Life Insurance Over 90 For The Elderly
With advancement in medical science, the life expectancy of people has drastically increased over the last century, with people often living into their 70s, 80s and even 90s.
Life Insurance Over 90
Most insurance companies view providing insurance to senior citizen over 90 as risky business but with the changes in life expectancy, shouldn’t we also change our view when it comes to providing coverage to our senior citizens?
Seniors often find it getting insured at affordable premium rates. But they do desire not to burden their families with bearing the cost of their funeral and financially secure their loved ones upon their unfortunate demise. Many elders over 80 to 90 also wish to obtain an burial life insurance to leave a legacy behind for their dependents, estate settlements, donate money to charity etc.
Some of the Insurance policies available for Seniors are as follows.
Term Life Insurance for Seniors
It is just like the term insurance a person would get at a younger age, with the only difference being, that this is a temporary policy which expires in a shorter duration of time. Although it can be renewed, it will be quite expensive for people over 90 to reapply for the same.
This is due to the cost of the premium is commutated by the age, health, well-being and medical condition of the person being insurance and senior citizens often fall in the highest premium brackets under all criteria for computing insurance premiums.
Guaranteed Life Insurance
This is a perfect insurance product for senior citizens who have existing medical issues as various life insurance policies do not take into account the medical problems for persons over the age of 80 to 90.
However, these policies can be quite expensive, and many policies won’t pay in the first few years of purchasing the policy. However, it does cancel the plan and refunds the premium paid in case the insured person passes away during this period.
Burial Life Insurance Over 90
It is one of the most popular forms of insurances opted by senior citizens over 90. These do not require medical test and cover funeral and memorial expenses of the insured person upon their unfortunate demise.
Also, the beneficiaries of the insurance are promptly paid after the death of the insured person, but the payout is not sufficient to pay off other financial expenses, obligations and liabilities apart from the cost of the funeral and memorial service.
Life Insurance for Seniors over 90 Years Old
This policy is suitable for persons over the age of 90 years old. The policyholder is aware that they do not have a much longer life ahead of them and they would prefer covering their burial and funeral expenses covered and not financially burden their families with these expenses. These insurances often do not require a medical examination and can be accepted based on answers obtained from interviews.