Here you are thinking about how to go about getting life insurance for elderly parents and you may not even know where to begin or what difficulties you may encounter. Let us help you understand the process and give you some pointers on the best way to find the information you need.
First Things First
You will have to have a discussion with your parent(s). (Maybe it's another relative, a grandparent or aunt or uncle. Even if it's you who are looking for coverage, this guide still applies!). Everyone needs to be on the same page meaning you all agree that you need the coverage. Then we can begin to discuss the different choices. The good news is that there is a fair amount of carriers that offer life insurance for the elderly up to and including age 85.
What Type of Coverage is Best?
What type of policy should you get? Seniors over 80 can get three different types of coverage. Which kind of policy you choose will depend mainly on 2 things, health and the amount of coverage you want.
- Final Expense Insurance is the most common type of life insurance for seniors over 80. This is because it is easy to get, does NOT require a medical exam, and approval is very quick, usually within a week. Coverage starts on day one of the policy, there is NO waiting period. You can purchase between $2,000 up to $40,000 of coverage. There are many carriers offering this coverage. (This type of coverage is also called burial insurance.)
- Guaranteed Issue Coverage is available if you can't qualify for final expense coverage. Everyone can get this coverage and there are no medical questions on the application. The coverage for death from illness has a two year waiting period, but accidental death is covered on day one. Coverage is available from $2,000 up to $10,000. It is very easy to purchase and approval usually takes a day or two.
- Universal Life Insurance is what you would consider if you wanted more than $25,000 of coverage and you were willing to take a medical exam. You would have to give blood and urine samples and the insurance company would review your medical records. The minimum coverage is $25,000 for some carriers, and $100,000 for others. The process takes a minimum of a month and may take even longer.
What's the Next Step?
The easiest way to find the best policy and price is to work with an independent agent. One thing to remember is that although there are many companies offering coverage, you may not qualify for all of them.
To qualify for final expense coverage you have to be able to answer "no" to a number of medical questions. Each company asks slightly different questions, so while you may be approved by Company A, Company B may decline your application. We work with a number of highly rated companies which gives you more options. If you applied without knowing the differences, you could be declined and then have problems getting other coverage.
Additionally, we know where the prices are best...which carriers offer more affordable life insurance for seniors over 80, and under 80 for that matter! We make it easy for you by being your personal shopper!
The Bottom Line
If you've made the decision to get life insurance for your elderly parent, other family member or for yourself, the hard part is over. Call today at 800-698-7033 and let us help you get the best life insurance policy with the lowest premium. We'll make it easy for you!