Many seniors and their families realize that they have not outlived their need for life insurance. While some elderly people just want to buy a small burial insurance policy to defray the cost of a funeral and other final expenses, others would like a large policy to help transfer an estate and leave their beneficiaries with an inheritance. While there is a good life insurance solution for almost everybody, even seniors with pre-existing conditions, not all elderly people are best served by the same types of policies.
Finding the best life insurance for seniors, young adults, and even children might not be easy for average consumers. However, we strive to provide the right combination of online life insurance quotes and personal service to help as many people as we can. Enter your ZIP code in our quote box at the top of this page to compare life insurance companies in your local area. If you have questions or need help, you are also very welcome to pick up the phone and give us a call.
Can You Buy a Policy for Elderly Parents?
Many adult children help their parents find life insurance, and some of these grown children even offer to pay the premiums because they know they are actually purchasing coverage to help themselves and their own families. However, the individual that gets insured will need to be involved in the application process in the end.
Requirements might include signing an application or answering some simple questions during a phone verification. Typically, these steps can be taken by mail, over the phone or on the Internet, so an elderly person does not need to travel out of their home to fulfill their part and they are often very eager to help to protect their loved ones.
Life Insurance for Seniors with Pre-Existing Conditions
Again, there are policies for almost everybody. But some health conditions and lifestyle choices can limit options. Before continuing, it might be helpful to group issues into a couple of categories:
- Actual medical conditions: Many clients have questions about seniors with diabetes or how to get covered after a heart attack or a bout of cancer.
- Lifestyle risk factors: Some elderly people may be relatively healthy, but they may choose to smoke or have weight issues that could make them more prone to certain diseases.
Life Insurance for Senior Smokers
Some older people have not been able to kick the tobacco habit, but smoking has been associated with premature death and serious diseases. Still, most policies are open to tobacco users. These are a couple of things to consider:
- Average rates for tobacco users are higher than for nonsmokers, and it seems like the gap widens with age.
- Typically, life insurance for smokers really becomes a problem when combined with other pre-existing medical conditions that makes the insured person much more risky to insure.
- For example, a person who continues to smoke with a health history of diabetes, cancer, or another pre-existing condition may get an application declined or be moved into a higher rate class by an insurer with strict health underwriting rules.
- For these high risk seniors, the right solution may be guaranteed issue policies for seniors, and that topic is addressed below. We can even locate life insurance for seniors over age 80.
Seniors that are overweight might face a similar problem as those who smoke. Very overweight senior citizens might be considered riskier to insure, but they may only be really hard to cover by traditional policies if obesity is combined with other health risks like serious health conditions or smoking.
Life Insurance with Blood or Heart Problems
Seniors with HBP or cholesterol may need to demonstrate that they can manage their medical condition by following their doctor’s orders in order to qualify for higher coverage amounts and lower rates. This is similar to the case for seniors with diabetes.
Typically, if 24 months have not passed after a heart attack or after a stroke, stints, or bypass surgery, older people may need to turn to a guaranteed acceptance policy.
Guaranteed Issue Life Insurance for Seniors
Some senior life insurance policies accept every qualified applicant without asking any health questions or requiring a physical exam. Instead of using actual health underwriting, these policies use a waiting period. The insured person must survive this waiting period before full policy benefits are payable. Before the waiting period ends, these policies may pay a percentage of the face value or return premiums paid (sometimes with interest) to the beneficiaries.
On the other hand, there senior life insurance on the market that is called simplified issue. These policies ask a few health questions but do not require an exam. These questions are not designed to exclude elderly people with minor medical problems, and they do pay the full death benefit right after the policy gets issued. Simplified issue policies are also somewhat cheaper than guaranteed issue life insurance for seniors.
Even though it is better to find life insurance with an immediate death benefit, guaranteed acceptance policies might be a good answer for elderly people who cannot qualify for coverage with stricter underwriting rules.
We Can Help You Find Life Insurance for Seniors with Pre-Existing Conditions
Your choice of coverage will depend upon several things like age, health, where you live, and the insurer that you choose. Our online life insurance quotes can help you find top companies in your local area to make a quick comparison. If you need more help or have questions, you are free to pick up the phone and ask to speak with an agent. By offering both tools and personal service, we hope to help all of our clients find affordable life insurance from top insurers.