You may have come to this page because you’re an 87 year old man or woman interested in life insurance or because you’re looking for a policy for your 87 year old parents. Whatever the case, this is the right article for you!
Here I’ll answer essential questions about life insurance for seniors your age. We’ll cover topics including final expenses, term life insurance, debt payoff, and income replacement.
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What life insurance coverage options are there for 87 years old seniors?
Whole life insurance
We usually recommend whole life insurance to senior citizens of your age. One of the main advantages of whole life insurance is that it doesn’t cancel. As long as you are paying your premiums, you’ll be covered by the insurance.
Also, whole life insurance rates never increase. If you choose whole life insurance, you can be sure that premiums will not get so expensive that you can’t afford them.
In addition, our whole life insurance options offer simplified issue underwriting where you can qualify for insurance without having to take a medical exam.
Universal life insurance
Universal life insurance may be a right choice for you if you are in good health. When it’s set up correctly, guaranteed universal life insurance for seniors is permanent coverage that you can’t outlive.
Term life insurance
You may have heard that term life insurance is the best life insurance option for seniors. But this is not always the case, and here’s why.
Term life insurance is not easy to qualify for when you are an 87 years old man or woman. Most life insurance carriers will deny your application either due to your age or health issues.
Besides, term life guarantees coverage only for a certain number of years. This means that you may outlive the policy and then you’ll be left with no insurance at all. We believe that you should always look for life insurance that you can’t outlive.
What if I still want term life insurance? Will you be able to help me?
Yes, absolutely. As an independent broker, Buy Life Insurance For Burial has access to carriers that are easier on underwriting. We’ll be happy to help you find quality term life insurance that will be a good match for you.
What carriers can you recommend for seniors aged 87?
Although there are several good options for seniors aged 87, you should keep in mind that no single policy fits everyone. It all depends on your health condition and the way health factors are rated by a specific insurance company.
The good news is, at Buy Life Insurance, we work with many top-rated national insurance carriers. That’s why we can help you find the best coverage option for your health condition and financial situation.
Why not buy from AARP or Colonial Penn? I see all sorts of television commercials about their burial insurance and get their advertisements in the mail.
AARP and Colonial Penn have been advertising their final expense burial insurance for seniors for many years. Before you make a decision, you should read the fine print.
For example, AARP life insurance offers term life insurance that cancels at the age of 80. So this is not an insurance alternative for 87 year old seniors.
As for Colonial Penn life insurance, they offer “guaranteed acceptance” policy that doesn’t cover natural death for the first two years.
So these may not be relevant life insurance options for you when you are 87 years old.
Do I need a medical exam?
Not necessarily. In fact, a medical exam is not always mandatory when you’re 87 years old. Unlike most life insurance programs that require underwriting analysis, our insurance options for 87 year olds are approved immediately.
Most of our senior clients choose simplified issue coverage. With this type of coverage, you only have to answer a few essential questions about your medical history for the life insurance application. There’s no need to undergo any kind of medical exam at all.
If you’re looking for a quick and simple way to get a life policy, this may be the perfect option for you.
What if I am not in great health? Can I still qualify for a life insurance policy?
As an 87 year old senior, you can qualify for life insurance even if your health is not the best. At Buy Life Insurance For Burial, we have coverage options for 87 year old men and women with health condition including:
- Heart issues (heart attacks, strokes)
- Lung disease (COPD)
- Neurological disorders (Parkinson’s disease, lupus)
- Mental health disorders
- and other conditions.
However, if you have any significantly advanced pre-existing health conditions, you won’t be able to qualify for no questions asked whole life insurance policies. These plans provide coverage for seniors only up to the age of 80.
What kind of rates are we looking at?
At Buy Life Insurance For Burial, we can always find a life insurance policy for you, regardless of your budget and your financial situation. Our end goal is to help every senior find a policy that meets their individual needs. Even if you’re on a fixed income, you shouldn’t be in a situation where you are forced to drop coverage because it’s too expensive.
Can I get life insurance for my 87 years old parents?
Yes. Getting coverage on your parents is common these days and we often assist adult children to get burial insurance or life insurance coverage on their parents.
Keep in mind, however, that you can buy life insurance on your parents only if they sign off on the policy. In other words, you won’t be able to authorize a life insurance policy on an 87 year old parent without their consent. The only exception to this rule is if you have power of attorney.
If your parents agree for you to take out the life or burial insurance coverage, you can set up payments from your account to pay the policy premiums.
Why do 87 year old seniors like me need life insurance?
We believe that, whatever your age, you should always have life insurance. Here are some of the ways you can use life insurance:
- For covering your final expenses. Many of our senior clients at Buy Life Insurance For Burial retire with little or no savings. What’s more, most people don’t have enough insurance to cover their final expenses. Life insurance can help take the burden off the shoulders of your loved ones, allowing them to cover funeral costs and burial or cremation expenses.
- For paying off debt. At the age of 87, you can use life insurance to pay off debt such as mortgage or credit card debt, for example.
- For replacing your spouse’s income. Seniors often decide to buy life insurance to compensate for the loss of income from their spouse who was their family’s primary earner.
- For leaving a legacy for your loved ones. Taking out life insurance at the age of 87 will allow you to leave money behind to your loved ones after your death.
How can I get a free life insurance quote from you?
If you’re interested in buying life insurance, you can get in touch with us either by phone or online and we’ll get a quote for you in a matter of minutes.
- Call us at 888-626-0439. You will speak to one of our friendly representatives. If we’re busy, simply leave a voicemail and we’ll call you back as soon as possible. It will only take us 10-15 minutes to get you a quick insurance quote.
- Get an online quote. Here’s what you need to do. On a smartphone, click the button at the top to request a free quote. On your desktop computer, fill out the information to your right then click “submit”. After you get some prices, we’ll follow up with you shortly to hear what you think about those options.