Sunday, October 27, 2013

Life Insurance for Seniors Over 80

Life insurance is a legal contract between you and an insurance company. It is one of the important elements of financial planning. But can you go for an insurance policy if you are over 80 years of age? You may think that it is unaffordable or such an option is not available.

Usually seniors require a policy mainly to pay estate taxes or some other expenses or leave a legacy to their beneficiaries. When you are over 80 years old, you need an insurance which is most cost effective having the best rate and suits your individual situation. To know the best insurance that suits you, you could compare the rates of different companies. While looking for cheaper rates it is also important to consider the financial strength of the insurers.

You could find a licensed independent agent who is experienced in insurance plans and represents many different companies. It would help if he is experienced in life policies for seniors. This would be the best choice as the agent would compare different rates and help you choose a plan that best suits your needs. A few of the critical questions that need to be answered before choosing an insurance plan are - the type of policy that you need, the amount of coverage you need, and based on your health and age issues, which companies offer the best rates. Once these basic questions are answered your needs and your current situation would be clear. The agent would then be able to use his expertise and relationships with various companies to find the best plan for you. To make sure your interests are best served, the agent could continue monitoring and evaluating your insurance needs.

The insurance market for those above 80 is different. Companies offer insurance till the age of 89. Most of the insurances offer a coverage of about $50000 for seniors. Generally the seniors use their insurance for final expenses and the final funeral costs do not exceed more than $20000. So this means that a smaller face value and a smaller premium. And the premium could be paid monthly or annually. However you would have answer some basic health related questions before going for any plan. There may not any medical examination though.

So life policy for seniors is an option that is made available by companies till the age of 89 and you could choose a policy that best suits your needs by taking help from an independent agent who specializes in Insurance plans for seniors.

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