Life Insurance For Elderly Parents Over 80: People used to believe that life insurance for parents over 80 years of age is insignificant. However, there are pertinent needs of the seniors in this age group that is very well understood by the insurance companies. Therefore, life insurance policies for people over 80 years of age are increasingly in demand. Unlike old times, these days it is much easier to get a life insurance policy for this age group.
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In this article, we will discuss the options that are available for seniors above 80 years of age in the life insurance segment.
The whole life insurance plan
Although at an age of 80, the chances of the survival of the policy bearer are minimal but there are whole life insurance plans available for seniors. These plans are expensive to buy but if someone wishes to buy life insurance to ascertain the life of their loved ones this is one option available to them. Simple to understand –you will pay instalments till you die and the benefits will be derived by the nominee after the death of the policyholder.
The policy applicant may be asked to present the medical certificates and reports at the time of filling the application itself. We would like to clarify here that you will be able to get approval for this life insurance policy only if you are physically and mentally sound- which is often not the case at this age. Check now Life Insurance Quotes Without Medical Exam…
Understanding this aspect of age, there is one more plan that suits the needs of most of the people above 80 years of age:
Burial insurance plan
It is a slight modification of the whole life insurance policy and that is why carries a lot of similarities to the above plan. You will continue to pay the instalments till the end of your life and the benefits of the plan will be derived by the family members at the time of your death. The difference lies in the face value of the plan.
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This plan is most useful for senior people as it covers every aspect of their need. Such as if they may want to leave a monetary gift to their loved ones-they can do it through this plan. Also, this plan helps them to pay off their pending medical bills as well as burial expenses even after they die- such an endeavour helps them in keeping their dignity intact even in their last moments of life.
You can choose the premium as per your desire and financial capability. The reason for the maximum number of people buying a burial insurance plan at age of 80 is that it comes with guaranteed acceptance. So there is no fear of getting it rejected. Also, they can borrow some money while being alive on the basis of burial life insurance plans.
In this way, a burial insurance plan fulfils the basic needs of elderly people in every possible manner.
How to buy life insurance for Parents over 80?
The best way to find a life insurance policy is by looking for it online. You can see the number of companies presenting their insurance policies to their prospective buyers. They have different terms and conditions with varying prices. It will be easier if you can fill the required form and seek their free online quote.
However as it may not be very comfortable for people over 80 to find a suitable deal online, so they can seek the help of some reliable insurance agent who deals with multiple companies’ plans.
Such a person can help and suitably guide in zeroing down on the best possible policy for insurance for senior people.
They will calculate the amount of premium and the waiting period that will be applicable in your case. In some of the insurance plans, the waiting period ranges from 0 to 24 months. Therefore, it is advisable that you start early with the process of buying insurance. There are various modifications to the waiting period policy on the insurance plans. Such as if you do not want to incur a waiting period at all, the policy may only partially cover your death benefits. The agent will be able to explain all the relevant aspects to you.
You can even negotiate terms with this person. As it is clearly understood that the income factor for seniors who have reached the age of 80 years is very limited, so you can specify your expectations from the insurance policy. On reading the benefits covered under each policy you can specify to the agent about the benefits you need or do not need to be covered. In this manner, you can easily negotiate the cost of the life insurance policy.
The seniors are an asset to society as they have contributed to the well being of the culture and people throughout their life. With age, their self-reliance decreases and they need some stability in finances that can help them to live their last years peacefully. Insurance plans for people over 80 have been devised by keeping this aspect in mind so that they can always pay off their debts even when they no longer live.