Co-Founder, Coastal Financial Partners Group, California
As a practical matter, it is too late to obtain individual life insurance when you are uninsurable or age 85, whichever comes first. There are a couple of insurers with rates between ages 86 and 90 but the premiums are not economical.
There are ways to find life insurance protection for final expense purposes without proving one is insurable but the death benefit is reduced in the first two years and the premiums are quite high.
So, we have solutions such that it is never really too late but it will come down to a combination of insurability, outlay, benefit terms and age.
There are some medically underwritten policies that offer life insurance up to age 90 but the insured person must have good health to qualify for such a policy, and rates are very high. The older the applicant, the more underwriting requirements are added (e.g. possible EKG or physician exam) for a medically underwritten policy of a large face amount.
Many seniors decide to purchase smaller final expense type policies that do not require an exam.
Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
When you are dead. At that time, it would be impossible to answer medical questions or take any type of physical. Also, filling out an application would be impossible.
Seriously, the prior two answers were 100% accurate. Also, each carrier has a different portfolio of plans. An experienced broker will be familiar with your situation and find a company that will have the best plans at the most reasonable rate.
.JPG){kind=avatar}
There are ways to find life insurance protection for final expense purposes without proving one is insurable but the death benefit is reduced in the first two years and the premiums are quite high.
So, we have solutions such that it is never really too late but it will come down to a combination of insurability, outlay, benefit terms and age.
Many seniors decide to purchase smaller final expense type policies that do not require an exam.
Seriously, the prior two answers were 100% accurate. Also, each carrier has a different portfolio of plans. An experienced broker will be familiar with your situation and find a company that will have the best plans at the most reasonable rate.