Life Insurance Seniors over 85: easy way to pay for final expenses
Life Insurance for Seniors over 85 gives the peace of mind of having the financial means readily and quickly available to pay for the funeral and other final expenses, usually sums that most people won’t have readily available in their savings.
Most policies pay out a lump sum at the time of the claim to the nominated beneficiary, such as your spouse, who can then disburse the funds for the funeral expenses.
Life Insurance for Seniors over 85 is an important aspect of being able to provide a dignified funeral, especially when money will be needed quickly.
Why you need Life Insurance fro Seniors over 85?
The purpose of life cover is to ensure that there is enough money to settle all outstanding debts upon your death, including your final expenses such as a funeral.
How much does it cost? How much money will be needed for your funeral?
The median cost of a funeral with burial is about $7,200, according to the National Funeral Directors Association. The median cost with cremation is about $6,100.
Whole life policies in small amounts (typically under $25,000) are often sold as “simplified issue” or “guaranteed acceptance” policies, meaning there’s no life insurance medical exam needed and few or no health questions to qualify.
Unlike a traditional life insurance policy which might contain a death benefit between $50,000-$1 million, Life Insurance for Seniors over 85 will usually range between $5,000-$25,000 instead.
The premium always stays level in your policy and therefore never changes. The death benefit, just as in any life insurance policy, can also be received tax-free.
Benefits Life Insurance for Seniors over 85
Life Insurance for Seniors over 85 is a great option for those who do not want to pay the sometimes excessive costs associated with traditional life insurance but still wish to secure tax-free death benefits to ease the financial burdens that might be passed on to their families. These benefits include:
- Level premiums
- Low cost
- Coverage amounts from $5,000 to $25,000
- Application eligibility up to age 90
- Medical exam not required
- Those with health issues may still qualify
Whole life insurance in general can be pricey, and guaranteed acceptance policies even more so. But burial insurance offers peace of mind by knowing that your family will have money to pay for a funeral.
Call us today and get your policy delivered to you within a matter of days:
Or apply online:
Call us at 813 964 7100 or 716 565 1300