Life insurance for seniors 80 years old

Can you buy life insurance for seniors 80 plus years old?  If you are looking to get covered with your first policy or additional coverage we can help. My name is Andrea Edwards and I am an independent life insuramce broker licensed in Maryland, Ohio, Texas and Virginia.  I am here to help you. 

Call Andrea at 833-537-7700 to see if you qualify for a policy now!

Today I am specifically talking about life insurance for seniors over 80 years old.  Let's get started. Why do seniors get a policy at this age?  There could be various reasons. There could have been a plan you were paying on and then fell on hard times and couldn't keep up with the premiums.  You could have had a plan that kept going up in price so much so that you couldn't afford it anymore. And you may have just gotten to a point in your life that you realize you won't be here forever and you want to make sure to leave here without being a burden to your loved ones financially.

Now that you are in your golden years do you even qualify? Do you need to take a medical exam?  Will the fact that you have pre-existing conditions cause you to be denied? What if your health isn't the best and you have copd, or managed diabetes, does that disqualify you from being able to pick up some coverage?

The answer, in most cases, is no.  There are many reputable life nsurance companies that offer life insurance for seniors 80 plus.  So what will you have to do to qualify?

To qualify for a plan the process is simple.  You and I will have a conversation.  You would call me at 833-537-7700 and I will ask you some health questions.  Based on your answers to those questions I will check my database of carriers I am contracted with to see which one offers you the best coverage you qualify for at the best rates.

So what is an example of these health questions?

So when I say that, if you're just looking to try to get as much coverage as can term insurance is pure insurance, no cash value component or anything like that with a lot of other life insurance product, that's a straight insurance. And once you're approved, the idea behind term insurance is that for seniors over 75, it just pretty much works like any other term insurance product. So if you die within the term period of time, whatever the amount of coverage is paid out to your beneficiary. So some reasons why you would want to own term insurance, if you're senior over 75. These are some that I've run into that I'll just share with you as an experience. So funeral expenses, maybe you're concerned about the rising cost of being buried, or cremated, or maybe any costs associated with with a funeral. And you want a policy to cover that a term life insurance plan for seniors over 75 do that same thing with cremation expenses, another driver is income replacement. I have stories of couples where one worked and had a as a pension, but it doesn't transfer upon death of the surviving spouse, they often not for that to happen. So there is a need to replace that income upon passing, because the lifestyle of the surviving spouse would have to dramatically change.

So you can buy a term insurance plan to cover for a period of time if that were to actually happen. Also a gift of love, maybe you just want to leave money behind to a daughter or son or grandchild. And you want to help them out. And so my grandfather did for my mother helped out tremendously. Or perhaps you own you owe money on a mortgage, and you want to protect against that mortgage, having to be assumed by your surviving spouse, and you want to keep the house in the family or just pay off the thing all together when you pass away. If you pass before you pay it off, a life insurance for seniors 80 years old plan is perfect for that.

So also options for term life insurance for seniors over 75. I'm talking about what is actually available, and it will show you surprises.  So these are just a small sampling of the companies that I represent, looking at the upper 200 to the lower three hundreds and these are all for preferred rates, your rates may be higher than this understand, because you may have less than ideal health so they can go up substantially higher. Again, this idea here is not to tell you what you will qualify for at all I do is just to tell you kind of what I do what to expect.

If you want to lower your coverage amount, you can always look at a 10 year term. And it's not your coverage but your length of time are covered. And so that will return lower the price to a certain extent. And again, we're looking at different price points. You've got, for example sagicor, you got legal general banner life since an end of life, different options.

Now we're looking at a female for 10 year $100,000 term, looking at same companies here. And then if we ratchet that up to a 15 year term

Get the price goes up correspondingly, because you're covered for a longer period of time. Again, this is totally unrelated to what you would qualify for, again, just to show you a price point, beginning. Okay, so now what we're looking at here what's called no lapse, Universal Life plans. The concept behind these plans is that it's permanent protection that lasts well beyond the 10 or 15 year term life limit. So as long as you pay the premiums, you have the coverage in force, they do cost more than a term plan, but you never have the risk of outliving it. So if your needs require permanent protection, you don't want to take the risk of outliving it. And these are options for you. So, for example, a male for $100,000 in coverage is looking just at about $400 a month, for a no lapse, universal life plan. We look at a female hundred thousand dollars in coverage. Depending on the company, you're looking at 2343 70s. Again, these are preferred rates, they may be higher, we can go down the list here and you can see the prices do go up based off if your standard rate or preferred. That just tells you you know where your risk category is and how your health interplays with that. So now that you've taken a look at some of the options that there are for Term Life Insurance, as well as covering beyond a 10, or 15 year term period, let's look at the potential riders and define what a rider is on an insurance policy. So basically, think of them as an add on, you pay a little bit extra premium. But you get these additional benefits that right on to the policies that make sense. So the kind of ones that may be available to you, depending on the company include a critical illness plan. Or if you're diagnosed with a stroke, heart attack or cancer, there's a lump sum death, lump sum payment that's paid out to you while you're alive, potentially a return a premium plan may be available. Or if you pay into a plan for so many years, you get your premiums back, that does cost an additional fee. accelerated death benefit where you're diagnosed is terminally ill, and a portion of your of your face amount of your coverage is paid to you. But while you still live, so you can use it money while you're alive. Also, nursing home rider is a paid benefit if you're confined to a nursing home under certain terms conditions. And again, key thing here is just to show you there's ways to kind of improve upon your policy with riders if you'd like that kind of thing. And they will cost additional announced. Now you may be wondering should you get an exam or as an exam expected when you apply for a term life insurance product if you're a senior 75 or older. So what my experience is, it just depends on your health, it depends on how much coverage you're getting to. So my exam just to define usually includes a physical, and typically blood in your analysis. Some carriers just require literally a signature, and they'll check your records and give you instant decision or some kind of phone interview. But a lot of these companies are going to potentially ask you for an exam. Why? Because at your age, it's potentially more concerning, especially as you get more and more coverage. Sometimes the 25 and the 50,000 announced won't require an exam. If your health is sufficient enough, they'll just pull medical records and take some time to look at attending physician statements like your doctors will review their notes to make determinations on health. But taking an exam is something you may have to be prepared for. If that's the case with me, it's very simple. We just correspond with a local representative that comes into your home where you go to their facility, whatever you're comfortable with. And they're very professional, they get the job done, it's really simple. But the reason you have to take the exam in some circumstances is because of the coverage amount and your age. But many times you take an exam that will get you a better price than if you just simplified issue and paid a tremendous amount more. And again, you may not need to take the exam, if you don't have a large amount of conference when we say large, if it's 25, or 50,000. It might be that you don't need to take an exam, but I'm not going to say for sure, because it's going to come down to your individual circumstances. As far as how much coverage you get, as long as you work with broker should be fairly easy get the amount of coverage that you need. Generally speaking, minimums are 25 to 50,000, depending on the company, I can tell you that with term insurance probably close to 50,000 minimum with the no lapse, universal life looking at maybe 25,000 minimum maximums for non meds just depends on the company, we say non meds non examination companies, it's more likely it's going to be a smaller amount, where if you're younger would be a higher amount they'd allow without an exam. So probably close to the coordinately amount just depends on the companies. And if you're looking for a lot of coverage, yeah, you're probably gonna get an exam and you can get multi millions and coverage if you can qualify for. But the answer that question so can you actually qualify for term life insurance as a senior 75 or older? In most cases? The The thing is, is that what I want to clarify and say is can you qualify for term insurance? Maybe you qualify for life insurance? Sure. So it all comes down to your health. And what bad health really means is kind of how we have to approach this. So when How do I know somebody won't qualify for term life insurance product, if they're a senior, separate federal and well, they probably have COPD. If the person has progressive insulin usage, because they're progressively diabetic. Maybe they've had recent heart or cancer, neurological problems, they have severe mental health issues. These are some of the things just off the top of my head, that could become an issue if you apply for some of these term insurance products. But that doesn't mean you can't apply with other life insurance products. So So for example, let's look at some options. So you can actually get what's called first a full coverage whole life insurance, which the premium per dollar coverage is higher, but they have a lot more flexibility built built in to what can be able to qualify.

So for example, COPD, first day full coverage was a lot of companies, circumstances Same thing with behavioral health. Even with heart cancer histories, two years beyond that happening. You can may qualify for First day full coverage. So it may not be a large policy, but he could at least get something. So there are options out there for people who have bad health history. And worst case scenario, if you cannot qualify for anything else, as long as you're 85 or younger, you can qualify for a guaranteed issue of return premium policy. So return a premium policy forces a natural death waiting period of two years. So that means if you die, within two years, they just refund your premiums plus 2% interest. So this is a good product if all else fails, and you know, you need some kind of coverage, just the basic plan, those policies typically go up to 25,000. In coverage, you get more, there's ways to do that, that's I can help you with that notice of interest. And the only reason you would consider something like this. I don't want my client to wait two years for the fully covered but the only reason I would recommend it if everything else failed, there was no other options for life insurance coverage. So here's the process of applying as a senior over 75 looking for term life insurance or just any kind of life insurance. 

First, pick a broker you want to work with a broker, they shopped around, try to find the best price and coverage, they work with multiple companies. That's what I do. So I'm nominating myself for the job. I would run a quote after asking you some health questions, and figuring out what your goals are. There's no obligations completely confidential. If you like what you hear, the next step would be to complete an application that's done all through the email or over the phone. There's no face to face visit required anymore. Most companies and then usually get the sessions really quick with the days maybe longer depending if you have an examination. And then after that you get your policy, your documents. So if you like what you heard today, if you like the idea of trying to apply for Term Life Insurance, or kind of life insurance product, here's what you need to go to my website. It's My Life Insurance bureau comm check out my free quote there. Better to click the contact box to contact me at the top or go to the bottom.