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An 83-year-old can get life insurance from a specialty insurer that features policies on persons older than age 80. Rates will be expensive and there could be limited benefits the first few years with selected companies.
A non-specialty insurer will also likely offer coverage. But not all companies will offer a policy so it's important to carefully compare options.
It may be possible that one of the larger insurers offers a policy...but it would be expensive. Also, you will be asked to provide reasons why the policy should be issued and if it is suitable.
A full-time experienced broker is a great resource for the best information on the subject. Or a CFP.
Agent, Rural Mutual Insurance Co., Union Grove, WI
Yes, pending the underwriting process and the premium that they are willing to pay. To the best of my knowledge there are carriers that will write a life insurance policy for a person up to their 91st birthday. The amounts of coverage will more than likely be limited. People are living longer lives now and life insurance carriers have adjusted the products that they offer to meet this changing market. Contact a local agent to find out what products they would have to offer within your area.
Almost the entire life insurance brokerage market offers life insurance to age 90. Not all traditional health classifications are available, but non smoke preferred is offered if your health warrants the classification. From a pragmatic point of view, you’re going to need to establish justification for coverage and insurable interest for the insured and the policies beneficiaries.
Insurance Advisor, Lordship Insurance Services, California
Yes. There are agents that sell policies specifically geared for that age group (final expense plans) although some limit the age to 80 years old or older. These policies are intended to cover funeral cost primarily. A term plan at this age would have a very expensive premium. Contact someone who knows about this type of policy. We work with companies that sell these types of policies.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Yes, indeed. Many carriers will issue policies through age 90.
Not only that: some of them super-specialize in underwriting people in that age group.
This is kind of interesting, don’t you think? It actually is very much to the consumer’s advantage. A company with a high level of expertise and confidence in a specific risk group can provide very good pricing to that group.
And the fact of the matter is that different age groups do represent different levels of risk to carriers.
Those companies who have chosen to target the elder marketplace have developed a specific underwriting guidelines for calculating premium. They have also put together specific testing to help assess risk. For example, during the exam of the potential applicant, the examiner may utilize simple cognitive exercises.
Age is also a factor when underwriters try to determine the impact of long-standing medical conditions. If someone has had diabetes for decades, for example, they will take a close look at blood sugar levels and the potential impact on various organs, such as the kidneys.
Financial underwriting is also a key consideration. Why would somebody 83 years old buy life insurance now? There are any number of good, solid reasons why.
Some people in their 80s are still running businesses and need to cover some business debt. They are also key people in their firm, and the firm needs to be indemnified against their loss. They might have a business partner, and a buy sell agreement needs to be funded.
Perhaps they need to shield their wealth against estate taxation. Or set up a charitable giving program. Or just leave a bunch of money to their kids.
Some folks in their golden years don’t have too many liquid assets, so they need life insurance to take care of their spouse.
Any number of reasons could make this purchase very important to the financial security and legacy of the family.
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A non-specialty insurer will also likely offer coverage. But not all companies will offer a policy so it's important to carefully compare options.
It may be possible that one of the larger insurers offers a policy...but it would be expensive. Also, you will be asked to provide reasons why the policy should be issued and if it is suitable.
A full-time experienced broker is a great resource for the best information on the subject. Or a CFP.
Not only that: some of them super-specialize in underwriting people in that age group.
This is kind of interesting, don’t you think? It actually is very much to the consumer’s advantage. A company with a high level of expertise and confidence in a specific risk group can provide very good pricing to that group.
And the fact of the matter is that different age groups do represent different levels of risk to carriers.
Those companies who have chosen to target the elder marketplace have developed a specific underwriting guidelines for calculating premium. They have also put together specific testing to help assess risk. For example, during the exam of the potential applicant, the examiner may utilize simple cognitive exercises.
Age is also a factor when underwriters try to determine the impact of long-standing medical conditions. If someone has had diabetes for decades, for example, they will take a close look at blood sugar levels and the potential impact on various organs, such as the kidneys.
Financial underwriting is also a key consideration. Why would somebody 83 years old buy life insurance now? There are any number of good, solid reasons why.
Some people in their 80s are still running businesses and need to cover some business debt. They are also key people in their firm, and the firm needs to be indemnified against their loss. They might have a business partner, and a buy sell agreement needs to be funded.
Perhaps they need to shield their wealth against estate taxation. Or set up a charitable giving program. Or just leave a bunch of money to their kids.
Some folks in their golden years don’t have too many liquid assets, so they need life insurance to take care of their spouse.
Any number of reasons could make this purchase very important to the financial security and legacy of the family.