When you are old, and over 80 years old, you would have a lot of concerns while trying to find life insurance. The caretaker of the senior citizens who are over 80 years of age is worried about the health of the person, treatment and other expenses and a lot of other things. Though you love the person who Is 80 years old, in your mind, you know that soon anytime they are going to die, and you need to worry about the expenditure of their funeral. And moreover, these expenses aren’t cheap. A funeral cost is around $7,000 to $10,000. So, you got to think about this as your parents are aging.
People who already have insurance don’t need to worry about these things, but those who still have no insurance, it’s time to think over. You should start looking at the options so that you don’t go into debt if any of your loved ones aged over 80 years pass away. But life insurances over 80 years of age are not easy to find, and the ones that you find mostly aren’t affordable, and some require waiting period. But no need to worry, there is some life insurance for seniors over 80 years of age.
Burial Insurance: What is it?
There are a few varieties of insurances available for seniors over 80 years. Term life insurance and whole life insurance are examples of life insurance for over 80 years old.
Insurance which deals with expenses incurred for burial for seniors over 80 years after their death. The funeral or burial insurance is kind of whole life insurance and has the relatively low benefit of death for seniors over 80. You don’t have to visit a doctor, and most of your interview about your health will be conducted over the telephone. These burial insurance companies aren’t concerned about one’s minor health conditions; rather they are concerned about serious health issues. Therefore, heart attacks or condition of heart, stroke, and cancers are diseases which they are more worried about. Diseases or conditions like high blood pressure, high cholesterol level etc., aren’t a big concern for them. If anyone has serious health problems, still there are many other policy options which are beneficial and can be obtained.
Different Types of Life Insurances for Seniors Over 80
If you want to do insurance for a senior whose age is over 80 years, you will find a different type of policies. Below there are three major options to choose from:
- Level Benefit: The policy which has level benefit is going to pay you immediately after the insured dies. There will be no waiting period after the death of the insured.
- Modified Benefit: For this kind of policies, you got to wait for some time to get the whole benefit. If the insured dies in a year or two after the insurance is done, the policies which were paid will be returned with a little death benefit.
- Graded Benefit: Suppose the insured dies soon after making the policy, full death benefit won’t be given, but there’s a waiting period for the full death benefit. Although, a small amount will be paid in first few years.
