A Guide to life insurance for an 80 year old female

A lot of women in their 80’s look at burial policies as a form of insurance. This type of policy is a whole life insurance package that usually comes with cash benefits that could range any where between $2,500 to $25,000. Funeral expenses have witnessed a steep rise over the last 20 years. Average funeral expenses cost around $5,000 in the United States. By going in for a comprehensive burial policy, the investor does not have to burden family members with paying for the funeral service.  The death benefits that are derived from the policy can be used to cover all costs related to the funeral. The remainder of the proceeds from the insurance can be used by beneficiaries to pay for mortgages, loans, tuition fees and other expenses. However, there are many companies that are willing to offer life insurance for an 80 year old female.

Term life insurance for an 80 year old female

For women in reasonably good health, term life insurance policies can be a good investment. You could go in for a ten-year term life policy that offers death benefits of $50,000 to $100,000 or more. It should be noted that the investor or beneficiaries stand to gain nothing if no claims are made during the length of the policy. Stile term life policies are more affordable and have lower rates of premiums than other conventional life products. However, not all insurance companies offer term life insurance at such an advanced age.  It would be a good idea to contact independent brokers who specialize in providing life insurance for an 80 year old female.

Choosing between immediate and graded death benefits

You could go in for a policy that offers immediate death benefits. For that to happen you would have to be in a good state of health. On the other hand policies that have graded death benefits might be applicable for elderly people with health complications. In this type of policy the insurance company would use the ‘waiting period’ as the yardstick rather than relying on health questions while preparing the policy.

If the insured survives a couple of years after she bought the policy, then the insurer would pay the entire face value amount as part of the graded death benefits package. If the death of the insured individual occurs within the first two years of signing the policy, the beneficiaries then stand to receive part of the face value amount. They could get the premium amounts refunded with interest .

Policies that offer low cost premiums for people over 80 years

The cost of premiums will always get higher as you age. A seventy-year-old women could expect to get  lower premiums than a women who has just entered her eighties. If you already have a life insurance policy, it might be wise to upgrade it by getting yourself more coverage. Going in for a complete policy change may not always work in your in your favor. Women tend to fare better than men when it comes to buying life insurance in their eighties as they generally tend to have longer life spans. You have to go through medical tests for the insurance company to determine your overall state of health. The company would also take other details such as age, medical history, zip code and choice of package into account before they determine the premium rates.