It’s never too late to get life insurance. Even seniors over the age of 80 are still eligible to apply and take out a life insurance to make sure that their family is financially secure when they pass away. Many seniors over 80 believe that this option is no longer available for them because of their age, but more and more insurance companies offer life insurance for seniors because of the trends of longer life expectancy seen today.
Aside from their daily living expenses, seniors in their 80s have additional medical expenses that balloon as they get older. A life insurance policy with added retirement benefits and features will assist them in covering these expenses in the absence of their monthly income. A life insurance will also give you peace of mind that the spouse and family that you will leave behind will be able to get back on their feet financially after your death.
The Unique Needs of Seniors Over 80
A person over 80 has to carefully examine a life insurance policy prior to purchasing since they have different needs that need to be met compared to younger individuals taking out life insurance. Insurance companies are also finding ways to customize their insurance policies to meet these needs.
A life insurance plan’s primary purpose is to provide a continuation of income for the family that you will leave behind when you pass away that will fill the gap until the time that they are ready and able to financially stand on their own. A life insurance plan for seniors should also have features that can cover for expenses such as your medical and funeral bills. Before purchasing life insurance for yourself, you should make an estimate of how many these expenses will come up to and how much you think your family will need on top of these expenses to help them get started in life without you.
Like all life insurance, the premiums are computed based on factors such as your age, gender, and health condition. Your age is something that you do not have any control over, but it is recommended that you keep yourself healthy prior to your medical exam if you are intent on getting a lower rated premium. Keep a healthy lifestyle, eat healthy, exercise, and quit drinking and smoking if you are still in the habit of doing this.
Life Insurance Options for Seniors Over 80
There are many type of insurance available for seniors over 80 who are looking into purchasing a life insurance policy and this depends on the pay out that they would like their families to receive, their budget, and if they are interested in any living benefits.
A whole life insurance covers an insured until the time of his death and has an investment feature which allows the insured to withdraw or loan out these amounts while he is still alive. Some seniors purchase a term life insurance policy which covers the insured for a specific period and a payout is received by the family in the event that the insured dies during the specified term. Burial insurance is also available for seniors and this will cover your burial expenses at the time of your death but will likely not provide much of a surplus of funds that your family can use for other expenses.