Do you want to get a life insurance for elderly parents to pre-arrange the money required if any unexpected happen? Elderly parents generally avail life insurance to pay the funeral costs and other debts. With the increasing funeral cost, it has become an important issue for seniors to get a life plan. In 2016, the average funeral cost was $8,000 in U.S. Seniors life insurance plan should cover these expenses.
Elderly parent plans are not expensive if purchased before 65 years. As the age increases, the insurance cost also accelerates. It is wise to obtain a plan as early as possible. Although insurers offer life insurance over 90, that is very expensive and hardly seniors can obtain it.
How Much to Cover?
For seniors, life insurance plans are costly; keeping this in mind the coverage should be determined. You can even cover $100K but that will not be a cost effective plan. Isn’t it enough to cover $20K? With the $20k death benefit, burial cost that is $8k is easily payable. After paying the burial cost there will be $12k for paying other debts according to need. But if you want an expensive burial package that is an exception.
Coverage is also related closely to the age. If your parents have already passed 80 years, you should not look for a huge coverage. Insurers will ask very high premium that will not be an affordable deal. People say that seniors over 80 can’t get any life insurance but they are totally wrong. A senior can get life insurance at any age, the premium will be different.
How’s Your Health?
Seniors health is very important and a plan is mostly dependent on this. Bad health can cause application rejection or very high cost. Any major surgery also affects the policy very badly. Diabetics, heart disease, or cancer are a deadly disease and these can make the cost of insurance triple, details here.
Getting Rejected Again & Again?
Is your insurer rejecting your application of life insurance policy for people over 70, again and again? If you don’t have a problem with paying a little bit higher monthly premium, you can buy guaranteed issue life insurance without any hassle. Its acceptance of the policy is guaranteed and no medical exam or document is required to obtain this plan.
How to Get a Policy Fast?
Applying for quotes online is the best way to get an affordable deal for elderly parents. It is recommended to compare at least 5 company rates before purchasing any policy. You can get quotes from us.