Types of Life Insurance Available at 85 Years

Guaranteed Life Insurance: This is a good option for seniors with health issues. Most elderly persons choose guaranteed life insurance because they are not required to do medical examination. This type of policy is a good one for those who are terminally ill or suffering from long term sickness. Usually, this policy comes with two year maturity period which means if the insurance holder dies within this period, beneficiaries will only get the premiums they paid till date and no death benefit.

Whole Life Insurance: This life insurance can provide coverage for the rest of your life. It’s designed to build-up cash value and pay out when the policy holder dies. If you choose whole life insurance for people over 85, you’ll pay a large amount of money monthly but larger returns will be available after death.

Term Life Insurance: This life insurance will provide coverage for a specific time period, which is usually between ten and thirty years. You could opt for this policy if you are in good health and can afford to pay a little more money. Term life insurance is one of the most popular one in the market today. If you are just over 85, then this may be a little bit tough to get an affordable term policy because the approval for such policy requires the policyholder to be decent with health condition. Still, you might be allowed for a 10 year term policy at this stage. Those who have miserable health condition and smoke cigarette, better not to go for this as the premium will be sky high for sure.

Burial Insurance: This is a popular choice for seniors because it offers many advantages and can suit their general needs. The cost of funerals is becoming increasingly more expensive, so having this insurance will protect your family from dealing with the high expenses. You might find that this will be the ideal choice if you have a tight budget and still want to get as much insurance coverage as you possibly can. Funeral insurance does not cost a lot rather the output is worth it. Thus the seniors over 85 should always think about a burial insurance if they are not already covered by other available policies in the market.

Everyone have different needs and situations, so it is important to consider the advantages and disadvantages of the different policies before buying life insurance for elderly over 85. For many, the burial insurance policy is the best and most affordable option. This is because it generally cost significantly less than others and can still give a payout that is large enough to cover the basic final expenses. Besides that, you won’t have to do a medical examination or be in good health to get this insurance. For more information on funeral insurance for seniors over 85 years, click here.