What Are The Factors That Affect The Costs Involved In Life Insurance For People Over 85 In Age?

The good news here is that seniors who are over the age of 85 years old have an option now to invest in life insurance. That way, they can be sure that their families and loved ones are safe and have nothing to worry about should something untoward happen to them. In the past, this would not have been possible. After all, why in the world would an insurance company invest on a person who is not at the peak of his life? Then again, times are changing and the term “old” has become relative. Thanks to the revival of health and wellness, people who were once considered “old” are still living active and fruitful lives. Recognizing that, insurance companies are now willing to extend the length of insurance. However, it will come with a cost. That is precisely why over 85 life insurance costs are much higher than the regular one.

While there are a lot of healthy seniors around, the cost to obtain such a type of life insurance are still much higher for a very simple reason: the younger you are, the lower the risk of the insurance company on you. Of course, the healthiest senior under normal conditions cannot really compete with the physique of a regular 30 year old. Besides, logic dictates that the younger man would live longer than the older man. Hence, he would have more time to pay for the insurance monthly premium. Hence, the cost would be lower.

Because of his or her age, life insurance costs for such seniors will be much more than the insurance of a young person. Then again, that is way better than the unavailability of life insurance for people as was the case in the past.

However, there are other determining factors for the cost of a senior’s life insurance. Please take note that it does not automatically mean that just because you are of the same age, your insurance monthly premium will be the same. In most cases, that does not happen for the very simple reason that lifestyle is a big factor when it comes to health and wellness. Naturally, a senior citizen who takes morning walks, avoids fatty and high cholesterol food, does not smoke and does not drink is healthier than his counterpart of the same age who has vices, loves rich food, eats a lot of sweets and is a certified couch potato. Their state of health will then be reflected in the monthly premium. Their life insurance costs will then vary. A senior citizen with a healthier lifestyle will have a lower premium compared to one who chooses to not mind his body.

Another factor to the life insurance costs of people over 85 is the coverage. Not all life insurance policies are created equal. Naturally, those with a larger coverage would cost more than the one with smaller coverage. That is why you have to choose the kind of life insurance that best suits your lifestyle and budget.

What Are The Different Types Of Life Insurance For People Over The Age Of 85?

Do you know that people who are over 85 years of age can still get a life insurance? In the past, that would have been impossible but in these days when old people are more agile and self sufficient, having a life insurance at an old age is getting more and more popular. In fact, a senior citizen of this age is not just stuck with one choice of life insurance.

In this article, we are going to explain what are the 2 types of life insurance available for seniors over 85?

There is an annual renewable policy and there is also a permanent life insurance. There are pros and cons to both types of insurance. However, before we discuss their differences, let us first learn about the things that they can offer to the policy holder.

With a life insurance, the holder is allowed to have beneficiaries. There is a primary beneficiary who will get most of the money in case something untoward happens to the life insurance holder and there are also secondary beneficiaries who will get a smaller amount. It is the insurance holder who determines the beneficiaries and the amount that they will receive depends greatly on the type of insurance that the holder availed of. The same is true for the 2 types of life insurance (for over 85) I am going to explain now. Regardless of which type you are going to get, you will surely get those benefits if you are still insured.

What is annual renewable policy and what makes it different? The main differentiating factor is that as the name suggests, this type of insurance policy has to be renewed on a yearly basis. The good thing about this is that every year, you can customize the benefits that you want depending on your needs that may change from year to year. The set back, however, is that there is no fixed rate for this kind of insurance. As you age, your insurance fee may increase. In fact, depending on one’s health condition, there are those whose insurance is no longer renewed after the age of 84. However, if you show that you are still healthy, the insurance can extend way beyond that age.

The other option is the permanent life insurance. As the name suggests, with this kind of life insurance, termination is not a problem. That means that the insurance policy holder will be insured until the day of death. The good thing about this type of insurance is that you do not have to worry about the protection of your family because that will surely be covered. The main problem with this type of life insurance is that because of the high risk to the insurance company, the rate tends to be higher than its annual renewal counterpart.

These are the types of life insurance available for seniors over the age of 85. Choose one that caters to your needs and lifestyle.

Why Do People Over The Age Of 85 Want To Get A Life Insurance?

When you turn on the TV and read ads, it is not at all surprising to find a commercial or an advertisement about life insurance. Maybe you are already familiar with it. Unlike a medical insurance, a life insurance gives monetary support to the beneficiary should the insurance holder pass away. That way, the family only has to grieve. Financial matters will be taken care of by the insurance company. In the past, it was mostly younger people who are granted a life insurance. The logic behind it is that they are at the prime of their lives and they have their whole lives ahead of them. Naturally, that means that they will be able to pay for their monthly premium for a longer time frame. However, these days, even senior citizens, particularly those who are over 85 years of age are getting life insurance. The question now is why bothers to get one since they are not at their prime anymore?

I do not want to talk grim but the truth of the matter is that the older you get, the more you think about your life and the reality of how short it really is starts to dawn upon you. That is probably why people who are over the age of 85 are seriously contemplating on getting a life insurance for themselves. They know for a fact that they will not be around forever. They know that they love their families and do not want to cause them any more grief than necessary when they are gone. They took care of their spouse and kids when they were alive. They still want to take care of them even at death. That way, all financial obligations will be paid for by the insurance company and the family does not have to worry about paying for anything.

Another reason why life insurance for over 85 is getting more and more popular is the fact that these days, while it is expensive to live, it is equally expensive to die. They do not want the additional financial burden to fall upon their family and friends when they are gone for the very reason that it is not light in the pocket. In fact, the financial obligation can really get in the way of grieving just because it is really very expensive to bury people. That is the harsh reality of life.

Lastly, the fact that people who are over that age (85) can still afford to pay for the monthly premium; make them want to get life insurance too. Thanks to the improvement when it comes to health and wellness, older people are more agile and self sufficient. That way, they are able to pay for the monthly fee that comes with having a life insurance.

There are a lot of reasons why life insurance for seniors over 85 is getting more and more popular. For most men and women that age, they see it as an investment.

What Is A Life Insurance?

When we turn on the TV, read the newspaper or just browse for ads, it is most likely that you will bump into an advertisement of life insurance. What is a life insurance? Is it the same or different from a medical insurance? We all have pretty much an idea of what the word insurance means. In a nutshell, we can put our hearts at rest and our minds no longer need to worry about the future because we have the assurance that we will get help when we need it most. That is exactly what life insurance offers and that is precisely why it is still in business after all these years.

So what exactly is a life insurance? Do not confuse it for a medical insurance wherein medical bills will be paid by the insurance company when the owner gets sick. A life insurance ensures the beneficiary of help and monetary compensation should anything happen to the holder of the insurance policy. In case of death, the family member and loved on no longer has to worry about financial obligations, interment and the like. The insurance company will take care of that, leaving the loved one to grieve in peace.

There are several reasons why people opt to get a life insurance rather than to just worry about death when it gets there. First is that they love their family and so the insurance holders do not want to add extra burden to their spouse and kids should anything happen to him or her. That means that the family members or the beneficiaries will get money as well as help for the cost of the funeral and the like. Once again, money problems will not prevent them from fully grieving because the insurance company has it all covered.

There are also companies that offer life insurance to their employees. This is called group life insurance. The good news is that employees do not have to pay extra for it. However, if they want additional insurance benefits, they have to pay for it on their own but at a relatively lower rate.

There are many factors that determine the cost of insurance. Once again, when a company approves to insure you; that means that they are taking a risk at you. Of course, those that they consider to be low risk will have a lower premium. Low risk would mean you are healthy, a non smoker and lives a very good lifestyle. Now if you have been to a series of car accidents, you smoke day and night and you are known to have high blood pressure, high sugar, high cholesterol and the like, be prepared for a higher premium than your average healthy guy.

There are several kinds of life insurance for you to choose from in order to get one that best fits your lifestyle. There’s whole life insurance, variable life and term life. The coverage and fees would vary accordingly.