Many life insurance policies issue up to age 90. Some of these policies mature or endow at age 121. Gender, age, smoking status, health history and current medical condition are all factors in life insurance, but more so with geriatric underwriting. Interestingly enough there are life insurance companies that seem more benevolent to seniors, even seniors who have impairments.
To get Life Insurance for the elderly, you must first determine if the person to be insured meets the health guidelines. There are a number of small, No Exam policies that cover individuals up to age 80 or 85, that make allowances for many of the health conditions that can plague the elderly.
However, if there have been recent hospitalizations, if health conditions are very poorly controlled, or if there is need of assistance to do any ADL's, the policy will be graded or could be declined. If cognitive abilities are reduced due to dementia or Alzheimer's, the only option will be guaranteed issue coverage, and most of those policies are not offered past age 80.
By shopping with an agency that specializes in life insurance for seniors, you can obtain the best rate and find one that will work for the health factors of the elderly person in mind.
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However, if there have been recent hospitalizations, if health conditions are very poorly controlled, or if there is need of assistance to do any ADL's, the policy will be graded or could be declined. If cognitive abilities are reduced due to dementia or Alzheimer's, the only option will be guaranteed issue coverage, and most of those policies are not offered past age 80.
By shopping with an agency that specializes in life insurance for seniors, you can obtain the best rate and find one that will work for the health factors of the elderly person in mind.