Yes you can still obtain life insurance at age 82. 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 at age 82:
- 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
Can I get life insurance at age 82 if I have 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 by comparing rates
The first step when shopping for life insurance is to compare rates. Rates can vary by as much as 70%, so it definitely pays to compare. To find out which carrier is right for you and to compare multiple rates for life at age 82your situation, get a free quote today.