Principal, LifeNet Insurance Solutions, Redmond, WA
There are a several choices for coverage for life insurance over 80. For small amounts up to $40,000 there are "Final Expense" type products that require no exam. For larger amounts there are several permanent products available with varying premiums. Make sure you speak to an independent agent that can provide you with good information at a competitive cost.
I presume that you are not eligible for Medicare for some reason. You might investigate individual health insurance though with the open enrollment season having concluded on February 15th you would have to have a "Change of Life Status" event occur or qualify under the provisions of the upcoming special election period beginning March 15th (this is for people who were uninsured in 2014 and have just figured out they are going to have to pay the individual mandate tax penalty and that they would be subject to the individual tax mandate penalty for the 2015 tax year). If you were to qualify you would have to be prepared to pay a pretty high monthly premium.
If you have a business or have a spouse that has a business and some employees you might consider a group health plan. I recently wrote a small group where a man about your age had emigrated from Europe because he had married an American lady about 20 years younger than him and they had a small business with a couple of other employees. that man is now covered as his spouse's dependent under their small group plan.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
At age 81, you're looking at permanent life insurance programs as term insurance is only offered until age 75. If you're looking for a small policy amount (e.g. $10,000, $25,000, etc.), you'll be looking at final expense life insurance policies.
Final expense life insurance is a form of whole life insurance - the premiums remain fixed and guaranteed for life and the policy builds cash value. The underwriting typically consists of "yes/no" health questions, a phone interview with the carrier, and a prescription check - these types of programs do not have a medical exam requirement.
If you're looking for more coverage than that (e.g. $50,000, $100,000, $250,000, etc.), you'll be securing it under a fully underwritten life insurance policy that requires a medical exam.
Regardless of which type of life insurance you want to pursue, you should consult with an independent agent who can look at many carriers to compare rates and make sure of what you qualify for so you can get the coverage at the lowest possible cost.
I work with these types of programs very often and would be happy to assist. If you would like my assistance, please send me an e-mail via the contact me button next to my name with your name and number and we can go over the options accordingly and any questions you may have. Thanks very much.
Regional Marketing Director, Capital Choice Financial Group,
Yes, there are many good companies offering guarranteed or express issue final expense policies for individuals at this age. For those that have some medical issues can get modified or graded - benefit policies that postpone the full payout until the policy holder's third year of ownership of the policy. The traditional polices are offered to the healthy at a reduced premium.
If you are in good health, I believe your best option is a good whole life policy for as much as you need and can afford, it will not be very cheap but with some shopping I do believe there are affordable options. The "final expense" policies do have some twists if you are not careful. The majority have graduated face amounts and some just refund premiums if you were to pass away in the first few years. Have a family member help you with you decisions. Don't just take the first "deal through the door". Good luck to you and God Bless you living to 81 years old and in good health. Cheers!
That is a great question! And I have a great answer - yes there are companies that will insure you, especially if you are in good health! You need to be aware that they may not be very cheap, as a great portion of the insurer's risk is based upon mortality rates and life expectancy, and at 81, you are in the higher risk end of the spectrum.It is also quite likely that the face value amounts that you will be offered will be relatively small for that same reason. Life insurance is unfortunately one of those things that are cheaper the younger you are when you acquire it, and more expensive as time marches on. The majority of insurers will stop offering policies after the age of 80, so you will want to look for a trusted agent who can look for a company that will be the best fit for you. They can help you find a policy that may avoid being modified or graded, especially if your health is good, as you mentioned.
I hope that helps you, if you'd like more information, please do not hesitate to contact me, I'd happily make time to discuss your concerns or questions with you. Thank you for asking!
Yes, there are a number of final expense policies ($25,000 and under) available for persons who are 81 years old, that do not require any exam. And there are larger policies ($50,000 and up) that octonegarians can get by taking an exam. Please contact me if you'd like me to shop a number of companies to find your best rate.
My mother is 81 and in good health. I have found a few great companies that offer great life insurance products for people of that age group, to 85. The fact of the matter is, I bought term insurance on her a few years ago (before I became an agent and did not know better) now that she is getting older and the premiums keep increasing on the term insurance I can get various types of whole life insurance on her for a couple of hundred dollars more a month in premiums. However, the policies that I have found are at twice or three times the face amount of the term insurance. So, it is possible. You just have to find an agent that will do the research for you. If you live in North Florida I would love to meet with you and discuss the possibilities. If you live in another state, contact one of the knowledgeable and competent agents on here. From the answers I have read they are very good at what they do. If you live outside of the North Florida area, and still have questions for me please feel free to contact me and I will help you any way I can.
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If you have a business or have a spouse that has a business and some employees you might consider a group health plan. I recently wrote a small group where a man about your age had emigrated from Europe because he had married an American lady about 20 years younger than him and they had a small business with a couple of other employees. that man is now covered as his spouse's dependent under their small group plan.
Final expense life insurance is a form of whole life insurance - the premiums remain fixed and guaranteed for life and the policy builds cash value. The underwriting typically consists of "yes/no" health questions, a phone interview with the carrier, and a prescription check - these types of programs do not have a medical exam requirement.
If you're looking for more coverage than that (e.g. $50,000, $100,000, $250,000, etc.), you'll be securing it under a fully underwritten life insurance policy that requires a medical exam.
Regardless of which type of life insurance you want to pursue, you should consult with an independent agent who can look at many carriers to compare rates and make sure of what you qualify for so you can get the coverage at the lowest possible cost.
I work with these types of programs very often and would be happy to assist. If you would like my assistance, please send me an e-mail via the contact me button next to my name with your name and number and we can go over the options accordingly and any questions you may have. Thanks very much.
I hope that helps you, if you'd like more information, please do not hesitate to contact me, I'd happily make time to discuss your concerns or questions with you. Thank you for asking!