Life insurance can be a key component of most good, solid financial plans. That is because the proceeds from these financial vehicles can be used for a variety of different needs by the survivors.
For example, funds from a life insurance policy may be used for paying off debt, supplementing retirement income for a spouse or partner, and / or for paying the high cost of one’s funeral and other final expenses.
While it is often assumed that life insurance only makes sense for those who are young and have dependents, this is not always the case.
In fact, if you are in your 80s, there are still any number of reasons why having life insurance coverage makes sense.
Today, due to longer life expectancy, many people are living longer lives – and because of that, it is possible that someone who is age 80 or over, may have financial obligations that could be left on the shoulders of his or her loved ones when they pass away.
By having life insurance in force, these proceeds can help to provide financial relief to loved ones and survivors.
Why People Over Age 80 Should Still Have Life Insurance Coverage
Life insurance protection in your 80s can be a smart financial decision. This is especially the case if you want the proceeds to be used for some or all of the following needs:
- Paying for funeral and other related final expenses such as a burial plot, a headstone (or for cremation services), flowers, transportation, and the printing of funeral notices
- Paying hefty estate tax obligations
- Creating a legacy for future generations
- Ensuring that a child or grandchild has the funds that they may need for college tuition, a wedding, and / or for buying a new home
- Giving to a favorite charity in a tax-advantaged manner
- Providing a loved one with a way to replace your lost pension or other retirement income stream so that his or her living expenses will still be possible to pay
What Types of Life Insurance is Available to Those Over Age 80
While many people believe that life insurance coverage for people over age 80 is not available, the reality is that there are plenty of options for policies that can be purchased by applicants of any age – including people who are age 80 and over.
In fact, due to our increasing longevity today, many of the top life insurance carriers in the industry have developed a larger selection of life insurance coverage options for those who are in their 80s.
Most insurance companies offer life insurance coverage for those that want to buy a policy at 85 years old.
Some companies offer life insurance options up until age 90.
In most instances, a permanent type of life insurance, such as whole life or a guaranteed universal life policy, will be the only option available.
There are many companies that will offer a 10 year term policy to those who are 80 years old.
However, once you reach your 81st birthday there are no term life options available that we are aware of.
Typically those that are buying a life insurance policy after the age of 80 want to make sure they are buying a policy that will be there no matter how long they live.
Therefore, a permanent life insurance policy would make the most sense and would be the best option anyway.
Once you have qualified for the coverage, the policy cannot be canceled by the insurance company – provided that you continue to make the policy’s premium payments.
What If You Don’t Qualify for Traditional Medically Underwritten Life Insurance?
It is not unusual for those who are over age 80 to be declined for traditional, medically underwritten life insurance.
But, if this happens to you, it does not mean that you have to go without life insurance coverage altogether.
There are other options that may be available to you.
One of these options is no medical exam life insurance coverage.
Because there is no medical examination that is required for policy approval, those who may not qualify for regular life insurance due to health and / or age-related factors could still be approved.
As the name suggests, there is no medical examination that is required by applicants for no medical exam life insurance coverage – and, there are also various no medical exam plans that will not ask for health information on the application.
Once you have purchased a policy, the coverage will remain in force, provided that you keep paying the premium.
In addition, due to the fact that there are no medical examination results to wait for and to review, no medical exam life insurance coverage can often be approved within a relatively short period of time after you apply.
In some cases, this may only take a few days – or even less.
Many of today’s top life insurance carriers offer no medical exam life insurance.
But, because all life insurance carriers do not price their coverage in the same manner, it is important that you compare several insurers’ policies and premium quotes before you move forward with a purchase.
By working with an independent life insurance agent like myself, you will be better able to make a direct comparison of plans and prices.
And, an independent brokerage can also work with you in determining which of the companies may be more apt to offer life insurance coverage to applicants who are age 80 and over.
How to Get the Best Premium Rates on Over Age 80 Life Insurance
There are many instances where having life insurance in your 80s makes good sense.
So, if you are interested in learning more about the coverage options that may be available to you – of, if you are seeking life insurance coverage for a parent or a loved one who is age 80 or over – I can assist you.
I work with many of the best life insurance carriers in the marketplace today, and can find you the insurance company, the policy, and the premium price that can be the best for you and your specific coverage needs.
I can do so for you quickly and easily, and without the need to meet in person with a life insurance agent.
If you are ready to begin the process, then just simply fill out the quote form on this page.
Should you find that you still have any additional questions at all regarding the purchase of life insurance when you are in your 80s – or, even if you just have a question about life insurance in general – please feel free to contact me directly.
When you are over age 80, there may be some challenges that you can face in terms of being approved for life insurance.
But, by working with an expert in the life insurance arena, you may find that there are still many coverage alternatives that are available to you.
So, contact me today – I’m here to help.