3 Best Life Insurance for Elderly
Life Insurance for Elderly best option will be a whole life insurance policy.
A whole life insurance Policy also called Final Expense Life Insurance or Burial Life Insurance.
Life Insurance for the Elderly: Final Expense
Final Expense Life Insurance were made to cover final expenses and burial costs.
These would include your funeral costs and any outstanding home and medical debts.
Coverage amounts will depend on the company, but the average range available is between $5,000 and $25,000.
There are companies that offer more and less if you are seeking a different face amount.
Final expense policies do not require a medical exam.
Types of Final Expense Life Insurance:
- Simplified Issue
- Guaranteed Issue
When you buy a Final Expense policy you can try and save money by purchasing a simplified issue final expense policy. With these policies you’ll answer a few prequalifying questions that differ from company to company.
Make sure you answer accurately and honestly. Life insurance companies can investigate you cause of death and deny your claim if there is a conflict of information.
With a Guaranteed Issue life insurance policy, you can’t be turned down due to your health.
Also called a “Guaranteed Acceptance” policy -there are no health questions, but there is a graded benefit (we’ll cover that next).
Since there are no health questions, these policies will be more expensive compared to Simplified Issue policies.
As long as the company offers their product in your resident state and they offer your specific age – you can buy a guaranteed issue policy.
4 Limitations Of Guaranteed Issue Life Insurance
- limited death benefit – carriers that offer guaranteed issue life insurance usually limits the death benefit to $10,000 or $25,000. While this might be adequate for final expense or burial insurance, it isn’t enough to cover a mortgage or other needs upon death.
(2) limited ages – most guaranteed issue life insurance is eligible between ages 50 and 90. This leaves children and young adults – who either have health conditions or simply want an easy application process – out of the picture.
(3) waiting period – all guaranteed issue life insurance plans have a waiting period on the death benefit. Technically, this is called “graded benefit”, but it is, in layman’s terms, a waiting period. Usually, the carrier enforces a 2 year waiting (some carriers have 3 year waiting periods) on your surviving family receiving the death benefit. This waiting period is enforced on sickness and illnesses only. If you die by an accident, the death benefit is 100% paid in full. After the waiting period, the death benefit is paid in full regardless of the cause of death.
What happens if you die within the waiting period by sickness? Your surviving family receives the premiums back + interest. This means that guaranteed issue life insurance is not for those who are terminally ill.
(4) affordability – the premium cost of guaranteed issue life insurance is more expensive than that of a typical underwritten life insurance policy. For example, a 55-year-old, non-tobacco male needing $15,000 for burial insurance could spend $50 per month on an underwritten policy or $85 per month on a guaranteed issue life insurance policy.
These are some of the limitations on guaranteed issue life insurance.
Who Can buy Guaranteed Issue Life Insurance?
Anyone. Guaranteed Issue Life Insurance is good for adults who have moderate to severe health conditions. It is also good for children who have moderate to severe health conditions that will carry with them throughout their adult life. Here are some health condition examples of children and adults who could use a guaranteed issue life insurance policy:
moderate to severe autism
type 1 diabetes
type 2 diabetes
amputations related to diabetes
moderate to severe depression or anxiety
internal cancer (recent)
smokers with other health complications
drug use / drug abuse
Prior / recent felonies and crimes
Life Insurance for the Elderly Quote Online
At Mintco Financial we represent the some of the nation’s leading carriers of guaranteed issue life insurance or similar plans. Depending on your resident state, death benefits of $5,000 to $50,000 may be available.
You can apply for Guaranteed Issue Life Insurance directly over the phone in many cases, so you never have to leave the comfort of your home.
Call 813-964-7100 or 716-565-1300
Get a Free Quote Life Insurance for the Elderly Online HERE!
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Life Insurance for your loved ones: www.MintcoFinancial.com
Life insurance for your elderly parent: www.MintcoFinancial.com