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In This Article I’m Going To Be Talking About The Options Available To A 78- Year-Old Female Looking For Life Insurance To Cover Her Death
Most likely you are reading this article because you are a 78-year-old woman or somebody related to you is a 78-year-old female, like your mother or spouse, and you want to know what options you have for insurance coverage at this specific age.
If you are looking for more information about coverage, then this article will be the perfect opportunity for you to learn more about your options for life insurance.
We’ll Go Over A Number Of Topics, Including:
- Why 78-Year-Old Females Buy Life Insurance
- What Types Of Life Insurance Coverage Are Available For A 78- Year-Old Female
- Strategies To Get The Best Prices
- Factors That Affect Insurability
Why do 78-year-old women buy life insurance?
The reason why women who are 78 buy life insurance is usually pretty straightforward. Generally speaking, it has to do with final expense protection as well as the potential for an income replacement scenario. Let discuss both.
Many people who are 78 or older buy a life insurance plan specifically to have a policy dedicated to paying for a burial or cremation so the family doesn’t have to pay out of pocket for final expenses.
Many burials average in the $10,000 to $15,000 range. Whereas cremations scale around the $5,000 to $6,000 range. It just depends on the region of the country you’re in. If your goal is to just have enough to take care of final expenses, there are many plans available that we’ll talk about momentarily to take care of burial and cremation related expenses.
Under certain circumstances there may be a reason why it’s important to get a plan that pays a large lump sum beyond the amount for final expenses.
If you are looking to leave a significant sum of money behind to surviving family members to pay off additional expenses such as medical debts, mortgages, and car loans, an income replacement plan can be a great option.
How does it work?
We take out a large life insurance policy that pays $25,000 upon your death so that family members have a significant source of income to pay off debt and assume ownership of assets such as homes and cars. Without this income, your family could potentially lose ownership of these items through repossession and foreclosure.
Most 78-year-old females have worked hard to make monthly payments each month, but all that hard work would be wasted if your family can’t satisfy the debtor’s requirements out of pocket. If you’re looking for some kind of plan to add additional monies into your account when you pass away, a life insurance policy can be a great form of income replacement that takes care of those final bills.
What types of life insurance coverage are available for a 78- year-old female
Let’s talk about the two most common life insurance plans available for a 78-year-old female and give you the pros and cons of each, as well as the typical rates you may pay if you qualify.
Term Life Insurance
Term life insurance is usually not an option for a 78-year-old individual. Generally speaking, term life insurance is designed for younger people who are, in most circumstances, looking for temporary coverage. When I work with a 78-year-old female, they are usually looking for life insurance because they have permanent financial problems they need to solve with a policy.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
This includes final expense coverage or income replacement coverage as mentioned earlier, and with term insurance, even if you could qualify there’s a high chance you would outlive the term period. Term insurance generally is off the table as an option, which leaves us with whole life and universal life insurance.
Whole Life Insurance
Whole life insurance is designed to be permanent life insurance. Coverage rates generally stay level throughout the life of the policy.
In some rare cases you can buy a plan that you can pay up in a number of years and still keep but not have to make payments on.
The benefit of whole life insurance is that it provides in many circumstances, first day full coverage if eligible and doesn’t cancel due to age or health.
There’s also a cash component of whole life insurance. So if you have the need to borrow money against the plan, that option is available. However, the biggest benefit to whole life insurance for a 78-year-old female is that the life insurance plan is designed to give total peace of mind. As long as it’s paid for, the policy can never cancel.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Whole life insurance pays a death benefit out regardless of age or health. Again, this is very important because of the nature of the problems in which people who buy life insurance at the age of 78 may have. Generally, it’s for permanent problems that aren’t going away anytime soon, so whole life tends to be the best source to go with for long term peace of mind.
Cons of Whole Life Insurance
As you can imagine, as you get to an advanced age, life insurance generally is more expensive. When you compare whole life insurance to universal life insurance, it tends to be more expensive, but in exchange, you’re buying a highly valuable product that provides a type of protection that’s otherwise impossible to get.
See below for rates on the most competitive whole life insurance plans available to 78-year-old females at different price ranges. These are subject to change and are based on a plus ranked company. Ultimately, you have to apply to see if you qualify for these rates.
Universal Life Insurance
Universal life insurance in a sense is a way to get temporary type coverage in place that will allow you to get a better price per dollar of coverage than whole life insurance.
Universal life insurance has to be designed correctly. There are many examples of people in their sixties and seventies who bought a universal life plan, but didn’t have it managed properly and ended up in an advanced age without the life insurance they so desperately needed. Universal life plans last to age 100. My recommended approach to buying a universal life plan for somebody who’s 78 years old is to highly consider what’s called a guaranteed universal life insurance plan.
Guaranteed universal life insurance plans are permanent coverage with a special benefit attached that stipulates as long as the exact premium suggested is paid in a timely manner, then the plan cannot be canceled at any point in the future, regardless of age.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
These types of plans can provide significantly more life insurance coverage to pay a larger death benefit out, and they are very useful in cases where you need coverage for final expenses or income replacement. However, it is more difficult to qualify for this type of insurance, so I wouldn’t necessarily recommend this as the only route to try when applying for life insurance coverage.
Strategies to getting the best life insurance package deal for a 78-year-old female
In this section I will cover three specific recommendations to lower your price for life insurance if you are a 78-year-old female to ensure you get the best value for your money.
Work with a broker
We here at Buy Life Insurance for Burial represent a variety of different life insurance companies on the market. This is very important when working with older people such as those who are 78-years-old simply because many companies will offer a variety of prices high and low, that may not necessarily work for your goals or your budget.
What we attempt to do at Buy Life Insurance for Burial is learn more about your health and the factors you’re looking for in your life insurance product. We then shop the most competitive companies to see who is going to give you the overall best price and coverage.
Often 78-year-old females are typically single or widows and live off of one social security check a month. So it’s an unwise decision to buy more than you can afford and have to potentially drop coverage down the road. This is where brokers come in handy.
We can help you find something that’s comfortable for your budget to ensure you can make payments every month while having peace of mind that you have coverage in place.
Know you goals
It’s really important when you’re looking for a life insurance plan that you make sure the plan matches your goals as much as possible. In some instances where it becomes economically impossible to pay for exactly what you want, try to meet the main objectives.
If you know that there’s going to be difficulty paying for burial expenses, get enough coverage to just pay for burial expenses and look at adding more later down the line as bills are paid off and funds are freed up.
Clearly define your budget
I believe life insurance is best when it’s most easily affordable, especially on a fixed income. Being a 78- year-old female, it’s makes no sense to buy life insurance just to drop it in six months. I’ve met many people who have been cornered into a high price policy that they had to drop because it was just too expensive. Don’t be that person.
Work with somebody like us at Buy Life Insurance for Burial that’d be more than happy to shop price options to get you a good deal so that you can have a policy in place that can do its job by paying out money when you pass.
What factors affect insurability for a 78-year-old female?
In this section I’m gonna talk about most common issues that may affect your capability to qualify for a quality life insurance program.
Your health is the most common determinant of whether or not you’ll pay a higher or lower price for your life insurance. It’s important to be fully transparent about your health when you answer questions.
Generally speaking, there’s a long list of detailed questions related to your health that you will need to answer.
These may include, but are not limited to, questions about your height, weight, age, and whether or not you smoke.
Age has a direct impact on your insurability.
The older you get, the more you pay. That’s why it’s important to apply sooner rather than later so that you can lock in your rates at today’s age and not have to experience a potential higher price later.
Although I would not expect most 78-year-old females to have risky hobbies, it is important for you to be aware that if you do partake in scuba diving, skydiving, mountaineering, or any other hobby that may be considered high risk, that you may have to pay a higher price.
Again, be totally detailed and list high risk activities or hobbies you participate in honestly, as there are certain companies who are willing to work with you on rates despite risky hobbies.