Mon. Apr 22nd, 2024

If you are over 80, it isn’t easy to find an appropriate life insurance policy. Burial insurance can be your safe bet to cover funeral expenses and your final medical bills after your passing. You can protect your family from the additional burden of meeting your burial costs apart from the emotional stress of losing you. Insurance carriers like State Farm offer several options in final expense insurance to help you. 

But, it will help if you ask the right questions for buying the best policy that suits your age, health conditions, and coverage requirements. Here, they are:

What Makes Burial Insurance the Right Choice for Seniors Over 80?

Irrespective of what you hear, you can still buy a life insurance policy after turning eighty. Mostly, seniors at this age require insurance to meet their funeral expenses. Hence, carriers offer whole life policies designed as burial or final expense insurance. These policies have fixed premiums and guaranteed coverage. Also, your policy will not expire due to your age. 

Most importantly, it builds tax-deferred cash value to meet your final hospital expenses or mortgages. Even after the policy’s expiry, that is your demise; your beneficiary will receive the coverage amount and be allowed to use it anyway they like.

Should You Buy a Term or Whole Life Insurance Policy for Seniors Over 80?

Some insurance agents argue in favor of term life insurance for seniors over 80, but it may not be the best option for you. If you are over 80 years, buying whole life insurance makes more sense since it allows affordable premiums and better coverage. If you are still skeptical about both options, consider these differences. 

  • Term life insurance offers coverage for a limited period that may last from 10 to 20, 30, or 40 years. After the term completion, you have to buy a fresh policy at a much higher premium due to your growing age. However, whole life insurance has no such limitations as the policy continues until the end of your life. 
  • A whole life policy will accumulate some cash value over its term. The value is tax-deferred, and your family will get a lump sum amount from the insurer after your death. 

Does Your Health Status Matter When Buying Burial Insurance for Seniors Over 80?

The burial insurance providers understand that you develop several health conditions as you age. That’s why they design their policies to suit varied health problems in seniors over 80. The underwriting criteria are flexible to allow some health issues when qualifying for the best rates without a waiting period. 

If you have no major medical issue, you may even secure affordable premiums. However, you have to prove that you don’t consume alcohol or smoke or use tobacco. You may not be asked to take a medical exam, but you need to answer some health-related questions to secure the best policy. 

If you want a policy that doesn’t ask any questions or allows insurance coverage despite a major disease, you need to buy a guaranteed issue policy having 2-3 years waiting period. 

How Much Does It Cost to Buy Burial Insurance for Seniors Over 80?

Typically, burial insurance prices vary according to your age, gender, health records, and coverage needs. If you want guaranteed life insurance without a waiting period, the costs may be astronomical. However, you can find affordable policies by answering a few medical questions with a NO. 

The minimum premium for seniors over 80 can be $2000, while you can buy policies valuing up to $100,000 through multiple insurers. Remember, most carriers allow coverage from $15,000 to $40,000 for above-80 buyers. Whatever coverage you choose, make sure that it covers the funeral cost and any outstanding mortgages or bills you may have. 

The funeral costs usually vary between $7000 and $10,000 in most states. However, if you want an elaborate service or cremation, the cost may go higher. Proper coverage will save your family from this additional burden without compromising your final wishes.

How to Choose Best Insurer for Senior Burial Insurance?

Several carriers provide affordable and suitable burial insurance policies for seniors over 80. Companies have coverage options starting at $25,000 with affordable premiums for ages up to 85. 

However, buying a policy without help can be overwhelming due to multiple choices. Instead of making the wrong decision, you can work with an independent agent. They will help compare several policies and choose the best deal for your age. 

They will help you select a provider with a positive reputation within the minimum time possible. An independent agent also understands what you need and coverage that you can find despite your medical issues.

With these questions, you can make your selection easier and avoid scammers when buying burial insurance for ages above 80.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *