Senior Plan Life Insurance is important to seniors of all ages. People find themselves at all ages without life insurance and Assurance Life can help you find the perfect life insurance for your stage of life. There are all kinds of senior life insurance plans that can help you protect your family against paying the high cost of funeral expenses and sustaining financial strain. Choosing a plan that provides a death benefit high enough to pay for your final expenses is an important part of buying burial insurance at any age.
Senior Plan Life Insurance in your 50’s
Usually people in their 50’s hardly think of themselves as seniors unless it gets them a senior discount. However, just because you don’t think of yourself as a senior doesn’t mean you shouldn’t think ahead to having burial insurance in place for your family. There are different needs for clients in their 50’s. Some people have term life insurance that will expire in their 50’s. That makes it the perfect time to consider senior plan life insurance coverage to kick in once your term life insurance expires. The benefit of a senior life insurance plan is that it NEVER expires, unlike the term life plans which expire at a predetermined date. The greatest benefit to converting to senior plan life insurance while in your 50’s is the low monthly cost due to starting the policy while you are a young senior.
Burial Plan Life Insurance in your 60’s
Retirement! Often seniors in their 60’s are fortunate enough to begin their retirement years. You may be one of those whose life insurance benefits through your employer has ceased upon your retirement, leaving your loved ones responsible to pay for your funeral expenses upon your passing. It is easy to overlook the need to replace your employer provided life insurance with a whole life insurance plan to protect your family. Steps to consider in your 60’s when securing senior care plan life insurance are how much money your family will need to pay final expenses, allowing for the possible rising cost of burial and memorial services, and making sure your family is aware of your final wishes when you name your beneficiary.
Senior Plan Life Insurance in your 70’s
If you are in your 70’s and do not have a life insurance plan, it is crucial that you put your senior plan life insurance into place. Do not delay because often times, the medical conditions and surgeries that cause clients to have a waiting period before their life insurance plan would pay out can develop in your 70’s. Burial life insurance coverage is approved based on age and health. About 90% of the time, applicants are able to get approved for immediate coverage with benefits in amounts up to $50,000. For those who aren’t approved for immediate coverage, thankfully there are guaranteed issue plans that can help regardless of health complications. These plans have a two-year waiting period but the coverage is still a whole life insurance plan that will protect your family against paying your final expenses once the waiting period is over.
Burial Plan Life Insurance in your 80’s
Finding burial insurance in your 80’s can be difficult as some insurance companies do not approve applicants over 80. That is why using a broker like Assurance Life can make all the difference. An insurance broker works with many insurance companies, not just one company who might decline applicants of older seniors. Assurance Life works with several companies who will approve senior plan life insurance for applicants up to 85 years old regardless of any chronic conditions or past surgeries you may have had.
Comparing Types Plans
All burial Insurance policies are whole life insurance plans. This means they last your whole life. The monthly premiums are guaranteed never to be raised and the policy can never be cancelled regardless of changes in age or health as long as payments are being made. Other common names for whole life insurance are burial insurance, funeral insurance, final expense life insurance, and burial plan life insurance. These are all the same whole life insurance regardless of their names.
Within the whole life insurance category, there are three types of plans- preferred, graded, and guaranteed issue. In a nutshell, 90% of applicants are approved for preferred coverage which offers the lowest rates and DAY ONE or immediate coverage. Graded burial insurance coverage is in between preferred and guaranteed issue, phasing in the death benefits over a two-year period at slightly higher rates than preferred coverage. Finally, guaranteed issue is available to anyone who doesn’t qualify for preferred or graded and everyone between the ages of 50-85 are approved, regardless of poor health, disease, or surgeries but there is a two year waiting period before the death benefit would be paid out.
Burial Life Insurance for all ages and stages. Assurance Life can help you get the perfect plan for you whether your term life policy is expiring, your employer provided insurance has been cancelled, or you have just put off getting life insurance as an older senior.