Are you a senior citizen who is thinking of getting a life insurance for yourself? Ideally, it is best to get one while you are still young and in your prime. Perhaps you let the opportunity pass. Well, that is alright. As the old saying goes, it is better late than never. You are in luck too because these days, it is no longer too hard to get life insurance if you are over the age of 85. However, you must carefully weigh your options. After all, as alluring and practical as it sounds to get life insurance at your age, there are certain things you just have to know that just might make you think a little. So what are the pros and cons?

To begin with the benefits of getting life insurance if you are over 85, you will surely get the peace of mind that you deserve and believe me, in today’s world wherein everything is just too stressful, peace of mind is a treasure that not a lot of people get to find. Yes, it may be a little late but it is not too late because you can still get the insurance and protection that your family deserves should anything untoward happen to you. They no longer have to worry about financial pressures because after all, you have already dealt with it. They can really grieve in peace.

So what are the cons then? Well, to begin with, you better get your wallet and savings ready because one thing is for certain, it will cost you. You are lucky now because, insurance companies are willing to take the risk and insure even senior citizens. The problem is, as you must have already figured out is that it will be way more expensive than that of a regular life insurance plan. After all, you are no longer as healthy and as fit as you were 40 to 50 years ago. That is why there are some senior citizens who end up not getting a life insurance plan even if they want to. The problem is that they just cannot afford it. At that age, most people just rely on their pension because they do not work and have no income anymore. That is why life insurance plan for someone over 85 is no longer as affordable as one would like it to be.

That brings us to the topic of another drawback – you will have to deal with monthly premium all over again and as mentioned earlier, your earning capacity is no longer as good as it used to be. The question is how can you cope with the monthly premium? Can you still afford to pay for it?

Knowing the pros and cons, it will be up to you to weigh if getting one is a smart choice for you.