If you are over 80 and looking for life insurance you have several different options. You have to consider a number of factors before you decide the right policy for your needs. Let's take a closer look at life insurance for seniors over 80.
Why do you need insurance at this stage of life?
By the time you are 80 your needs for insurance differ from when we were younger. You may need coverage for a variety of reasons. Some of these are:
- Pay for your funeral.
- Pay off debts.
- Leave additional funds to a family member who relies on you for support.
- Leave funds to children or grandchildren for education or for a legacy.
- Pay off a mortgage.
- Any other reason you have to leave money to someone.
There may be multiple reasons you want coverage. Your children or grandchildren may want to have a policy to pay for your final expenses. Either way, you have several options.
What's the least expensive type of coverage?
In general you will hear that term life insurance is usually the least expensive coverage available. This is usually true. But it may not be the case when you are in your 80's. As you get closer and closer to your life expectancy the prices of term and permanent get closer too. Underwriting for a permanent policy is usually more lenient than for a term policy. Additionally there are special programs that can improve your rating and therefore reduce your premium.
If you are a senior buying life insurance over 80 you should really only consider permanent coverage. Once you are in your 80's you can only get a 10 year term policy. Assuming you lived past the 10 years you are not eligible to buy insurance any longer. We highly recommend permanent coverage at this time of life.
Sometimes permanent coverage is actually less expensive than term coverage! You need to talk to your independent life insurance agent because they know where you can get the best coverage at the best pricing.
How to Choose the policy that's right for you
So now we know you are looking for a policy that will last your lifetime. You need to speak to an agent because there are many different factors to consider.
Did you know that every insurance company has slightly different underwriting guidelines? This means you may be able to qualify for coverage with one company, but perhaps be declined or rated higher (which costs more) with another.
Did you know there are several different kinds of permanent policies? Some require a medical exam, others don't. How is your health? How much coverage are you looking for? Your agent can help explain why one policy will work for you and another won't.
You need an independent life insurance agent who specializes in seniors to help guide you. There are many companies and many different options available, as well as different types of permanent policies. Once your agent understands your needs and your health situation, they can determine what type of policy you can qualify for and find you the best option to fulfill your goals.
The Bottom Line
Seniors over 80 looking for life insurance have a number of choices to make. An agent can help determine what type of policy you can get and help you determine which policy will have the lowest premium and still accomplish your goals. Make sure you find an independent life insurance agent who specializes in seniors to have the most options available.