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This Article Is Going To Specifically Discuss How A 82-Year-Old Woman May Be Able To Qualify For Life Insurance Coverage
You’re probably reading this article because you’re looking for coverage either on yourself or for a loved one, like a mother or grandmother, who’s 82-years-old. No doubt you’re concerned if there are life insurance options available at such an advanced age, but you need to get coverage in place to take care of any sort of expenses related to passing away. If this is the reason why you’re here, you’ve come to the right place.
My hope is to provide you with as much information as possible regarding what types of insurance coverage are available for someone who’s 82- years-old.
Here’s An Overview Of Today’s Topic:
- The Most Common Reasons Why An 82-Year-Old Female Would Buy Life Insurance Coverage
- Life Insurance Policy Programs That Are Available And Their Pros And Cons
- Strategies That Help An 82-Year-Old Female Get The Best Overall Life Insurance Package
- Factors That Affect Insurability For An 82-Year-Old Female
The most common reasons why an 82-year-old female would buy life insurance coverage
In this section I’m going to draw upon my experience as a life insurance agent to detail the most common reasons why an older female would want to buy life insurance coverage.
The reason this is important is because it will help solidify in your own mind the reasons that justify this kind of purchase and help you feel more confident about your own purchase decision.
Cover final expenses for an 82-year-old female
The most common reason I have somebody approached me to purchase life insurance is because they don’t want their burial costs to burden their loved ones.
They understand without coverage their family members would have to pay for their burial out of pocket and they would simply rather take care of the expenses themselves.
Depending on what part of the country you live in, burial expenses can be pretty high. Expect to pay somewhere around $10,000 for burial upwards to $20,000.
My recommendation for an 82-year-old female is to reasonably cover as much of that expense as they can afford. At a minimum, $10,000 in coverage is a good idea.
Cover a mortgage
Let’s say you want to leave your home behind to a loved one, but you still owe money on the mortgage. You’re worried because you’re not sure if your loved one can handle the mortgage payments when you pass away and eventually they could lose the home to foreclosure. The way to overcome this is using what’s called a mortgage payment protection plan.
A mortgage protection plan can be specifically designed for seniors. We use what we call a whole life insurance plan, and a lump sum benefit is paid out to the beneficiary of your choice upon your death, whether that’s a spouse or family member.
The beneficiary can then use that money to continue to make mortgage payments until enough time has passed that they can either refinance the house or get the house ready to sell at top dollar to maximize the equity.
The best reason to buy one of these plans is to buy time. If you’re fearful that you won’t have the time necessary to prepare the house for sale and are worried what will happen if you happen to die unexpectedly, the payout will provide enough coverage to ensure the house payments can be made u until the house is ready to sell.
As an 82-year-old woman, you may simply want to leave money behind to either your grandkids, children, or even a favorite charity or church. This is very simple to accomplish. You simply get approved for coverage and name the person or organization you want to receive the money as your beneficiary.
At the time of your passing the money you’ve got in your policy will be given as a lump sum benefit to your beneficiary for them to use in whatever way they choose. So if you’re looking for life insurance as a way to leave a legacy, that’s exactly what you can do.
What types of life insurance coverage are available for an 82-year-old female?
In this section we will specifically talk about two different life insurance policies available to somebody who is 82-years-old. The key thing I want to cover before we get started is that many of you probably are wondering if term life insurance products are available for individuals who are 82.
Unfortunately, there are no term life insurance products that I know of available at that age, namely because term insurance has an 80 year old cut off stipulation which makes it no longer attainable when you reach the age of 80.
The truth is, however, we can get something similar to term life insurance coverage with whole life insurance.
Whole Life Insurance
Whole life insurance is the most common product purchased for people who are 82 years old, chiefly because it’s designed to give you complete peace of mind and is guaranteed to pay a death benefit.
Whole life insurance plans are designed never to go up in price, will never cancel due to age or health, and in some cases fully protect from the first day if you can medically qualify – more on that later.
These types of plans are usually used to cover final expenses and provide funding for mortgage payments. The drawback of whole life insurance is that it tends to be more expensive. As you can imagine, an 82-year-old has very limited options, so though this plan does cost more, it does provide a guaranteed payment.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Universal Life Insurance
The only other serious life insurance option for an 82-year-old female is a universal life plan. These types of plans can be custom tailored to act as a term life insurance plan. In other words you can design a universal life plan to last for 20 years in length. So if you need coverage up to age 100 but not after that, then this can act very similar to a term insurance plan.
A universal life insurance plan may cost less than a whole life insurance plan for the same amount of coverage, but the biggest downside of a universal life plan is that they’re very difficult to qualify for. Medical records will be required, as well as a possible physical.
Usually by the time someone is 82 years old, it becomes very difficult to qualify people for coverage simply because of existing health problems.
There is a very low likelihood that you will be eligible for universal life insurance coverage, but that doesn’t mean it is impossible. It’s important that you talk to a broker like us at Buy Life Insurance for Burial to see if you might qualify.
Strategies to get the best package deal for an 82-year-old female
In the following section I will detail a couple of strategies to help you get the best overall package deal. This is really important at 82 years old because life insurance ain’t cheap when you’re over 80.
You’ve got to make sure that you pick the right company and product in order to ensure you find coverage that is affordable and meets your concerns.
Work with a broker
This is by far the most important choice that you can make once you’re 82 years old.
There are limited options available. The unfortunate reality is the price point between companies can vary dramatically. Many companies rate elderly people at different rates.
You may find one company is $50 to $100 less than another company for the same amount of coverage. Problem is you wouldn’t know the difference exists if you didn’t work with a broker.
That’s why we here at Buy Life Insurance for Burial work with a multitude of life insurance companies that offer life insurance coverage for 82-year-old females. What we do is we take your unique health profile and shop among those competitive carriers to see which one is going to offer you the best price and coverage.
The benefit to you is that you get more coverage for less money and you can optimize your death benefit and legacy.
Know your goals
I referenced earlier why it was important for people who buy life insurance to establish their goals for coverage. Once you know what your goals are, it becomes more important to maximize your coverage to get the most out of your product. Ideally you want to leave behind a lot of money to somebody that is important to you.
To successfully do that you have to figure out what your budget will allow so that you can see those goals through to the end.
Maybe your first goal is to be buried without expense to your loved ones. Maybe your second goal is to leave money to your grandkids. But if you can’t find a policy that will cover for the extra money you’d like to leave for your grandkids, be satisfied with just enough to cover burial expenses.
Trust me. Even if you have to sacrifice a goal, but are still able to achieve one goal, it’s worth getting some kind of coverage versus none at all.
Clearly define your budget
Defining your budget is important because if you are on a fixed income your ability to make regular payments will be restricted. I’ve worked with seniors since 2011 and I’m very used to the reality that we have to find something that’s easily affordable. Truth be told, you should only buy life insurance if it is easily affordable. If you struggle to keep up with payments its likely you will drop the plan before you will ever be able to benefit from it.
What factors affect insurability for a 82-year-old female?
In this section I’m going to detail the most common variables associated with applying for life insurance coverage at 82 years old so you can best prepare yourself for the health questions that will be asked. Keep in mind there are life insurance options that don’t ask health questions. So if you are concerned that maybe some of these questions may prevent you from qualifying, that’s something we can discuss and would be happy to help you with.
Your health is the biggest determining factor when it comes to qualifying for life insurance coverage.
During the application process you will be asked a number of health related questions.Those questions may include, but are not limited to, the following.
Do you have a history of…
- Heart disease
- Circulatory disease
- Lung disease
- Liver disease
- Kidney disease
- Mental health disorders
- Neurological disorders
- Recent surgeries or hospitalizations
- Prescriptions use
This is not an inclusive list, but does give you a good idea of some of the questions you may be asked.
Smoking, age, and weight
If you smoke, expect to pay more money. The same is true if you are considered overweight according to your height/weight ratio.
Of course, you will be paying more for coverage to begin with because of your age. Keep in mind though that while these factors may raise the cost, they do not necessarily exclude you from getting coverage.
Hobbies and profession
It’s unlikely at the age of 82 that you’re participating in high risk activities like scuba diving, mountaineering, or sky diving, but it is important that you’re aware these type of risky hobbies can create a higher price for insurance. Your profession will also have implications on your insurance pricing.
The riskier the profession, the more you are likely to pay.
Most likely the one thing you can be comfortable with is that you’ll likely not have to worry about taking an exam.
Most companies we look at that offer just enough coverage for burial do not require an exam because the coverage amount is low.
If for some reason you are looking for a very large policy, they may ask you to do an exam. But my experience has been that an exam is rarely, if ever, required for an individual in their 80’s.