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Finding a life insurance policy for parents over 80 can be like gambling at a Vegas casino. Sometimes you have good luck and sometimes you have bad luck. If you are not careful, you could find yourself with a policy that is expensive, has limited benefits and worse yet, never pays.
If you stop and think about it, since the average life expectancy in the United States is age 79, why would an insurance company take on such a risk like giving a policy to a person in their 80’s?
Well, some insurance companies do and the good news is, if you are searching for life insurance and you are in your 80’s, our company can help.
However, with that being said, you have to watch your wallet!
Where Not To Buy A Policy If You are Over 80
The person who sells your home and Auto insurance is probably a very nice guy or gal, but you don’t want to go to them looking for a life insurance policy. Why? Because most likely they don’t specialize in life insurance for elderly parents.
Property and casualty agents are experts in home and auto insurance. Most of them are not very knowledgeable in life insurance. If you want to buy a life insurance policy, you should buy it from someone who specializes in life insurance. If you want to buy a senior life insurance policy, you should go to someone who knows the needs of seniors.
(Quick Tip: Your situation is unique. Do not waste your time and trust a quote you get online. Call us for a customized quote – 914-633-1717)
What Life Insurance Options Are Available for Parents in their 80’s?
Final Expense Life Insurance Policies
These policies are somewhat different than normal life insurance policies such as term or whole life insurance. Instead of providing coverage or a death benefit for an unexpected death, a final expense policy provides benefits designed to cover final arrangements such as burial costs and funeral expenses.
Typically, your spouse would be named as a beneficiary of this policy. If your spouse has pre-deceased you, you can name as a beneficiary your children, a family member, a friend or anyone who has your best interests at heart.
Your beneficiary will be able to use the money provided by this policy to pay final expenses and pay off any other outstanding debts. The insurance proceeds are normally paid out within a week or so provided the insurance company has been notified of your death and they have received proof of your demise in the form a death certificate issued by the funeral home or hospital.
How Much Does A Funeral Cost Today?
The average cost of arranging a funeral today can cost anywhere from $10,000 to $20,000. This includes the cost of the funeral home, the casket, services, burial and head or footstone.
Of course, a funeral could cost much more if you want to go out in grand style or have something more elaborate than a headstone or footstone, but these are arrangements should be made in advance when considering a final expense policy.
Features of a final expense life insurance policy:
- Simple application process
- $2,500 to $35,000 of coverage
- No medical exam
- Premiums are guaranteed level and will not increase
- The death benefit is tax free
- Peace of mind knowing your family will not have to worry about paying for your final expenses
Insurance Companies That Offer Final Expense Policies
TransAmerica is a highly rated insurance company that has been in existence since 1904. They offer final expense insurance policies up to $25,000. None of this company’s final expense policies require a medical exam and can be purchased regardless of any serious health conditions.
TransAmerica offers three final expense insurance options:
1. 10 Pay Solution: This is a whole life policy that offers a 10 Pay program. This means the policy can be paid in full on a 10 year payment plan. Payments can be made annually or monthly. The policy must be purchased before age 85 and the minimum coverage amount is $1,000.
2. Easy Solution: is a “graded” death policy and can be purchased from age 18 to 80. This policy pays a death benefit based on the premiums you have paid plus interest that has accumulated over the years. With this plan, limited death benefits are available in the first few years and the maximum payout of $25,000 accumulates over time.
3. Immediate Solution is a whole life policy with a maximum death benefit of $25,000 and can be purchased any time before age 85. This policy is guaranteed to pay up to age 121.
Forester’s Life Insurance Company: While not a well-known insurance company, Forrester’s has been in business for more than 140 years. They are a fraternal benefit society that caters to the members of their fraternity. To become a member, you simply need to buy an insurance policy. The maximum death benefit amounts are $35,000 for ages 50 to 80 and $15,000 for 81 to 85
Forrester’s offers three final expense options.
PlanRight is a whole life insurance policy that the policy holder cannot outlive. However, this is their top tier final expense policy and requires a formal application. If the applicant does not meet the company’s health requirements, the application could be denied.
The other 2 options are graded whole life policies which pay only after a 2 year waiting period. The death benefit payment is based on the premiums paid into the policy over time and an accumulated interest of 4.5 to 10%.
MetLife is a highly rated insurance company and has been around for more than 150 years. This company offers a final expense policy to applicants between the ages of 45 and 75. It is a whole life policy that the policy holder cannot outlive.
They offer a Guaranteed Acceptance Whole Life insurance policy up to $20,000. The policy has a limited graded death benefit during the first two policy years. Unlike other companies, they do not require a health application. The policy is guaranteed acceptance no matter what health conditions you have. Applicants can simply submit a form online or call a MetLife broker like us directly at, 914-633-1717. Most policies are approved within 48 hours.
How we can help you:
• Experience – We specialize in life insurance and we work with the specific needs of seniors over age 55
• Prices – We are an independent insurance agency and we are not beholden to one specific insurance company
• Knowledge – We can answer any questions you may have and provide you with solutions to your situation
• Fast – Policies are issued in a timely manner. If there is a hold-up we will notify you immediately and not keep you in the dark
If you have questions, we can help. Just call us directly at: 914-633-1717
