for a life insurance plan - so they can purchase a small policy to cover the cost of funeral expenses and other final expenses that are left behind. It is never too late to set up some type of coverage, but you want to be sure that you get the right type of coverage for your needs and your age. Here are a couple of things to consider if you are 80 years old and above: Fact #1 : The average cost of a funeral is between $8,000 - $10,000 and that cost has been increasing steadily over the last twenty years. Fact #2 : If you are currently collecting Social Security benefits, then you are entitled to a burial allowance, which is currently $255. With these high burial costs and the very tiny amount of money that one receives from social security, it is very important to set up a burial insurance plan so you don't leave a huge burden on your family. Your options for elderly life insurance at age 80 will depend on a few factors. Generally speaking, elderly life insurance is burial insurance coverage. This is permanent insurance, which means your policy will last for the rest of your life and your premium will remain level. This is very important because at the age of 80 you are very likely to be on a fixed income, and so it is important to obtain a policy that will have a fixed premium each month, so you can properly budget. A burial insurance policy is also a great option for elderly life insurance coverage because it builds cash value over time. You can typically qualify for $2,000 to $50,000 of this type of coverage without a medical exam. If your health is good then you can qualify for a policy that will pay full benefits from day one. Keep in mind that the actual rate that you will pay at the age of 80 is going to depend on several variables such as your smoking status, your health history, your family health history, prescriptions that you take, and even your driving history. Life insurance companies look at all of these things when determining your eligibility. Since you do not have to have a medical exam, they rely on your answers to questions on the application, as well as information that is available through the Medical Information Bureau and various prescription databases. Call us at 813-964-7100 over 80 life insurance quote
Related Articles -
over 80 life insurance, over 70 life insurance, life insurance quote,
| 
