In this article, I’ll cover everything you need to know about life insurance whether you are an 84 year old senior yourself or you are looking for insurance for your elderly parents.
You’ll learn why you should take out life insurance at your age, what type of insurance you should choose, and what your options are if your health isn’t the best or if you are on a fixed income.
Let’s get right to it!
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There are several good reasons to buy life insurance at the age of 84. In fact, we believe that all seniors regardless of their age should have life insurance. Here’s why:
- You can use life insurance to cover your final expenses. In our experience, seniors often don’t have adequate life insurance coverage to pay for their funeral and burial or cremation costs. Their savings are often not enough to cover final expenses either. That’s why many seniors choose to purchase life insurance.
- You can pay off debt using life insurance. When you are 84 years old, you can buy life insurance to pay off the debt that will be left behind after your death, such as mortgage or credit card debt.
- You can use life insurance to leave a legacy of love. You may want to buy life insurance in order to leave money behind to your loved ones. Or, you may want to help your grandchildren as they start college, for example.
- Life insurance can be used as an income replacement. Many seniors your age find life insurance useful as a replacement for income loss after the death of their spouse who was the primary earner in the family.
You won’t always need to have a medical exam to qualify for a life insurance policy. Even at the age of 84, there is a quick and simple way to get a life policy without any need for medical exams.
Most of our senior clients opt for something called “simplified issue coverage.” When you apply for one of our life insurance or burial insurance policies, the company will only check your past medical history before they decide whether you are approved.
Unlike most life insurance programs that require weeks of underwriting analysis, with our life insurance options, you will get approval in a matter of seconds.
There are life insurance policies with first-day coverage for seniors with health conditions including heart issues, mental health issues, cancer, lung diseases, diabetes, neurological disorders, and more.
However, if you suffer from the toughest pre-existing conditions at the age of 84, you are no longer eligible for no questions asked whole life insurance policies. These policies offer coverage only until the age of 80.
At Buy Life Insurance For Burial, we help everyone with finding a good policy regardless of their budget. Many of our clients are low-income seniors. So even if you’re on a fixed income, we can always adjust the price to fit your budget.
Buy Life Insurance For Burial is an independent broker that carries multiple top-rated insurance companies. We have access to the best coverage options for seniors. You can be sure to get a great policy at the best price, based on your individual needs and financial situation.
That said, it’s impossible to recommend only one company that fits every 84 years old looking for life or burial insurance.
Every person’s health situation is unique and health factors vary between different life insurance carriers. What suits another senior your age may not be a good match for you.
As a 84 years old, you have the following life insurance options:
Universal life insurance
If your health is good, universal life insurance may be the right option for you. Keep in mind, however, that if it’s set up incorrectly, guaranteed universal life insurance for seniors may cancel prior to death. Otherwise, it’s a permanent insurance policy that you can’t outlive.
Whole life insurance
We usually recommend our senior clients to take out whole life insurance. This type of insurance won’t cancel due to your age or your health as long as you are paying premiums. Moreover, this is an insurance type that you can’t outlive.
Our life insurance carriers offer “simplified issue” underwriting. This means that 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 to be approved.
In addition, whole life insurance rates don’t increase, and you qualify for first day full coverage.
Term life insurance
Most seniors think that term life insurance is the best life insurance option, but we can tell you that this is not always the case. Term life insurance guarantees coverage only for a certain number of years and you may end up outliving the policy. And if that happens, you’ll be left with no insurance at all.
Term life insurance is also difficult to qualify for. At the age of 84, you may not get approved due to your age or underlying health issues. This type of insurance often has high premiums that may not be acceptable if you are on a fixed income.
What if I still want term life insurance?
If you believe that term life is the right insurance for you, then we will do our best to find a suitable policy for you. We’ll choose an insurance carrier who is easier on underwriting and help you get a quality policy for a good price.
What about AARP and Colonial Penn? I get their mailers and see many television commercials about their burial insurance. Should I buy from them?
Not necessarily. Although both AARP and Colonial Penn provide coverage for seniors, you should be aware of their policy details before you make a commitment.
AARP insurance is term life insurance that cancels at age 80. That means that if you’re an 84 year old man or woman you can’t benefit from their coverage.
Colonial Penn’s guaranteed acceptance policy doesn’t cover for full natural death for the first two years. While you may think that this is the only type of insurance you can qualify for because your health isn’t very good, it is likely that you can find a better product.
Yes, you can buy life insurance for your parents who are 84 years old under the condition that they sign off on the policy. The only exception to this rule is if you have power of attorney.
Once your parents agree for you to take out the life or burial insurance coverage, you can set up payments from your account to pay their policy premiums.
At Buy Life Insurance For Burial, we have helped many adult children get life insurance coverage on their parents and will be happy to assist you too.
If we’re tied up and can’t answer the phone, leave us a message and we’ll get back to you as soon as possible. It only takes 5 to 10 minutes to get a quote for life insurance from us.
Alternatively, you can ask for an online quote. If you’re on a smartphone, click the button at the top to request your free quote.
If you’re on your desktop computer, fill out the information to your right then click “submit”. You’ll get to see some price options, and we’ll follow up with you shortly to discuss them with you.