Yes there are still life insurance options at 82 years old. The type of coverage you qualify for and the premium you pay will depend on a few things. In most cases people who are shopping for life insurance at age 82 are looking for a final expense policy, also known as burial insurance. These types of policies are designed to protect your loved ones from a financial burden upon your death. The policies are usually in the range of $5,000 to $25,000, and the proceeds of a final expense insurance policy are typically used to pay for funeral expenses and final bills.
A burial insurance policy is great for seniors and the elderly because the premiums are fixed. Once your policy is issued, your rate will never increase and your benefits cannot be canceled.
Some more features of final expense life insurance:
- Permanent, whole life insurance
- Premiums are level for life
- Builds cash value over time
- Available for ages 50 to 85
- No medical exam is necessary
- Day one coverage for good health
- Graded benefits for health issues
What about those with health problems?
If you have some health issues such as heart disease, diabetes, or a previous stroke or cancer treatment, then you will only qualify for a guaranteed life insurance policy. This type of coverage is graded, which means that the death benefit is not fully payable for two years. the maximum amount of coverage you can obtain is $10,000 and the premiums on are higher than a standard policy.
Get started today
The first step when shopping for life insurance is to compare rates. To find out which carrier is right for you and to compare multiple rates for your situation, get a free quote today.
If you are looking for an affordable and long-term way to protect your family with life insurance, then a 30 year term life insurance policy is an economical way to provide that peace of mind. A 30 year term life insurance policy will protect your loved ones with a premium that remains level for 30 years. At the end of the 30 year term, you can renew your policy at the current rate for your age, or you can opt for a permanent whole life insurance policy.
Why 30 Year Term Life?
The main reason why so many people choose a 30 year term policy is because it is a great way to get a lot of insurance coverage for a very affordable premium. Many of a family’s largest expenses are expensive, yet temporary. One common example is a home mortgage. Most people purchase their home using a 30 year mortgage and most households would not be able to keep up with the payments on that mortgage if one of the breadwinners were to pass away. A term life insurance policy can pay off the balance of the mortgage and protect your family’s lifestyle. The cost of raising children and sending them to college is another long-term expense that needs to be considered. It takes a child at least 22 to 26 years to finish school, get a job or start a business, and become self-sufficient.
The Application Process
Getting a term life insurance policy these days is very easy. The first step is to compare rates online and view the premiums from several carriers. Once you find out which company has the best rate for your particular age / health then you can apply right online. Some companies will require a life insurance physical so that they can evaluate your health. If you are in very good health and you don’t need more than $500,000 worth of term life insurance, then you may be able to qualify for a no exam term life insurance policy.
Get started now by comparing rates. Remember that all insurance companies have different underwriting criteria and the premiums can vary by as much as 40 to 70%. It definitely pays to compare!
If you have diabetes and you are shopping for life insurance coverage, then it is important to know what the life insurance for diabetics options are and understand how diabetes will affect the premium that you pay for coverage. Although it is considered to be a serious health issue in the eyes of most life insurance carriers, many insurers still offer diabetes life insurance but it depends on your health and your overall care.
Most companies make a distinction between type 1 diabetes and type 2 diabetes. Type 1 diabetes is often acquired during childhood, but it can also come on in a person’s 20′s, 30′s, or 40′s. This type of diabetes has nothing to do with how a person eats or their weight. The immune system destroys the beta cells that produce insulin, so a type 1 diabetic is insulin dependent from day one. Many life insurance companies will not offer coverage to a type 1 diabetic, but there are companies that will. You will have to go through a physical exam and your blood will be drawn in order to do an A1C test. This measures the your average blood sugar level for the previous 3 months. Most insurers want to see an A1C of 7 or less for standard rates.
If you have type 2 diabetes, then the coverage you qualify for will depend on how well you manage your diabetes. Some factors that an insurance will consider: are you on insulin or a pill? What was your last A1C? What is your height and weight? Have you had any diabetic seizures or other related problems? Depending on your overall health and diabetes care, you might still qualify for a life insurance policy with standard rates.
Get a free quote today to compare multiple rates from companies that offer life insurance for those with diabetes. Remember that all companies have different rates so it definitely pays to compare. You can view several rates and choose the rate and policy type that is best for you.
If you’ve been rejected for a life insurance policy, you may be feeling worried about whether or not you can obtain coverage to protect your loved ones. A big secret that most people don’t understand is that there is a policy out there for almost everyone- no matter what your health, occupation, driving history, height, weight, etc. You just have to know which company is best for your unique situation.
The first thing you should understand is how life insurance companies evaluate your health and your overall situation. Your age, sex, and smoking status are the first three things that a carrier looks at when determining the amount of premium that you pay will for a policy. The older you are, the higher the premium. Men and smokers will also pay a higher premium than a woman who is the same age. The next thing that plays a big factor in whether or not a company will approve you, is your health history. If your health is perfect then you can pretty much get a policy with any company out there. You would just have to shop around for the best priced policy because they all have different rates.
If you have health problems then you really have to be strategic about which companies you choose to apply with. If we’re talking about health issues like high blood pressure, high cholesterol, or asthma, then the list of companies that would offer you an affordable policy is pretty long, because those are considered minor. If you have some major health problems like cancer, heart problems, diabetes, a stroke, or if you are terminally ill, then you need to be choosy about which companies you apply with.
In 99% of cases, when applicants have been rejected for a life insurance policy, then you probably didn’t apply for the right type of coverage or you didn’t choose the company that was best for your situation. If you have been recently rejected for a policy, then the first thing you should do is compare multiple rates from carriers that understand your health issues. Fill out the quote form openly and honestly in order to view policies that are right for your particular situation. It would also be a good idea to speak with a knowledgeable agent. He or she can give you some advice about which carriers and which type of policy will work for your needs.
