Finding life insurance for seniors over 75 can be a difficult journey. Unfortunately, around age 75 is about the time when most term life insurance companies won’t cover you or when the term rates get very expensive. If you can find an insurance company who offers you a term policy in this age bracket, typically the policy will only be for 10 years. Remember, term life insurance is a temporary solution because term policies expire. Most term policies are purchased in your younger years to protect the family, home, and kids in the event of a sudden death. Once you to get to age 75 and beyond, you really need to start looking for a permanent life insurance solution if you currently don’t have a life insurance policy in place. Going without life insurance puts your family at risk of financial difficulty if they are left to pay for your burial and final expenses. That is why most people are seeking a life insurance policy if they are without coverage at age 75 or older. Assurance Life specializes in life insurance for seniors over 75. In fact, we can even offer life insurance for seniors over 85 years old. If you would like INSTANT life insurance quotes from several companies click the Get Quotes Now button on the left or continue reading below.
Best Life Insurance for Seniors over 75
If you are looking for a permanent life insurance policy to cover your final expenses then buying a burial insurance plan makes the most sense at your age. What is burial insurance? Burial insurance is a small whole life insurance plan primarily used for covering funeral expenses or any final expenses you may have once you pass away. At the time of your death, your beneficiary will be paid the face amount of your policy. Your beneficiary can choose what final expenses to pay based on your wishes. These final expenses often include funeral expenses, medical bills, credit bills, or any other expenses you may have. Sometime burial insurance is referred to as funeral insurance or final expense insurance. Once again, burial insurance is a whole life insurance policy that does not expire and as long as monthly payments are made, it cannot be cancelled due to age or declining health. Whole life burial insurance lasts your WHOLE life. Here are some benefits to burial insurance and facts about why burial insurance is a great choice for buying life insurance for seniors over 75:
- No medical exams
- Policy lasts your whole life
- Policy can’t be cancelled due to your age or health
- Guaranteed level premiums for life
- Builds cash value
- Your death benefit will never decrease
- Quick approval process
- Simplified issue life insurance
What is Simplified Issue Life Insurance?
Simplified issue life insurance is just what it sounds like- simple and easy. It is a simple application with just a few questions to answer with NO medical exam required. Simplified issue life insurance is also called no medical exam life insurance. All burial insurance policies are simplified issue. Once again, simplified issue life insurance policies are approved without EVER having to undergo a medical exam which makes the application process very simple and easy. If you are needing to get a life insurance policy quickly, simplified issue is the way to go. In fact, most burial insurance companies have instant approval or approval within 24 hours, so you won’t have to wait long for an answer like most traditional life insurance policies. Simplified issue is a good option for life insurance for seniors over 75 because you are able to get approval quickly without going through a complicated application process.
How to buy Burial Insurance?
The BEST way to buy burial insurance is using an independent broker like Assurance Life. Assurance Life represents 25 of the best burial insurance companies in the nation. Each of these companies have life insurance for seniors over 75 regardless of current or past health conditions. Here are some of the numerous advantages to using an independent broker:
1. Brokers have access to multiple insurance companies
2. Brokers work for YOU and not one insurance company
3. Brokers will shop for you to find the BEST price
4. Brokers will find the best plan for YOU based on your health conditions
5. Brokers can offer personal customer service
6. Brokers are licensed insurance experts
Buying direct from large insurance companies isn’t the best choice most of time. Here are a couple examples of how using a broker like Assurance Life can help you get the best type of burial insurance policy to fit your needs.
You pick up the phone and call the big ABC life insurance company to inquire about burial insurance plans for you and your family. You quickly find out that you are talking to an individual who is working in a call center. The agent then gathers some information from you and then gives you a price on what their plan will cost. The most important thing to notice is that they ONLY have ONE plan, ONE price and ONE underwriting department. In this scenario, you have very few options to choose from and your decision is only yes or no rather than having options to choose from. What happens if their plan isn’t the best fit for your current health conditions? How will you even know?
Another scenario…Let’s say you had some heart trouble in the past and currently take a medication just for maintenance. What if ABC life insurance company has that medication on their prescription list and they cannot approve you full coverage on Day One. Instead, the death benefit is graded, meaning it is paid out as a percentage if death occurs in the first two years.
Several burial insurance companies would approve you Day One – preferred coverage in the scenario above. This means you are insured immediately and the full death benefit would be paid out, even in the first two years. This is where using an independent broker with access to multiple burial insurance companies comes in handy. You will always get the best price and the best coverage that fits your current health situation when using a broker, not to mention the personal customer service after the sale when you call back with questions about your policy. Once again, an independent broker doesn’t care what company you choose which is important because we always will have your best interest in mind.
Burial Life Insurance for Seniors over 75 – types of coverage available
Burial insurance companies offer different levels of coverage on their final expense plans and your health will determine which level of coverage you qualify for. However, you need to know that ALL life insurance companies have their own application and underwriting guidelines. So, it’s possible that each company could view your current health situation completely different. These differences could force you to pay more and often take a policy that is not specific to your situation or your needs. This is why it’s important to ALWAYS use an independent broker like Assurance Life who has the experience and knowledge to help you through the process. Plus, we have access to over 20 of the top final expense insurance companies so finding you the RIGHT policy and the lowest price is never a problem.
Here are the most common levels of coverage that clients are approved for:
Level Benefit Coverage or Preferred Coverage – Level coverage is the best final expense coverage you can qualify for. Level coverage starts IMMEDIATELY and begins DAY ONE after you make your first monthly payment. Level coverage also ALWAYS has the lowest price when comparing other levels of coverage. You should always try to get approved for level coverage first since it’s the best coverage available and the lowest priced plan. 90 percent of all of those seeking life insurance for seniors over 75 qualify for Level coverage.
Graded Benefit Coverage – has a death benefit payout that is phased in over a two-year period. If you die after one year of taking out your policy, most insurance companies would pay out around 45 percent of the death benefit on a graded plan. 75 percent is common if you pass away between years 1 and 2. After two years, the full death benefit would be paid out. Graded benefit coverage is normally for those who have a few health situations.
Modified Benefit Coverage – We seldom ever offer modified benefit coverage to our customers. Guaranteed Issue Life Insurance is usually a better option if you have severe health issues.
Guaranteed Issue Life Insurance – Your acceptance is guaranteed with this type of final expense insurance. No medical exams or health questions are asked and everyone is approved. Guaranteed issue final expense plans are perfect for those with severe health conditions. However, ALL guaranteed issue life insurance plans have a waiting period of two years. This means if you were to pass away within two years of taking out your policy, your death benefit wouldn’t be paid out. In this situation you would receive all your money back plus 10 percent interest from most companies. Of course, after two years the full death benefit would be paid. Once again, buying life insurance for seniors over 75 is an important decision. Assurance Life would like to help you in the process.
When is the best time to buy burial insurance?
You will never be any younger than you are today and often, never healthier. Regardless of the season of life you are in, you can find a burial insurance plan to fit your needs. Planning ahead so that all of your final expenses are covered is an important decision and should be done sooner than later. If you are currently over 75 years old, the time is now. Protect yourself today so your family won’t have to cover your final expenses. Call us at 800-517-0810 or click the Get Quotes Now button on the left to get instant quotes from the best burial insurance companies in the US.