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Elderly Life Insurance

Elderly Life Insurance CoverageContrary to what many people believe, there are options for the elderly to obtain affordable life insurance coverage.There are affordable plans available for seniors up to age 85.

If you are elderly, or you have an elderly parent or family member, you are most likely concerned with funeral costs and final expenses. The average funeral can cost anywhere from $6,000 to $10,000 and more.

Besides funeral expenses, there are other final expenses such as taxes, final bills, and estate and probate costs that also have to be considered. These costs can leave a burden on the family of the elderly when they pass away.

What Options Do the Elderly Have for Life Insurance?

Your options for life insurance will depend on your age and your health status. Elderly life insurance is available to age 85 and a majority of the cost is based on age. The older you are, the more it will cost you. The two options you have for elderly life insurance are: simplified issue life insurance and guaranteed issue life insurance.

Simplified Issue Life Insurance

  • Available to age 85
  • $3,000 to $30,000 coverage
  • No medical exam
  • If you can answer no to a set of health questions, you can qualify
  • Affordable premiums
  • Day one coverage for minor health issues
  • Graded benefits for more serious health issues

If you have more serious pre-existing health conditions, and you don't qualify for simplified issue life insurance, then your next option is a guaranteed issue life insurance policy. You are guaranteed to be approved, but the death benefit is graded. This means that the full death benefit is not paid out until after two or three years, depending on the carrier.

Guaranteed Issue Life Insurance

  • Available to age 75
  • $3,000 to $10,000 coverage amount
  • No medical exam
  • No medical questions
  • Graded benefits

Visit www.lifeinsuranceforelderly.org today and compare multiple quotes for eldelry insurance from the nation's highest rated carriers. Remember that all life insurance carriers have different rates, so it pays to compare.

Related Topics:

Where to Purchase Burial Insurance
Final Expense Underwriting Requirements
Simplified Issue Life Insurance
Guaranteed Issue Life Insurance
Can Life Insurance Be Cancelled Because of Age?