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Life Insurance for Elderly Seniors Over 80

Are you researching life insurance for seniors over 80 years old? Most companies that offer life insurance for seniors only accept applicants up to age 80, but what if your mom or dad is already 81 or even older? You might be relieved to know that some insurers offer a senior life insurance product called a burial insurance policy for applicants up to age 85.

United Life Group is a leading broker of life insurance for seniors over 80, and the licensed and experienced agents can help you find the right solution for your own family. You can take advantage of free and no-obligation senior life insurance quotes and professional advice to find the best coverage at the right price.

Life Insurance for Seniors over 80

Even though these plans are called burial policies, they pay out cash like any other life insurance policy. This list outlines some features and benefits of a typical burial policy:

  • Age: Plans vary, but they may accept applicants from age 50 to 85.
  • Death benefits: You may find coverage amounts from about $5,000 to $25,000.
  • Health questions: Some burial plan applications ask a few health questions, and some do not ask any health questions at all.
  • Cost: The cost will vary because of the coverage amount and age of the applicant, but you can find plans to fit most budgets.

Even though these plans are called burial policies, the death benefit does not have to be used to pay for a funeral if it is not needed for the purpose. These plans are also not tied to any funeral home, so you are free to decide how you want to spend your money.

Burial plans pay the beneficiaries in cash, and this money can be used in any way that the beneficiary wants. This means that some of the money can be used to pay for a funeral, and the rest of the money can be used at the beneficiary’s discretion. For example, you might purchase a policy with a $12,000 death benefit for an elderly parent who is over the age of 80. If funeral-related expenses total up to $6,000, you are free to keep the extra $6,000 to handle other bills, start a college fund for your own children, or deposit in your own savings or checking account.

Do Burial Plans Accept Elderly People Who Are not Perfectly Healthy?

Burial plans have already been designed as an easy and accessible way for elderly people to get life insurance. This means that insurance companies know that most senior citizens will have developed some problems that are typically associated with aging. You can find both simplified-issue and guaranteed-issue plans.

Simplified-issue plans only ask a few health questions, and most reasonably active seniors can get approved for coverage Guaranteed-issue plans do not ask any health questions at all, and seniors can get accepted regardless of their health. Guaranteed plans tend to cost a little more, and they may not provide an immediate death benefit. An experienced senior life insurance broker should be able to tell you which type of plan is the best choice for your family.

How Much do Burial Policies Cost?

When you compare burial policies to many other life insurance products, the death benefits are fairly modest. This also helps keep the premiums affordable. The amount of coverage that you want to buy, the company you buy from, and the age of your parent will determine the price. A good broker can help you compare plans from multiple insurers to find the perfect balance between benefits and price for your family.

Find the Best Life Insurance for Your Elderly Parents

The experienced senior life brokers at United Life Group know that each of their clients have unique situations, and they can provide very good advice. You can contact this brokerage with your questions, and they will also be happy to provide you with price quotes to compare. If you choose to buy coverage for your elderly parents even if they are over 80, the professional agents can also make the process very easy. Why not contact United Life Group to get started right away?