If you are searching for, you could be wondering what hurdles you will have to jump to ensure coverage. Finding a good life insurance policy can be challenging enough for any adult, but it becomes even more difficult for elderly parents over 80. Fortunately, having this big conversation and looking for coverage now will help ensure that your family is protected when something happens to your older parents.
About Life Insurance for Elderly Parents Over 80
There are many different types of life insurance out there, but your options will be reduced if you are shopping for a policy for someone who is over 80. Many term life and whole life insurance providers stop offering policies to buyers who are over this milestone age, so your possibilities will be limited. Luckily, this doesn’t mean that you can’t find coverage for your elderly loved ones.
Life Insurance for Elderly Parents Facts:
- Burial insurance may be your best and only option. Unfortunately, your parents may not qualify for another type of policy, but burial insurance can be an excellent choice.
- The listed beneficiary can use the remaining funds from a burial insurance policy for other necessary expenses. For example, a $25,000 policy might cover a $5,000 a funeral. Then, $20,000 will be left over for any medical expenses or other final debts.
- The best face value amounts for burial insurance are generally a bit lower than many other policies, but they can provide enough for final expenses. Many companies offer face values between $5,000 and $25,000 for seniors who are 80 or older.
- One positive thing about these plans is the fact that a medical exam typically is not needed. This can be good news for seniors who have some health-related issues. Instead, your elderly parents can answer a few medical-related questions over the phone to get their policies started. In some cases, a guaranteed life insurance policy is an option for higher risk people.
- It is important to assess the best policy to check for a waiting period. Some companies require up to a two-year waiting period before their policies become active, but you don’t have to opt for one of these choices. Instead, you will probably want to look for a policy that becomes effective immediately. You never know what could happen over the next couple of years, so you have to make sure that your family is covered in the event that a tragedy does occur.
How to Find Life Insurance for Elderly Parents Over 80
Finding life insurance for seniors over 80 can be a challenge, we work hard to make this investment easier for your family. Since we work with some of the top-rated insurance companies in the nation, we can help you make the right decision. We work closely with companies like Aetna and American Memorial, and these companies and more offer excellent coverage for elderly individuals.
To get started toward finding life insurance for seniors over 80, you can simply enter your ZIP code into the field at the top of the page. This will bring up information about various policies that are available and will allow you to compare the pricing, coverage and different companies and options. Whether you are shopping for burial insurance for elderly parents or another type of life insurance policy, we can help you make the right choice and get the best coverage for the most reasonable price.