Life Insurance For 78 Year Olds: We Can Help!
last updated on March 7, 2022If you are a 78 year old interested in life insurance or if you are looking for life insurance coverage for your elderly parents, this article is for you.
Here we’ll cover everything you need to know about different life insurance for 78 years old. We’ll explain why it is important to take out life insurance at your age, what type of life insurance you should choose, and what are your options if you are in poor health or on a fixed income.
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Do I need a medical exam?
When you are 78 years old and looking for a life insurance policy, you don’t necessarily need to have a medical exam in order to qualify. Most of our senior clients don’t take medical exams and opt for something called “simplified issue coverage” instead.
What does that mean?
When you apply for one of our life insurance or burial insurance policies, the company will only check your past medical history to decide whether you’re approved. They will not require you to undergo any medical exams.
The best part is, unlike most life insurance programs that require weeks of underwriting analysis, with our life insurance options, you will get approval in seconds.
So if you’re looking for a quick and simple way to get a life policy, you’ve come to the right place.
Can I qualify for a policy if my health is not the best?
Definitely.
We have life insurance policies with first-day coverage for 78 year old seniors with health conditions such as:
- Heart issues
- Mental health disorders
- Cancer
- Lung disease like COPD
- Diabetes, even if you use insulin or have diabetic complications
- Neurological disorders like Parkinson’s or lupus
- etc.
Moreover, you can qualify even if you suffer from the toughest pre-existing conditions. As long as you’re 80 years old or younger, we can offer no questions asked whole life insurance policies. These plans provide quality coverages that are otherwise almost impossible to get.
What if I’m on a fixed income? Can I afford life insurance?
At Buy Life Insurance For Burial, our goal is to help you with a policy regardless of your budget and many of our clients are low-income seniors.
This means that even if you’re on a fixed income, we will be able to adjust the price to fit your budget.
Reasons Why A 78 Year Old Would Get Life Insurance?
Seniors your age should always consider taking out life insurance. Here is why you may need life insurance at the age of 78:
- You can use insurance to cover your final expenses. Many seniors your age don’t have enough life insurance coverage to pay for their funeral and burial costs. Many have also very little savings that aren’t enough to cover final expenses. So life insurance can be useful for covering funeral expenses. In fact, it is the main reason why 78 year olds purchase insurance in the first place.
- You can use insurance to pay off debt. When you’re 78 years old, you may want to buy life insurance to pay off the debt that will be left behind after your death (mortgage or credit card debt, for example).
- You can use insurance as income replacement. For many seniors, life insurance serves as a replacement of income loss after the death of the family’s primary earner.
- You can use life insurance to leave a legacy of love. You may also want to buy life insurance so that you can leave money behind to your loved ones, like helping your grandchildren as they start college.
What insurance carriers do you recommend for coverage on seniors age 78?
It is not possible to recommend a single company that best fits every 78 years old looking for life insurance or burial insurance. Every person’s health situation is unique and, besides, health factors vary between different life insurance carriers.
As an independent broker, Buy Life Insurance For Burial carries multiple insurance companies and we have access to the best coverage options. We’ll always make sure to find the best quality of coverage at the best price for you, based on your individual needs.
What insurance carriers do you recommend for coverage on seniors age 78?
As a 78 years old, you have several different life insurance options:
Universal life insurance
If your health is good, universal life insurance may be the right option for you. But, it’s worth keeping in mind that if it’s set up incorrectly, guaranteed universal life insurance for seniors may cancel prior to death. If set up right, it’s a permanent life insurance policy that you can’t outlive.
Whole Insurance
This is the insurance type that we usually recommend to our senior clients. Whole life will never cancel due to your age or your health as long as you continue paying premiums. Plus, you can’t outlive it.
The best part is, whole life insurance rates don’t increase, and you qualify for first day full coverage. This is especially important if you’re on a fixed income.
Our life insurance carriers offer “simplified issue” underwriting. You qualify automatically for their whole life policies without having to take a medical exam. You only need to answer a few simple health questions in order to be approved and nothing more.
Term life insurance
Many seniors think that term life insurance is the best option for them. However, this is not always the case. Term life guarantees coverage only for a certain number of years, so you may end up outliving the policy. Then, you’ll be left with no insurance at all.
Besides, term life insurance is difficult to qualify for. Chances are, the 78 year old seniors don’t get approved due to their age or health issues. Or, they are the ones who refuse coverage because of high premiums.
What if I still want term life insurance? Can you help?
Of course! If you are interested in purchasing term life insurance, we’ll do our best to find a policy for you. We can choose an insurance carrier who is easier on underwriting and help you get a quality policy that suits your needs.
What about AARP and Colonial Penn? I see many television commercials about their burial insurance plans. Should I buy from them?
AARP and Colonial Penn have been advertising their final expense burial insurance for seniors.
While both AARP and Colonial Penn do provide coverage for the people who need it, we at Buy Life Insurance For Burial believe that we can get you a better quality policy.
Here’s why:
AARP insurance is term life insurance. As we’ve mentioned above, term life insurance cancels and AARP’s policy cancels at age 80. That means that you risk losing your AARP term life insurance coverage.
And there’s more.
The AARP plans go up in price every 5 years. That’s why their term coverage becomes very expensive as you age. Many seniors have to drop their AARP plans simply because the premiums get too expensive.
Colonial Penn’s “guaranteed acceptance” policy does not cover for full natural death for the first two years.
You may think that this is the only type of insurance you can qualify for because your health isn’t great, but we believe that we can find a better product for you.
I’m looking for coverage on my 78 year old parents. Can I get coverage on them?
You can buy life insurance on your parents as long as your 78 year old parents can sign off on the policy, unless you have power of attorney.
If your elderly parents agree for you to take out a life or burial insurance coverage for them, you are free to set up payments from your account to pay the premiums.
We have helped many adult children get burial insurance or life insurance coverage on their parents. Don’t hesitate to get in touch with us to see how we can help you too.
How to get a free life insurance quote
All you need to do to get a free life insurance quote from us is call us toll-free at 888-626-0439 to speak to one of our friendly representatives.
If we’re busy and can’t answer the phone, simply leave us a voicemail and we’ll call you back as soon as possible. It only takes 5 to 10 minutes to get a quick quote for life insurance for a 78 year old.
Alternatively, you can also easily get an online quote without having to call us. If you’re on a smartphone, click the button at the top to request a free quote.
If you’re on your desktop computer, just fill out the information to your right then click “submit”. You’ll get to see a few price options, and we’ll follow up with you shortly to discuss them further with you.