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.