Life Insurance For Seniors Over 80
When is the right time to buy life insurance? Some say your parents should buy it for you when you’re young, others say you should purchase it after you’re married, and some say you should wait until you are a senior. No matter when you decide to purchase it, you should know that the longer you wait, the higher your rates will be.
If you wait until you’re 80 years old or older to buy life insurance, you may run into some barriers. At 80, you have to face the facts. One day, your family is going to be responsible for paying for your funeral and burial costs as well as any medical bills and other outstanding debts you leave behind (loans, mortgages, etc.). Funerals and burials can cost up to $10,000 or more, depending on your wishes, and you don’t want to leave that sort of debt to your family and friends.
If you are already sick or injured when you choose to purchase, your premiums are likely to be very high and some insurers may not sell to you at all as you are considered a “risky client.” Even if you’re perfectly healthy, your premiums will be higher than if you purchased a plan when you were younger. Life insurance policies work like a savings account that builds up over time, so if you’re already 80 when you start adding to that account (with your premiums), you won’t be able to put much into it, which is why your insurer will need you to supply a high premium.
If you’ve gone this long without life insurance and your premiums are too high, you can instead purchase final expense insurance which is solely meant to cover the costs of final medical bills and funeral expenses. You can buy a final expense policy at any age without a consequence for waiting. Final expense policies do not cover expenses like salary loss and outstanding credit or loans, so the premiums are typically lower than whole life policies. Speak to an agent to decide the best option for you.
Are you ready to purchase a life or final expense policy? Call InsureTN for help today at 615-964-5250.
If you need help with your Medicare, call our sister organization at 1-844-431-1832.