Elderly Life Insurance at 82 Years Old

If you are shopping for elderly life insurance at 82 years old, then you are probably concerned about leaving a financial burden on your family. This is the biggest reason why seniors look for a life insurance plan at age 82 - so they can purchase a small policy to cover the cost of funeral expenses and other final expenses that are left behind. It is never too late to set up some type of coverage, but you want to be sure that you get the right type of coverage for your needs and your age.

Here are a couple of things to consider if you are 82 years old:

Fact #1 : The average cost of a funeral is between $8,000 - $10,000 and that cost has been increasing steadily over the last twenty years.

Fact #2 : If you are currently collecting Social Security benefits, then you are entitled to a burial allowance, which is currently $255.

With these high burial costs and the very tiny amount of money that one receives from social security, it is very important to set up a burial insurance plan so you don't leave a huge burden on your family. Learn more about your options at this age and compare rates from several carriers that specialize in burial insurance.

Elderly Life Insurance for a 82 Year Old- Your Options

Your options for elderly life insurance at age 82 will depend on a few factors. Generally speaking, elderly life insurance is burial insurance coverage. This is permanent insurance, which means your policy will last for the rest of your life and your premium will remain level. This is very important because at the age of 82 you are very likely to be on a fixed income, and so it is important to obtain a policy that will have a fixed premium each month, so you can properly budget. A burial insurance policy is also a great option for elderly life insurance coverage because it builds cash value over time. You can typically qualify for $2,000 to $50,000 of this type of coverage without a medical exam. If your health is good then you can qualify for a policy that will pay full benefits from day one.

Keep in mind that the actual rate that you will pay at the age of 82 is going to depend on several variables such as your smoking status, your health history, your family health history, prescriptions that you take, and even your driving history. Life insurance companies look at all of these things when determining your eligibility. Since you do not have to have a medical exam, they rely on your answers to questions on the application, as well as information that is available through the Medical Information Bureau and various prescription databases.

Elderly Life Insurance for a 82 Year Old - What About Health Problems?

If you have some pre-existing health conditions, and most seniors at age 82 do, then you can still get affordable rates for elderly life insurance at this age. Minor health concerns like high blood pressure, high cholesterol, and even type 2 diabetes that is controlled with medication, can usually qualify for standard rates. If you have some more serious health problems such as heart disease, cancer, or a history of stroke, then you could still qualify for a guaranteed issue life insurance policy. This type of policy has graded benefits, which means that the death benefit is not fully payable until after year 2, but it can still provide peace of mind if you've been turned down before.

Elderly Life Insurance At Age 82 - Compare Rates Today

If you are shopping for an elderly insurance policy at 82 years old, then the first step is to shop around. Rates can vary by as much as 50% from one company to another so it definitely pays to compare. Get a free no obligation quote today and compare multiple quotes from companies that specialize in life insurance for elderly.