Until what age is life insurance for seniors available?
The maximum age to obtain life insurance for seniors is age 85. Your health history will determine which type of benefits you qualify for. Your policy may be graded, which means the death benefit is not fully payable until year 2 or 3, or simplified issue where you are covered 100% from day one.
Which type of insurance is best for seniors?
If you are like most elderly people, you are looking for a policy to cover the costs of your burial and other final expenses. A burial insurance policy is the best way to cover these costs. Burial insurance is permanent whole life insurance, so your premium is level for life and your coverage cannot be cancelled. Keep in mind that the proceeds from a burial policy can be used for more than just the costs of a funeral.
I have health problems. Can I still qualify for elderly life insurance?
Depending on what type of health problems you have, you may qualify for a standard issued policy or a policy with graded benefits. A graded policy means that there is a 2 to 3 year waiting period before the full death benefit can be paid out. When you compare rates, you will be able to learn more about how your particular health issues affect the type of policy you can qualify for.
What if my health fails after I get a policy, will it be cancelled?
No. Once your policy is issued, your policy cannot be cancelled if your health deteriorates. Keep in mind that non-payment of your premiums can result in a cancelled policy.
Does my premium increase as I get older?
Burial life insurance policies are permanent, so your premium will never increase and your coverage will never decrease.
Do my benefits end when I reach a certain age?
An senior life insurance policy will last for your lifetime and cannot be cancelled because of age. As long as you continue to pay your premiums, your coverage will stay in force.
I already have a life insurance policy, can I get another one?
Yes. Many people have policies but wish to get a second life insurance policy that is only for burial costs and other final expenses.
Can I buy life insurance for an elderly parent?
Yes. Most insurance companies will allow you to obtain a life insurance policy for your elderly parent. This is because you have an insurable interest, which means you may suffer a financial burden as a result of their death.
Compare rates for elderly life insurance today!
If you prefer to get rates over the phone or if you have questions about your particular situation, then call 1-888-203-5449 toll free and speak with an experienced insurance professional.
