If you and your parents have been talking about final expenses and other future plans, the topic of life insurance may have come up. If your parents haven’t already invested in a life insurance policy, now is the time to do so. Without life insurance, you and your parents’ or other loved ones could be stuck figuring out how to pay for an expensive funeral and how to cover other final expenses, but a good policy will help relieve this stress.
Luckily, the Internet makes it much easier for you to find insurance for your elderly parents. You can do most of the work yourself, and your parents will probably only need to handle the last few pieces of the application process to obtain coverage.
Is It Possible to Find Life Insurance for Elderly Parents?
Since many insurance companies have age limits or require thorough medical exams before offering coverage, you might not think that you can find a good policy for your elderly parents. Luckily, this couldn’t be further from the truth. Although your options will certainly be limited, there are companies out there that offer policies for older individuals. One of these policies could be just what your parents need to cover final expenses.
Life Insurance Options for Elderly Parents from Ages 60-80
If your parents are younger than 80, there are a few more options out there. Here are some things to consider if your parents haven’t reached this milestone age just yet:
- If your parents are in relatively good health, they might find that opting for a life insurance policy with a medical exam is a solid decision. Many of these companies offer higher levels of coverage and lower rates for those who are in good health and who are willing to participate in a medical exam. Luckily, the cost of this exam will be covered by the insurance company.
- Some term life and whole life insurance companies offer coverage for those who are younger than 80 without a need for a medical exam. Instead, they ask health-related questions over the phone. This can help prevent your parents from having to go through the stress of a medical exam, but they can still secure better coverage.
- If your parents have health-related issues, you should look into burial insurance.
What is the Best Type of Life Insurance for Elderly Parents over 80?
Since many companies stop offering life insurance for elderly parents over 80 years old, your options will be slightly limited in your search for coverage for your elderly parents. For many older parents, the only option out there is burial insurance. Luckily, this type of coverage does have its own benefits:
- Some companies, such as Aetna and American Memorial, provide burial insurance policies for individuals between 80 and 85 years old. Since many companies don’t offer coverage for individuals in this age group, this is good news if you are shopping for your elderly parents.
- The face value of these policies are paid to the beneficiary in one full lump sum, and the money can be used for anything. This means that after the funeral expenses are covered, you can use the proceeds for final expenses, medical bills or anything else that you might need them for.
There are a few somewhat negative aspects that you should keep in mind when purchasing burial insurance:
- Unlike other policies, the face values for burial insurance policies are generally pretty low. This is especially true when you’re shopping for older individuals. Most companies offer policies between $5,000 and $25,000, however, you should be able to find a policy that offers sufficient coverage for basic final expenses.
- Some companies do require a 24-month waiting period before coverage starts. This means that if your parents pass away before this two-year period, they won’t be covered. Some companies waive the waiting period, so you may want to look for one of these companies if you can.
Even though there are a few disadvantages that you should know about when looking for one of these policies, you should know that burial insurance is still a solid investment for older seniors. It can still provide sufficient coverage, and it is one of the few options that are available for elderly individuals who are 80 years old or older.
How to Buy Life Insurance for Seniors
If you are looking to buy life insurance for seniors, you will be happy to know that our site makes it easy. Here at United Life Group, we work with many A-rated insurance companies, and some of them offer burial insurance for elderly individuals. We also offer term life insurance and whole life insurance for qualifying customers. To get started in your search, simply enter your ZIP code into the field at the top of the page.