"Explorations of the Insurance Policy Zone

Life insurance for seniors aged upwards of 80 can be somewhat difficult to obtain. Seniors looking for the right life insurance coverage at this age will need to think about a few things, such as their health qualifications and the rates they will have to pay to receive coverage. Between these two concerns, it is often the first that retirees find more burdensome, as many older people who shop around for insurance may receive competitively priced quotes at the onset, and then subsequently be turned down for coverage.

If you are a healthy octogenarian, or an individual aged 80 or up with a relatively healthy bill of health, you may be able to get good rates for your life insurance coverage. You may also gain access to most kinds of insurance plans, with the possible exception of term life plans that may only guarantee coverage for about a decade and a half. Longer coverage needs require a whole life insurance policy or a universal life insurance plan that comes at a lower price.

No Exam Life Insurance vs. Traditional Life Insurance

If you are over the age of 80, you may be able to get insurance coverage from a no-exam life insurance policy. This kind of coverage is the most popular type of plan for people of this age, although it does have its own setbacks. Although it may be easier to secure this life insurance policy, you will only be able to receive limited coverage in comparison to whole or universal life insurance. For one thing, most insurers who offer non-exam coverage for seniors typically provide a maximum of $25,000 in coverage. For many seniors over 80, whole life may be the sole option if you do not want to undergo a medical exam to obtain coverage.

It may take a much longer time to get underwritten or approved for a fully-underwritten life insurance policy or coverage that requires medical examination, but the coverage you receive is best for the low amounts you have to pay. It is often usual for coverage approval to come after a few weeks, with a good chance that some previously undiscovered health issues coming to light. If you are not absolutely sure about your state of health, you may wish to obtain no-exam coverage first, and then look for a full underwriting policy. After receiving approval for traditional life insurance for seniors, you can then opt to cancel your no-exam plan.

About the Author:

Katherine Smith is an author who specializes in financial topics concerning seniors. Puritan Financial Group provides better life insurance for seniors. For more information on how Puritan Financial Group can help you, please visit our website at http://www.puritanlife.com/products/life/life_insurance_for_seniors.

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