Final expense insurance for seniors over 85| Key benefits
Final expense insurance for seniors over 85| Key benefits
We know many life insurance do not offer services to seniors over 85. This is because seniors have a high risk of death. They are also vulnerable to falling sick. Yet, few policies offer final expense insurance for seniors over 85.
However, there are limited options for final expense insurance for seniors over 85. Seniors need to search and compare policies and then buy a suitable policy. This blog will guide you with the best final expense insurance for seniors over 85 and its key benefits.
Burial Insurance For Seniors
Burial insurance is one of the key components of future planning. If you are planning for your future, it is essential to consider burial insurance. Burial insurance, or call it funeral insurance, is the best life insurance for seniors. It ensures that the applicants are receiving maximum benefits.
The final expense is an unexpected expense that can put a financial burden on your family. Funeral and burial services are pricey. They can cost your loved ones a fortune if they lack resources. To cover this huge cost, burial insurance is crucial. It is the best final expense insurance for seniors over 85.
Insurance For Seniors Over 85
Finding insurance policies for seniors over 85 is challenging. Many companies offer policies to applicants who are younger than 80. The reason is the health status of older people. Typically seniors over 85 are vulnerable to fall sick. Also, the risk of their death is high.
According to a study, the death rate in older adults increases exponentially. Research shows that people over 80 years old are more likely to die than 60 or 70-year-olds. As we grow old, our organs deteriorate. Additionally, our body cells lose their ability to repair themselves. This increases the risk of developing diseases. Seniors become vulnerable to diseases like:
- Dementia
- Cardiovascular diseases
- Cancer
- Kidney diseases
On the other hand, younger people are less likely to fall sick. Thus, insurance companies prefer those who are younger and have good health. However, there are few final expense insurance for seniors over 85. Some of these insurances are:
- Final expense insurance
- Guaranteed insurance
- Simplified insurance
Final expense insurance
Final expense insurance is one of the best whole-life insurances that covers your funeral costs. It covers your end-of-life expenses. This insurance is the most affordable. The cost of the final expense insurance ranges from $30 to $70.
Moreover, final expense insurance offers coverage for seniors over 85. The coverage level is high. Your loved ones can receive an average coverage of $25,000.
Simplified insurance
Simplified insurance is a type of life insurance that offers final expense insurance for seniors over 85. It is an affordable life insurance that covers your funeral and burial costs. However, it includes the medical exam. An applicant has to take a medical exam.
However, there are some limitations to simplified insurance. If the applicants have some serious medical issues, the insurer may reject them. Additionally, the coverage level is low.
Guaranteed insurance
Guaranteed insurance is the best final expense insurance for seniors over 85. It covers your funeral and burial costs. The good thing about guaranteed insurance is it does not include medical tests. Applicants are selected regardless of their health. For example, if you have a serious health issue, you get selected anyway.
Cost of Final Expense Insurance For Seniors Over 85
It is crucial to know that the cost of final expense insurance enhances as you grow old. Age matters when it comes to the cost of the final expense insurance. As you grow, the cost of the insurance increases. If you want to pay less amount, you should buy it while you are young.
Additionally, there is a premium amount that you have to pay for your final expense insurance. Typically, an applicant has to pay $30 to $70 per month. But, the cost increases if you are over 85. An applicant over 85 has to pay a higher premium ranging from $100 to $300. The cost also depends on:
- Gender
- Health status
- Location
- Smoking status
- Policy type
Your policy type also determines the cost of the life insurance. Below table will give you a detail information on how much cost varies with age and policy type.
Age | Policy of $5,000 | Policy of $10,000 | Policy of $25,000 |
Age 50 | $16 | $24 | $70 |
Age 60 | $20 | $40 | $85 |
Age 70 | $37 | $60 | $60 |
Age 80 | $70 | $100 | $150 |
Age 89 | $100 | $250 | $300 |
What Does Final Expense Insurance For Seniors Covers?
The final expense insurance is funeral insurance for seniors. This means that it covers your funeral costs. It also covers burial expenses. People love the fact that final expense insurance does not limit its services to funeral expenses. Medical and legal bills are also covered by final expense insurance for seniors over 85.
Expenses other than funeral and burial that final expense insurance covers are:
- Medical bills
- Residential care
- Outstanding debts
- Transportation expenses
- Mortgage
- Memorial monuments
With the help of final expense insurance, seniors can protect the future of their families. Funeral insurance gives death benefits to the beneficiaries. These death benefits can help the family of the policyholder to cover expenses other than end-of-life expenses.
Funeral insurance is a great deal to provide financial support to your family. You will not leave any debt or any other kind of financial burden behind when you die.
How Does Final Expense Insurance for Seniors Over 85 Works?
From the above discussion, you now know the goals of the final expense insurance. It aims to serve older adults. Seniors can apply for final expense insurance without facing any difficulty. It has a simple application process.
Moreover, you can now apply online or through an agent. There is no need to take a medical exam. You only have to search and compare policies. This will help you find the right policy that meets your needs and requirements.
Furthermore, you have to choose a beneficiary. The insurance company will give the insurance money to this beneficiary. So, it is crucial to choose wisely. The benefits are provided after your death. However, you have to be regular with the monthly premium.
Benefits of Final Expense Insurance for Seniors
The benefits of final expense insurance are vast. They are not limited to burial and funeral expenses. Your loved ones can also cover other expenses with final expenses insurance. It is a golden opportunity to protect your loved ones. Let’s explain the benefits one by one in detail.
No medical test
There is no medical test in final expense insurance. Seniors can apply even though they have any serious illness.
Whole life insurance
Final expense insurance for seniors over 85 is the best whole life insurance. It does not have an end date.
Instant funds
Upon the death of the insurance policyholder, the family get instant benefits.
Affordable plan
Final expense insurance is an affordable plan. It has a low premium amount.
Financial support
Burial insurance is one of the best ways to support your family financially. It covers your bills and debts. Your loved ones become financially secure.
Simple application process
Final expense insurance has a simple online application procedure. Seniors have the option to apply online or through an agent.
Best Companies for Final Expense Insurance for Seniors
The insurance industry is huge with many options for life insurance. These various markets may confuse an applicant. It is vital to search and select the best insurance provider. You must check and see if the company can meet your needs. The table below will help you to learn some top companies for final expense insurance for seniors over 85.
Insurance company | Age criteria | Coverage level | Policy type |
Mutual of Omaha | 85 | $5,000 to $25,000 | Whole life insurance |
The Baltimore Life | 89 | $2,000 to $15,000 | Whole life insurance |
Guaranteed Trust Life | 90 | $2,000 to $10,000 | Whole life insurance |
Aetna | 89 | $2,000 to $25,000 | Whole life insurance |
Corebridge | 85 | $2,000 to $25,000 | Whole life insurance |
Conclusion
To sum up, final expense insurance for seniors over 85 is a golden opportunity to secure your family. You can help them financially and cover all your end-of-life expenses. This life insurance can cover your other expenses like medical expenses. If you want to enhance your family’s peace of mind, final expense insurance is the best option for you.
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We Are Here To Help With Your queries !
No, there is no waiting period in final expense insurance for seniors over 85. But it depends on the polity type and insurance provider.
Final expense insurance is affordable insurance. But the cost increases with age. Seniors over 85 have to pay a higher amount. The cost ranges from $70 to $300.
Guaranteed insurance is one of the best final expense insurances for seniors. This insurance does not include any medical test, making it suitable for every age group