Insurance Companies

Age 80 Life Insurance

in Ages 0 to 85

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 over time

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 pre-existing 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. Get a free quote today to compare multiple rates from top carriers. If you have questions then please call 1-877-801-4402 to speak with an experienced insurance professional about your situation.

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    Life Insurance that Doesn’t Ask Any Medical Questions?

    in Guaranteed Life Insurance,No Medical Exam,Simplified Issue Life Insurance

    Life insurance with no medical questions at all?

    Not exactly, but close. Life insurance carriers are not in the business of just giving away insurance. While you might not find an application without any medical nosiness by the insurer, there are many policies that ask only a few health questions and do not require a medical exam.

    No Medical Exam Insurance

    These types of policies go through much of the same underwriting process as a traditional life insurance policy, except for one major thing- there is no actual physical exam involved. That means there is no blood drawn, no urinalysis, no height and weight check, and no blood pressure or cholesterol readings. The carrier relies on your answers to a set of health questions as well as information available in public databases to decide whether or not to insure you. The health questions can be as little as 4 to 5 questions or as many as 20 or 30. Some companies will want to know anything and everything about you. For example:

    - Your health history
    - What prescriptions you take
    - Your family’s health history
    - Your driving history
    - Your occupation and activities you participate in
    - Your height and weight

    Those are just a few examples of information that a life insurance carrier will gather to get an overall picture of your insurability. The application and underwriting standards will vary from company to company.

    Simplified Issue Insurance

    This means that there is no exam and usually just a short application with a few health questions, hence the name simplified issue. The carrier will verify your answers with information on the Medical Information Bureau and prescription databases. Many carriers will require a phone interview and record your answers.

    Guaranteed Issue Insurance

    This type of life insurance policy is exactly what it says- guaranteed issue. The application can be as short as 5 to 7 health questions, and the company really just wants to know of any terminal illnesses, recent diagnosis’, and if you’ve had a recent heart attack. This type of policy is good for someone who has major health issues (though not terminal), or someone who has been denied for life insurance elsewhere. The benefits on a guaranteed issue policy will be graded. That means that the death benefit will not pay out 100% until at least two years into the policy. For example, if you die in year one, the carrier might pay your beneficiaries 25% of the death or sometimes only the premiums paid into the policy. If you die in year two, they might pay 50% or just the premiums paid in. This varies from carrier to carrier so be sure to find out the details of your graded payout.

    Overall, a life insurance policy without a medical exam can be a convenient way to obtain life insurance. One thing you should know is that the rates for this type of policy are typically higher than a fully underwritten life insurance policy. The reason for that is because of the risk to the carrier. They are not checking your health out and simply relying on your honesty as well as public information that they can gather.

    What is Simplified Issue Life Insurance?

    in Simplified Issue Life Insurance

    A simplified issue life insurance policy is a life insurance policy that does not require a medical exam. This can be term life or whole life. You obtain coverage by completing an application, which typically consists of a set of yes or no health questions. Once you submit your application, it is reviewed by underwriters who check your medical records as well as your prescription history. If approved, your coverage starts immediately. In some cases, you can print your policy off from the privacy of your home without ever seeing or speaking to an agent.

    What is the benefit of a simplified issue life insurance policy?

    The biggest benefit is that there is no medical exam, so these types of policies are usually approved faster. Depending on your age and health, you can get up to $500,000 of term life insurance without an exam or $100,000 worth of whole life insurance. For those who want coverage quickly without having to endure a physical, a simplified issue policy is a good choice.

    What are some disadvantages of a simplified issue life insurance policy?

    If you opt for a policy without a medical exam, then be prepared to pay more for your coverage. Because the life insurance carrier is not fully evaluating your health through a physical exam, they are taking a higher risk when extending coverage to you. Because of this, the premiums are higher. A simplified issue life insurance policy also has a smaller face value than you could get if you went through a complete medical exam. Another disadvantage is that you have to be generally healthy to qualify for a simplified issue policy. If you have some serious health problems or pre-existing conditions, like heart disease, cancer, or diabetes, then you are better off getting a policy that requires an exam.

    The first step is to shop around and compare rates from several carriers. Get a free quote online for simplified issue life insurance today, and compare multiple policies from top rated companies. If you have some questions about what type of coverage you need, or if you want to obtain rates over the phone, you can call 1-877-801-4402 to speak with an experienced insurance professional.

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