Having life insurance is important. You don’t want your family members to be stuck handling your burial expenses, medical bills or credit card debt, but a good life insurance policy can help.
As a senior, particularly if you are over 80, you might think that it will be difficult to secure coverage. Luckily, there are a few good options out there for senior citizens. Whether you are shopping for yourself or your elderly parents, we can help you find the senior life insurance that you need for final expenses.
New York State: A Few Important Facts
- Did you know that 147,390 residents of New York State passed away in 2012?
- 71,273 of these people were women, and 76,116 were male.
- There are 19,570,261 residents in the state of New York.
- The leading cause of death in New York was heart disease.
- The average income for New York households in 2012 was $32,104.
- The median household income was $578,683.
The most populated cities in New York are:
- New York City, which has a population of 8,175,133.
- Brooklyn, with a population of 2,300,664.
- Borough of Queens, which has a population of 2,272,771.
- Manhattan, which is the home of 1,487,536 people.
- Bronx, with a population of 1,385,108.
Life Insurance for Seniors: What Are Your Options?
It can be confusing to distinguish different types of life insurance that are out there. These are your two main options:
- Term Insurance – Term life insurance is a common option for younger adults. It’s generally more affordable than other options and can come with a much higher payout, but many seniors find that it isn’t their best choice. This is because these policies generally require a health exam, and a lot of them have restrictions about offering coverage to senior citizens.
- Funeral Insurance – Funeral insurance, which is also often known as simplified issue whole life insurance or burial insurance, is often an excellent choice for older seniors. There is often no medical exam needed, and policies are typically offered to older senior citizens. The values of these policies are generally lower than with some other types of policies, but this also means that the premiums are more reasonably priced.
What are the Benefits of Burial Insurance?
Although there are other types of policies out there, burial insurance might be the best choice for you or your older parents. The companies that offer these policies generally only ask a few simple health questions, and you can secure coverage simply by filling out an application. If you’re looking for a cheap option that will help cover final expenses and that you can buy without an exam, you should consider getting quotes from a few different companies. These policies generally come with ample coverage for most final costs and they are easy to get online and are relatively affordable. In fact, policies range from $5,000 to $50,000.
How Much Does Burial Insurance Cost?
Although insurance rates will obviously vary from person to person, here are a few sample quotes for a 63-year-old male who isn’t a smoker:
- $10,000 in coverage – $52.81 per month
- $13,000 in coverage – $67.87 per month
- $18,000 in coverage – $92.97 per month
How to Buy Senior Life Insurance
As you might have already realized, it can be heard to find good, guaranteed acceptance life insurance for seniors in New York. Fortunately, we can help. You can use our simple quote finder to locate more information about the policies that are available to you, and you can then begin the process online. We work with some of the top insurance providers out there, so we can help you secure coverage without spending too much money.
Don’t wait too long to secure a policy. Instead, use our handy website to find the coverage that you or your parents need.