In this article, I’ll answer some questions a 90 year old person should ask when looking to buy life insurance for covering final expenses, paying off debt, or replacing income.
So whether you are 90 years old and interested in buying life insurance or looking for life insurance coverage for someone else like a 90 year old parent, this is the right article for you!
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At Buy Life Insurance, we believe that there are many reasons to carry life insurance at the age of 90 including:
- To use as income replacement. Many seniors buy life insurance at the age of 90 to replace the income of their spouse who was the primary earner in the family.
- To leave a legacy of love. Seniors your age may want to buy life insurance in order to leave money behind to kids or grandkids.
- To pay off debt. Some people buy life insurance to pay off additional debt left behind after their death such as mortgage or credit cards debts.
- To cover final expenses. This is the most common reason why 90 year old men and women purchase life insurance. Many people retire with little savings and inadequate life insurance to pay burial or cremation costs and they buy life insurance to cover their final expenses.
Because every person’s health is unique and health factors are rated differently by each insurance company, there is not one single life or burial insurance carrier that best fits every 90 years old.
The good news is, at Buy Life Insurance, we work with the nation’s highest-rated life insurance carriers and we can find the best coverage option for you regardless of your health condition and financial situation.
What are my coverage options at the age of 90?
The majority of 90 years old men and women looking for life insurance choose from one of the following policy options:
- Term life insurance. Term life insurance for seniors provides the most payout for the least amount of money. Still, most seniors don’t get term insurance because it’s difficult to qualify for and because it may cancel before you die. If you choose this type of insurance, losing your coverage when you most need it is a risk you need to take into consideration.
- Universal life insurance. Similarly to term life insurance, guaranteed universal life insurance may cancel prior to death if set up incorrectly. But if set up right, universal life is permanent insurance coverage that you can’t outlive.
- Whole life insurance. At Buy Life Insurance For Burial, we usually recommend whole life insurance to our senior clients. One of the advantages is that whole life insurance doesn’t cancel due to age or health, its rates don’t increase, and you qualify for first day full coverage. What’s more, our whole life insurance options offer “simplified issue” underwriting, which means that you don’t need a medical exam to qualify.
While many people will tell you that term life is the best form of life insurance, and whole life insurance is “a ripoff,” this is not always true.
There are several reasons why term insurance may not be the best choice for a 90 year old senior:
- Term insurance is difficult to qualify for. Most term life insurance policies don’t get approved or get rated up so high that the insured refuses to pay the higher premium. As a 90 years old senior, chances are that you’ll get denied due to your age or health issues. Or you may refuse coverage due to sky-high rates.
- Term terminates. Many 90 year old men and women looking for life insurance believe final expense coverage is important. But, as we explained above, you may end up paying significant sums of money in premiums and outliving the coverage.
The short answer is, whole life insurance. This type of insurance provides a total peace of mind. You can’t outlive your coverage as long as you pay your premiums and its rates never increase.
What if I still want term insurance?
If you’re set on buying term insurance, we’ll be happy to help you. In some cases, term life insurance still makes sense for a 90 year old. We’ve got access to carriers that are easier on underwriting and can find a quality term life insurance for you.
Having an exam when you’re 90 years old applying for life insurance is optional. In fact, almost none of our senior clients take exams. Instead, they opt for something called “simplified issue” coverage.”
Here’s how it works.
Our simplified issue carriers make it quick and easy to get a life policy. When you apply for one of our life insurance or burial insurance policies, the insurance company will verify your past medical and prescription history and decide whether you’re approved. There is no need to undergo a medical exam at all.
And that’s not all.
Unlike most life insurance programs that require weeks of underwriting analysis, with our life insurance options, you’ll be able to get an approval in a matter of seconds.
Yes, there are life insurance policies for 90 year old men and women with a history of poor health. We have carriers with first day coverage for people with one of the following issues:
- Heart issues (heart attacks, strokes).
- Mental health disorders
- Lung disease (COPD)
- Diabetes, even if you use insulin or have diabetic complications
- Neurological disorders (Parkinson’s, lupus)
You should keep in mind, however, that if you have any significantly advanced pre-existing health conditions at the age of 90, you no longer qualify for what’s called no questions asked whole life insurance.
Whatever your budget, we can adjust the price to fit your financial situation. Many of our clients are low-income seniors on a very tight budget. Our end goal is to help you find a policy even if you’re on a fixed income.
I get mail from AARP, Colonial Penn, and see all sorts of television commercials about burial insurance. Why not buy from them?
Both AARP and Colonial Penn have been advertising their final expense burial insurance for seniors for many years. However, there are some issues that you need to be aware of when it comes to their insurance policies.
First of all, AARP life insurance is almost exclusively term life insurance as is sold in their television commercials and letters they send you. And we’ve seen that term life insurance cancels. AARP’s policy cancels at age 80, which makes it unsuitable for seniors your age.
When it comes to Colonial Penn life insurance, their “guaranteed acceptance” product does not cover for full natural death for the first two years. Most probably, you can qualify for something better with another product.
While AARP and Colonial Penn do provide coverage for the people who need it, chances are, Buy Life Insurance For Burial will be able to get you a better quality policy. It will start immediately without the need to wait or take the risk of outliving the coverage.
We help lots of adult children get burial insurance or life insurance coverage on their parents and we can help you as well.
You can buy life insurance on your parents as long as they sign off on the policy, unless you have power of attorney. Once your parents agree that you take out the life or burial insurance coverage, you can set up payments from your account to pay the policy premium.
Are you ready to learn more about life insurance for 90 year olds? Here’s what you need to do next:
- Call us. You can speak to one of our friendly representatives by calling 908-626-0439. If we don’t answer the phone immediately, simply leave a voicemail and we’ll call you back as soon as possible. It will only take us 5-10 minutes to get you a quote for life insurance.
- Request an online quote. If you’re on a smartphone, click the button at the top to request a 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 later to discuss them with you.