final expense life insurance Archives

Is It Too Late to Get Life Insurance in Your 80s?

Is it ever too late to get life insurance? For example, what if you’re already in your 80s – would it be pointless to purchase a policy, and would you even be able to? Well, actually studies show that the typical limit set by most insurers for purchasing life insurance is around 90 years old. Buying a policy when you’re at an advanced age will probably cost more than it would if you were younger, but with that being said, it is completely possible to find simple, affordable life insurance that gives you the coverage you need, even if you’re between the ages of 80 and 85.

Why Seniors in Their 80s Purchase Life Insurance

Did you intend to buy insurance earlier in your life and never got around to it? Has something happened now that is spurring you to buy a policy? You’re not alone: there are other seniors in their 80s out there looking for policies, possibly because:

They are being encouraged to do so by family– A child or grandchild might find out that their family member is not insured, and encourage them to purchase a policy or look into buying a policy for them.
Someone close to them has passed away- The passing of a loved one or friend, especially if they have left nothing behind, might make them reconsider life insurance.
They procrastinated– We’ve all been there: everyone puts things off until the last minute at some time in their life. Not only that, but retirement might have come upon them quickly, and they might not have even realized that they were going to lose their employer-based life insurance, and they simply put off looking for a new policy.

What Options Do You Have?

If you find yourself in one of the situations above, and are looking for a life insurance policy in your eighties, you have several options:

Term life insurance is a great option because most healthy seniors over 80 can buy a $50,000 10-year term policy for around $30 a month. One thing to note, though, is that because of your age, you might not be able to renew your policy.
Guaranteed universal life is an option that is similar to traditional universal life, but this type of policy is more focused on the death benefit and length of coverage than on cash accumulation. Most companies that offer guaranteed universal life will require you to purchase a minimum death benefit of $50,000, but some will go as low as $25,000, which is why it is important to compare plans from different companies, so you can review all of your options.
Final expense insurance is very popular because it is generally available to seniors up to age 85, and can provide coverage amounts from $3,000 to $30,000, depending on the age you are when you apply. Final expense is popular because it is easy to purchase and no medical exam is required. It is usually purchased to cover final expenses like funeral and burial costs.

Need Help?

Just because you are older than most people who are looking for life insurance, doesn’t mean that you won’t be able to find an affordable policy. There are many options available that will allow you to leave some money behind for your children and grandchildren, or simply allow you to cover your funeral expenses and medical debts.

There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Is Final Expense Life Insurance a Good Deal?

A big part of life always seems to be planning for the next phase of your life, whether that’s going to college, starting a family, or even the end of your life. And while no one likes to think about their final days, planning for this time is important, especially if you have loved ones who depend on you. In order to ensure that your loved ones aren’t left with a financial burden when you are gone, you’ll need some sort of life insurance – but which type of policy is right for you? You might not want or need a traditional life insurance policy, so you might be looking into final expense life insurance to cover just your final expenses. But is this type of policy a good deal?

Is Final Expense Life Insurance Right for You?

Term and whole life insurance policies will help replace your income and pay for other big expenses when you’re gone, making them great choices if you’re younger and/or have a family to take care of. But if you’re older, you might not need such a large policy. If you’re just looking to cover your funeral expenses, a final expense insurance policy, also known as burial or funeral insurance, is a great option.

If you’re wondering if a final expense policy might work for you, consider the following. These policies are:

Designed for adults 50 to 85 years old.
A type of permanent life insurance, so they will remain in effect for your entire life.
Affordable because they offer lower coverage amounts, typically up to $35,000.
Good for people with health conditions, because no medical exam is required to qualify.

Are These Policies Worth It?

If you’re older and looking for a smaller life insurance policy that will cover just your funeral costs and maybe some of your debts, a final expense life insurance policy is most likely worth it, especially since they are more affordable than traditional policies. But to really decide whether this type of policy is right for you, you should calculate the expenses that your family will be left with after your passing, which will help you to determine how big of a policy you’ll need. Consider that the average funeral costs around $10,000, and you can purchase a final expense policy that will provide up to $35,000 in benefits, meaning one of these policies should work for you if you’re not looking to replace income or pay off a house, for example.

pink piggy bank with 3 coins going into it — *It is possible to find an affordable plan that meets your needs without breaking the bank.*

Looking For An Affordable Plan?

It’s not easy to think about no longer being with your family, but it’s important to be prepared for that day when it comes. Your family will be going through a difficult time, and the last thing they should worry about while grieving is how they will pay for your funeral and end-of-life expenses. You can give them at least financial peace of mind with a final expense insurance policy. There are multiple affordable policies to choose from that you can fit into your monthly budget, and you won’t have to worry about passing a medical exam.

If you’re interested in providing your family the financial stability to pay for your funeral arrangements and more, a final expense life insurance policy is a great choice – but choosing an insurance policy is an important decision. You want to make sure your family is taken care of when you’re gone without getting tied to a policy that is going to be a financial burden. Fortunately, you have multiple coverage options, some with added benefits. To make the process easier, consider using online tools, or speaking with an agent. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and competitive rates. Always check multiple sites to make sure you have bargaining power and know the different advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check final expense insurance rates today.

Is there an Age Limit for Life Insurance?

Life insurance is important to have no matter what stage of life you are in, whether you are just starting a family or retiring. But a question that often gets asked is whether you can be is there an age limit to buy life insurance? Can you be too young to buy life insurance? Or too old? The answer to both is: it depends, but generally the younger you are when you purchase a policy the better, because age helps determine your rates, which will be higher the older you are. With that being said, you do have to fall within a certain age range to get life insurance, so let’s take a look at exactly how age comes into play when purchasing your policy.

Minimum Age For Life Insurance

There is no minimum age to purchase life insurance in most cases: generally, once you turn 18 you can buy a life insurance policy. In addition, parents and grandparents can purchase life insurance for babies and children, which can cover them for life, or until they choose to cancel the policy. So, as long as you can afford a policy, you should start looking into one – and if you are young and healthy, you can expect to pay only about $10-$15 a month for life insurance. Be aware that life insurance companies will want to make sure that you can continue to pay your premiums; they will request information about your income to make sure that you are financially stable.

Maximum Age For Life Insurance

If you’re an older adult, you might think that you don’t need life insurance or that it will be too expensive for you, but you might be wrong on both counts. You might still need life insurance depending on your situation, and there’s a good chance you can find an affordable policy no matter how old you are – even if you have health conditions.

You might still need a policy if, for example:

You Still Have Dependents

If you still have people who depend on you, such as your spouse or grandchildren, you might need a life insurance policy. There are life insurance policies available for people as old as 90, and some even allow policy holders to be as old as 100! And even if you can’t afford permanent life insurance or think it’s unnecessary at your age, you can always opt for final expense life insurance or other policies that are not intended for long periods of time, or that don’t offer as much coverage.

You Can’t Cover Funeral Costs

silhouette of a person sitting down with different colored question marks all around in a circle — *There are some common age limits when buying term life insurance.*

If you find yourself short on cash and feel like you aren’t going to leave a lot behind when you are gone, life insurance is especially important to have. Funerals can cost on average about $15,000, depending on your location, and that’s not an amount of money that most people generally have lying around. Having life insurance will ensure that your final expenses will be taken care of, so your family can worry less while dealing with their grief.

What Kind of Policy Should Older Adults Consider?

As we mentioned, if you’re an older adult, you might feel like a long-term policy is not the right option for you – in this case, you should consider term life insurance. Term life insurance is a great option because you can choose to be insured for 5, 10, 20, or 30 years, and you can generally buy a term life policy no matter how old you are, depending on the length of time of the policy. Generally, some common age limits for buying term life insurance are:

10-year term policy: 75 or 80 years old.
15-year term policy: 70 or 75 years old
20-year term policy: 60 or 65 years old
30-year term policy: 50 or 55 years old

How To Find Affordable Life Insurance

Life insurance is a great way to help your loved ones with the financial hardships that they could face after your passing: the money they receive will help pay for expenses related to your death, and any other debts or bills they have. The best way to find affordable life insurance, no matter what age you are and no matter what pre-existing conditions you have, is to do some research. There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Don’t Let One Of These Reasons Stop You From Buying Life Insurance

It happens way too often. You’re presented with an opportunity to get life insurance, whether through work or from your insurance company – you briefly consider it and then ask yourself, “Do I really need this extra expense?” and ignore the offer. Money might be one reason why you’ve chosen not to get life insurance, but there are lots of reasons why people put off buying life insurance – we’ve seen them all before! And maybe life insurance doesn’t feel like that much of a priority right now, but putting it off can put your family’s financial future at risk. We’re here to tell you that life insurance is affordable, and worth it for your family, so don’t let one of the following reasons stop you from buying life insurance.

“I Don’t Want to Go Through a Medical Exam”

The medical exam that you’ll have to undergo for some types of life insurance policies can seem a bit daunting, but they’re not the invasive experience you might think they are. These exams are sort of like a scaled-down version of a physical you might get at your doctor’s office: the life insurance company will send someone to your house (if you would like), who will check your height, weight, and heart rate, and take a blood and urine sample. If you’re worried that the results of your exam will be used against you when calculating your risk and rates, know that you have options! There are many life insurance policies you can choose from that don’t require you to undergo a medical exam.

“I Can’t Afford Life Insurance Because I Have Health Issues”

Having pre-existing conditions is not as much of a barrier to getting affordable life insurance as you might think – it depends on what your health issues are. If you are living with a serious condition, that could raise your life insurance rates, or even mean that you will be denied a policy, but you still have the option of a no-medical exam policy that guarantees you’ll be accepted. No medical exams policies are perfect for people with pre-existing conditions, and include options like:

Guaranteed Issue Life– With this type of policy, you will not be rejected for any health-related reason. You will simply need to answer a few questions about your health to determine your policy rate, and you can receive coverage in as little as a day. The death benefit for this policy can be anywhere from $5,000 to $25,000.
Simplified Issue Life– These policies last for a certain time period (or term) – usually 10, 20, or 30 years, and are a step up from guaranteed issue life policies. They are more expensive than traditional life insurance policies, but because coverage is often limited, they are cheaper than guaranteed issue policies.
Guaranteed Death Benefit Life- Similar to guaranteed issue life insurance, with some slight differences. You will have to answer some health questions, with the number of questions depending on the insurance carrier. Because there might be more health-related questions, these policies are slightly less expensive than guaranteed issue life insurance. These policies offer coverage up to $50,000.
Final Expense Life– Also known as burial insurance; coverage is designed to cover end-of-life expenses, including burial costs, funeral ceremony costs, final medical bills, and any small debts. Policies offer coverage from as low as $2,000 to up to $50,000.

“I Have Other Financial Priorities”

Maybe life insurance isn’t a priority for you because you have other financial responsibilities, especially if you have a family. But, there are so many affordable life insurance policies out there, with some – like term life – costing as little as $15 a month for healthy people – that’s cheaper than the cost of lunch these days! The only way to find out if you can afford a policy is to research, compare, and work with an agent who specializes in life insurance.

“I Don’t Understand It”

Life insurance is not something you learn about in school or even something you’re taught about as an adult. It is something you have to learn about on your own, which can be very frustrating. If you are unsure how it works, and which policy is right for you, rely on an insurance professional who can guide you in the right direction when buying life insurance.

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. The best way to understand how life insurance works, and find the right policy for you and your specific needs, is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance For The Unemployed

Times have been tough. If you’re unemployed thanks to the pandemic, you’re living through an uncertain and stressful time, and you might be worried about taking care of your family if the unexpected happens. You should know that, even if you’re unemployed, life insurance is not out of reach for you. You can protect your family financially in the event of your passing, but the amount of life insurance you can buy depends on a few factors.

How Long You’ve Been Unemployed

Being unemployed is not an immediate disqualifier for buying a life insurance policy, but there are some factors that insurers will take into consideration when you apply if you’re not working. For example, being unemployed for a short time is more favorable in the eyes of life insurance companies than being long-term unemployed (27 weeks or longer), so you shouldn’t wait too long to apply for life insurance after losing your job. The longer you are unemployed, the less likely a life insurance company will be to provide you with coverage, because they will worry about how you intend to pay your premiums with no income. In addition, you will be more likely to be approved for a policy if:

You have a good skill-set and made a decent income not too long ago.
You have a history of steady employment and plan on working again.
You worked in an industry that has plenty of jobs.
You are recently unemployed and likely to work again.

If you are not looking for work, or are looking but cannot find a job, you could be denied coverage. In addition, if you are unemployed due to a disability, you will not qualify for traditional life insurance that requires a medical exam , but you can try a no medical exam life insurance policy.

But what if you left your job to be a stay-at-home parent? That will be viewed slightly differently by insurance companies: even though you are technically unemployed, you will qualify for life insurance equal to that of a working spouse.

Assets You Have

If you have assets you can live on while you are unemployed, you are also more likely to be approved for a policy. As we already mentioned, life insurance companies do not want to take the risk of you not paying your premiums and lapsing on your policy, so they will want to know if you have any assets to cover your premium payments.

When Applying:

If you are unemployed and looking for a life insurance policy, the best way to get approved is by: illustration of an orange person holding up multiple resumes

Showing you are ready to work and are looking for a job. This can include having a list of jobs you are applying for to show your unemployment will be short-term.
Providing any records of assets you have to show you can keep up with your premium payments, even when you are not working.
Applying for a smaller amount of coverage. Instead of trying to go for a million dollar policy, consider less coverage, which will be more affordable and attainable.
Looking at different types of policies. There are many different kinds of life insurance policies that you can apply for, from term life to final expense life insurance. The best way to determine which is best for you is by comparing policies from different companies, especially since every company has different guidelines.

Having life insurance is important for protecting your family’s financial future, especially when you are unemployed and don’t have a steady source of income for your family should the worst happen. If you need life insurance, the best way to get a policy that suits your needs is by using online tools, or speaking with an agent. We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Yes, People Over 65 Can Find Affordable Life Insurance!

As you head into a new chapter in your life, and look forward to retirement, you’ll have a lot to think about. For example, you’ll need to switch from private health insurance to Medicare, and figure out how to live on a fixed income; with all of this going on, you might overlook the importance of having life insurance at this stage in your life. Life insurance for people 65 and older is important, because it provides you additional coverage for those “what ifs” in life – but you might be thinking that it’s not possible to find an affordable life insurance policy at your age, or that you might not be able to buy one at all. Rest assured that is not the case: there are options available to you!

How Much Life Insurance Do You Need?

older caucasian woman holding a red question mark — *Before purchasing life insurance, you need to figure out how much coverage you will need.*

As we said, having a life insurance policy is important for older adults, but how much coverage do you actually need at this stage in your life? The amount of life insurance that you need will depend on what you want covered in the event of your passing: for example, if you still have mortgage payments or other debts that need to be paid off, you need to take those into consideration when choosing your coverage.

To work out exactly how much coverage you’ll need, think about your current income, as well as what your final expenses are likely to be, as well as possible nursing home costs that will not be covered by Medicare, and any other unpaid medical or hospital bills. Keep in mind when doing these calculations that the average funeral costs around $10,000 to $15,000 depending on where you live.

Your Life Insurance Options

Life insurance rates are based on your age, health, and the amount of coverage you need. The older you are, the more expensive life insurance premiums generally are; however, that doesn’t mean that there are not affordable options out there for people over 65.

Term Life Insurance

Term life insurance policies are a great option because you get to choose how many years you would like to be insured for: you can generally choose a policy that covers you for anywhere from 5-30 years. These policies are also very affordable, and provide higher benefit amounts for older adults than no medical exam policies do. These policies are best for people who are in relatively good health, and want to cover big expenses for a few years.

Permanent Life Insurance

This type of insurance is best for people who are in good health and want lifelong protection for big expenses. The only downside to permanent life insurance policies is that they are more expensive than any other types of life insurance. Just like with term life insurance policies, you will have to undergo a medical exam to qualify for coverage, and if you are not in great health, you could be denied or charged more in premiums.

Final Expense Life Insurance

If you just want enough money to cover your funeral expenses (which can be $10,000 or more), a final expense policy, or burial insurance, is your best option. This type of policy covers the expenses associated with your death, including funeral and burial costs, as well as any medical bills and other debts. You have the option to choose policy coverage anywhere from $5,000 to $50,000, depending on your needs, and you will not need to undergo a medical exam to be approved for a policy.

No Medical Exam Insurance

If you are not in great health or have some serious medical conditions, you have the option of choosing a no medical exam policy. You will not have to undergo a medical exam to be approved; some companies will still require you to complete a short medical questionnaire, while others will have a no-questions-asked policy. The only downside to no medical exam policies is that they are generally more expensive, because your life insurance company will be taking you on as a risk without knowing your health status.

How To Find An Affordable Policy

magnifying glass with an eye in the middle and a yellow background — *The best way to find an affordable life insurance policy is to research and compare life insurance policies.*

As previously mentioned, your rates will be determined based on your health and your age, which means a life insurance policy will be more expensive for you now as an older adult than it would be if you were younger and healthier. However, you can lower your rates by living a healthy lifestyle, including keeping any medical conditions under control with medication or exercise and changes to your diet. The same goes for if you are overweight: if you lose the extra pounds before you apply for your policy, you could save almost 50% on your premiums.

If you’re looking for the lowest rates possible, the best way to find them is by comparing life insurance policies from different life insurance companies. Each life insurance company has different criteria for their applicants, and one may consider a health condition more serious than another. To make comparison shopping much easier, and to find the right life insurance policy for you and your specific needs, work with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.