Best Life insurance for People over 80
Best Life insurance for People over 80
Oftentimes, people assume because of their limited or fixed income that they cannot afford coverage.
Although some policies may be more expensive than others, it’s important to keep in mind that not all options are the same.
For example, keeping the face value of a policy relatively low can help keep your premiums low as well.
For people on a fixed income, the best way to find a life insurance policy is to go over their expenses and set a budget.
It’s important to find your comfort zone for the required monthly payment and then do your best not to exceed it.
The best life insurance policy to purchase is the policy you’re comfortable paying for.
The second tip to finding a senior life policy on a fixed income is to adjust your expectations.
Be realistic about the type and size of policy that you select.
Though the policy may not fit your original intentions perfectly, don’t let that keep you from purchasing the policy.
Some life insurance is better than no life insurance, and it can reduce the burden on those left behind when you pass away.
The final tip is to partner with the right agent.
This is very important because you want to ensure that the agent assisting you has your best interest in mind. Not all agents are the same.
So, if you feel uncomfortable for any reason, it is your right to walk away.
Hopefully, these three tips will guide you when purchasing a senior life insurance policy on a fixed income.
If you set a budget, adjust your expectations, and partner with the right agent, you should not have a problem finding a policy to fit your situation.
If you would like to explore life insurance policies that are available, feel free to speak with one of our agents.
We are licensed throughout the country and would be glad to answer any questions or concerns that you may have.
Call us 813-964-7100
Should I get Life Insurance If I am on a Fixed Income? Best Life insurance for People over 80
While this is a personal decision to make, it’s crucial to keep in mind that Life Insurance for Senior policies is typically purchased not for personal gain but to protect loved ones from the financial realities of death.
And there are a lot of grandparents that would like to leave a bit of money to their grandkids.
Can You Get Life Insurance If You’re Over 80 Years Old?
While they typically won’t qualify for a term life policy over 10 years in length because of their life expectancy, seniors over 80 can still be eligible for a permanent type of life insurance policy.
Permanent policies are often a better choice for seniors because it can be incredibly challenging for them to purchase coverage after age 90 if they still have financial obligations they want to ensure are covered when they pass away.
How Much is Life Insurance for an 80-year-old?
Prices on policies vary depending on your health profile if you qualify for a graded policy the premium will be higher but if you qualify for day one level coverage the premium will be lower.
As we all grow older, most of us want to make sure that our loved ones have as much as we can give them and will not be left with unexpected costs when we are gone.
There is a range of products available when searching for life insurance for seniors, and it can be difficult to get to know what types of coverage the best for you might be.
We are here to help you make the right choice.
Life Insurance for Seniors Over 80 No Medical Exam
Senior life insurance no medical exam is a range of products where the customer is not required to do a medical exam or doctor’s appointment when making an application for coverage.
This is attractive to those that might be looking to avoid medical exams and to be protected quickly, but it’s also important to remember that the premiums for this type are most often significantly higher. However, these products can be underwritten extremely quickly often through simple online forms.
Types of no exam life insurance for Seniors Over 80
No medical exam life insurance in Canada comes in three varieties, each with its own benefits.
- Simplified issue life insurance. Simplified issue life insurance may be the most efficient route to a life insurance policy. No waiting periods, no extensive medical questionnaires, and no medical exams. Because insurers can only approximate the risk of issuing a policy, you’ll pay higher premiums than for other types of life insurance.
- Guaranteed issue life insurance. Guaranteed issue life insurance policies provide a small amount of permanent insurance to anyone who applies, regardless of age or health. Policies usually don’t exceed $50 000, and many people purchase them to pay for funeral expenses, estate taxes, or other end-of-life costs they don’t wish to pass on to loved ones.
- A permanent policy is ideal for seniors above the age of 80 because there are more options available. It also eliminates the risk of needing to find affordable insurance in your nineties by providing lifelong coverage.
Finding the right life insurance for you
If you are a senior, it may prove more difficult to find an affordable life insurance policy with the right amount of coverage.
However, different types of policies exist for your specific situation, and you can work with an advisor to find the one that best suits your needs.
At Mintco Financial (we have our offices in Tampa, FL, and Buffalo, NY) we work with and compare policies and quotes from the best life insurance companies in the USA to create the best solution for you and your needs.
We’ve been providing expert life insurance solutions since 1998, including no medical life insurance, term life insurance, and permanent life insurance, to build the best package to give you the protection you need.