If you are eighty years old and looking for life insurance, you should know that there are still options available.
At age 80, most people are looking for burial insurance or final expense insurance to cover the cost of their funeral so they won’t leave a burden on their families. A typical funeral can range from $6,000 to $12,000, but there are other final expenses such as taxes, attorney’s fees, probate costs, and debt payments that need to be addressed as well.
Some features of final expense insurance:
- Permanent whole life insurance
- Available for ages 50 to 85
- Face amounts from $3,000 to $30,000
- No medical exam; just answer a few health questions
- Level premiums for life
- Builds cash value
If you are 80 years old and looking for life insurance, then a burial insurance or final expense policy is the most affordable way to get coverage. Even with preexisting health conditions, you can still obtain coverage. If you have more serious health issues such as cancer, kidney failure, or heart disease then you can still obtain coverage with a guaranteed life insurance policy.
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Having final expense life insurance for your family members is important. Have you ever thought of how your life would be without your loved ones? How would your life change if one of your loved one dies? What would you do if they did not have life insurance? Are you financially prepared to take care of the cost of the funeral and all the other outstanding expenses that are left behind? These are very serious questions that go unanswered for some people because they haven’t thought about the consequences of having to pay these types of expenses from their own pockets.
Even though planning for the loss of a loved one may not be something you want to think about now, you need to prepare yourself for the inevitable to make it easier for you after your loved one is gone. A final expense life insurance policy provides assurance that you will have money to bury your loved one in the event of a death.
As sad as it is, families often fight about finances, estates, outstanding debt, funeral costs, and hospital bills. All of these issues can be avoided when life insurance is in place. It gives you a secure backup plan so there is no need to wait until it happens before discussing things such as choosing a cemetery plot and paying for the funeral expenses. It can be taken care of long before you have to deal with it.
Prepare for the unexpected
A funeral can easily cost seven thousand dollars or more. When faced with that situation, most families don’t have that kind of money to spend. The cost increases every year, so if you are the person responsible for paying this expense, you should consider an affordable final expense life insurance policy for your family member.
Do Your Research
Final expense policies are whole life insurance policies that build cash value. The premiums are level for life and, in most cases, they are simplified issue. This means that there is no medical exam required. Issue ages range from 50 to 85 and face amounts are available from as little as $3,000 to $50,000. Give yourself some peace of mind and get a free quote today.
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So how much does life insurance cost at age 70? Well, there are several factors that play a part in the rate you pay for life insurance.The first is which type of life insurance you choose- whole life or term life. After that, the biggest factor in your lifeinsurance cost is age. The older you are, the more life insurance costs. Other factors to consider are health issues, family health history, smoking status, occupation, hobbies,and your driving history. If you choose a whole life insurance policy, then your premiums will be fixed and level for the rest of your life. There are many carriers that offer simplified issue life insurance policies so there is no medical exam. They are affordable and fairly easy to qualify for. If you want a term life insurance policy, then you should know that most carriers will only allow up to a 15 year term policy at 70 years old. That means you’ll have life insurance coverage until you are 85.
Here are some example quotes to give you an idea of how much you might pay for life insurance at age 70. These rates are based on a preferred health rating for a non-smoker.
$25,000 Whole Life Insurance
Male: $170.11 per month
Female: $124.36 per month
$100,000 Term Life Insurance- 15 year term
Male: $1635 per year
Female: $972 per year
These rates are meant to be examples only. If you are looking for life insurance at age 70 then be sure to get a free quote today to find out how much your rate is.
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The costs for burial and final expenses are increasing. What can you do? Many baby boomers may have to contend with the issue of costs of their burial and of final expenses once they are gone. If you have not gone over your estate and your final expenses yet, that is something you may want to consider. You may find that your current life insurance is not enough to cover all of the expenses that will be incurred.
Burial expenses nowadays are nothing like they were ten or so years ago- they much more costly. The current cost for a funeral can range between $8,000 and $10,000 and this is for an average funeral. Fortunately, final expense insurance is available at affordable prices to help baby boomers ensure that their family members don’t have to take on a financial burden during a time of grief.
Plan in advance and protect your family. Final expense life insurance takes care of your burial and final costs of your estate. It is whole life insurance also known as permanent insurance so it won’t expire and the premiums remain level for the rest of your life. You can keep it for the remainder of your days to make sure your family is protected from the burden of your final expenses.
Take the first step by getting a free quote so that you can make a decision about what insurance is right for you. Get started and protect your family today.
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