In the past couple decades, life expectancy has crept close to 80 years old meaning more people are asking about buying final expense insurance in your 80s. The sense of urgency is great for those seniors seeking burial insurance at that age so you can have peace of mind knowing your family will be protected at the time of your passing. Some people worry that they might be too old to get approved or that their health will prevent them from securing coverage but the good news is that there is a plan for every senior through the age of 85. After 85, the options are greatly limited so it is important to act now while there are better plans available. Buying final expense insurance in your 80s will be a purchase you will never regret.
Main function of insurance in your 80s
Some common questions people have about buying final expense insurance in your 80s are not so different from those life insurance questions asked by people of all ages. The basic function of life insurance is the same at any age- taking care of family members and protecting them from a financial burden at the time of your death. The biggest factor that changes due to age is the amount of insurance needed and what it looks like to take care of family members with the death benefit payout. People needing life insurance in their younger years as early marrieds or families with children at home have to consider the lost income of the person who is insured whether that is paid income through a job or the functions in the family they serve like caring for children and taking care of the home.
Those losses would have a financial impact on a family if one spouse dies and the amount of money to protect the family would be a very high amount. However, during retirement years and as seniors get into their 80s, the financial needs of protecting family members through a whole life insurance policy, or burial insurance policy looks different. Usually the main function of the insurance at that age is to pay for burial expenses, any small debts remaining, and sometimes to leave a little money to family members left behind.
The reason that a whole life final expense policy is best for this situation is that in your 80’s, you want to be sure that whatever insurance policy you get for your family will protect you for the remaining years of your life. That is what whole life insurance does- protects for your WHOLE life. Other names for this type of insurance are funeral insurance, burial insurance, and final expense insurance.
No time to wait- how to get started
A person in their 80s cannot afford to put off buying their burial insurance. Many companies limit the options available once you are in your 80s meaning less coverage and higher prices. The best way to get MORE coverage at LOWER prices is to use a broker. Assurance Life is a broker that works with numerous reputable, nationwide companies so we can find the best fit for each senior buying final expense insurance in your 80s. While options are fewer in your 80s, it doesn’t have to mean you have to settle for poor coverage.
Sometimes, people in their 80s don’t have funeral insurance because their healthy lifestyle has meant the thought of death just hasn’t been on your mind. That healthy lifestyle can mean that you will benefit with lower rates due to good health. Each company looks differently at the factors that go into determining the monthly premium charged for the amount of life insurance you choose. The biggest factors are age and health. You may not be able to change your age but you have been able to influence your health by the way you take care of yourself. The first step in getting your whole life insurance started is with a short request for a FREE QUOTE or by calling 800-517-0810. Once you get the process started, one of our insurance specialists walks you through a short questionnaire with yes and no questions.
That list of questions helps us determine which of the many companies is the best for your unique situation. This is why using a broker is important. If you go through an agent who represents only one company, you aren’t able to get the best plan for your individual profile. Some companies don’t penalize for certain medications while other companies charge extra for some health conditions.
Assurance Life is familiar with the common health conditions seniors in their 80s are facing so we know what companies are perfectly suited for your needs. Once you are approved, often your coverage can begin on DAY ONE when the first premium is paid. When you are in your 80s, it is reassuring to know that your family will be protected from the moment the policy is active.
What if I am not approved?
When buying final expense insurance in your 80s, the most common concern from clients is being turned down. There are two categories that seniors in their 80s fall into when it comes to not getting approved for premium, or DAY ONE, coverage for their burial insurance. Those two situations are poor health and being over 85.
For seniors looking for funeral insurance with poor health, the good news is that if you are not over 85, Assurance Life works with companies with plans called Guaranteed Issue plans. This means that you are automatically approved, regardless of current or past health problems. Of course, we prefer to try for premium coverage and almost 90% of our clients are able to get Day One coverage. However, there are some medical problems that just don’t qualify for that type of whole life insurance approval. In those cases, there is a two year waiting period before the death benefit is paid out.
During those two years, the monthly premiums you pay are protected because in the event of your death occurring during the waiting period, the insurance company returns the premiums paid to your family along with a predetermined amount of interest paid. That is a pretty good deal- getting all premiums paid back during the first two years if needed, and after that time, the full death benefit being paid you to your family upon your passing. The peace of mind that gives our clients who are over 80 and in poor health is priceless.
What if I am over 85?
For seniors in their 80s who are over 85 and seeking funeral insurance, the options are a little more limited. There are many companies who cut their age limit off at 85 years old. For those companies who continue to offer burial insurance for people over 85, there can be a few more steps in the application process and sometimes instead of being able to complete the process over the phone or using email, you must complete the final process through the mail. However, there are whole life insurance plans for those over 85, you just have to know what companies to apply with. This is another way Assurance Life can help because our specialists know where to search for the best coverage at that age.
If you are buying final expense insurance in your 80s, you can see that there is literally no time to wait. It is too easy to put things off so protect your family now by starting your FREE QUOTE now and let Assurance Life find the best burial insurance for your age and health. When your time comes, you want your family to celebrate your life, cherishing memories, and remembering the good times together. Financial stress is a devastating distraction to an already difficult time. One of the best final gifts a person can give their loved ones is to have final expense insurance in place so that the final days are filled with the things that matter.