What Are The Different Coverage Options Available For Life Insurance For People Over 85?

Not too long ago, most if not all insurance companies refuse to give life insurance to senior citizens. That is because they are considered to be a high risk. There is much truth to this. After all, the older you are, the more sickly that you are bound to be … at least that was the mentality back then. It will be lucky for them now because the market is getting more and more competitive. In fact, it has become so competitive that seniors are not just given life insurance. Life insurance options for those over 85 are in fact available for the grandparents out there.

There are many reasons for this. Some people say that because older people are healthier now and thanks to the proliferation of health and wellness campaigns, they are strong enough to the point that they are no longer as much of a risk as they used to be. Others say that insurance companies do not really have much of a choice but to have these options available because there are more old people in society today than younger ones. Hence, alienating them from having insurance is bad for their business. Whatever the reason is, senior citizen life insurance seems to be here to stay and there are different coverage options too depending on the type that one goes for.

In this article, we will explain in details what the coverage options are available. The first among the options is called deferred life. This type of senior citizen insurance is considered to be a short term one wherein the policy holder can only get the benefits for 2 to 3 years. In fact, it works by refunding the premium that he has paid or by paying a death benefit should anything untoward happen to him. Of course, the coverage of the death benefit is very limited as well. If he still lives after 2 to 3 years upon getting the deferred life insurance, the holder will get the amount of the policy in full and the term ends there.

The next option available is called guaranteed life. This is considered to be a longer term insurance for seniors compared to deferred life. Of course, not every applicant gets approved for this. One has to answer several questions about the status of his or her health. A physical examination to confirm this may also be required. Do take note, however, that because of the risk involved, the amount that one has to pay for the premium will be significantly higher than that of a younger person. Naturally, the insurance company would like to make sure that they’ve got everything covered.

Having life insurance coverage for seniors over the age of 85 is really a good thing. However, do be cautious before signing papers. It is always best to look at your options and think things through before signing up for such a commitment. Weigh the pros and cons before making a decision.

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.