Life Insurance for Elderly People?

There are life insurance plans available for older people, whether they are in good health or have health issues.

The elderly may qualify for permanent life insurance which provides lifetime protection, or term life insurance which provides life insurance for a specific number of years.

In addition, there are Guaranteed Issue life insurance policies available for people between the ages of 45 to 85 years old.

Guaranteed issue policies offer guaranteed approval for anyone who meets the age requirements.

Here's how to buy life insurance for elderly people.

Is There Life Insurance For Elderly People?

Yes, there is life insurance for elderly people. A number of No Exam, Final Expense life insurance policies can be purchased by persons up to age 80 or 85.

There is quite a bit of leniency on any health questions about applicants for these no exam life insurance policies, but it is possible to be declined by some that do not offer guaranteed acceptance.

The maximum face amount of life insurance coverage offered is usually $25,000 for this type of life insurance policy, although some come in higher face amounts of coverage available.

Persons up to age 90 may be able to apply for life insurance that requires a medical examination and health records. These are harder to get but for an elderly person with relatively good health, it is possible to get this type of life insurance policy. Here, the minimum face amount is usually over $25,000 and the only maximum limit is what the applicant is able to afford to pay for the policy.

Seniors Life Insurance

Can seniors get life insurance coverage?

Yes, seniors may qualify for life insurance protection.

However, qualifying for life insurance will depend on your age and health. Each life insurance carrier has their own guidelines as to who may qualify based on age, health, lifestyle, and other risk factors, like tobacco use, your driving record, height-to-weight ratio, etc.

In addition, some insurers offer seniors the option of purchasing life insurance without having to take any physical examination, blood or urine testing.

In fact, one life insurance company which is rated "A+" Superior for financial strength by AM Best offers seniors a way to start their life insurance policy for just $1.

When comparing senior life insurance plans make sure you take into consideration the premium, financial strength rating, how long the rate is guaranteed to remain level, and how long you will have the life insurance coverage. Also, find out if you have full coverage immediately, or have to wait 2-3 years after you start your life insurance policy.

Here's how to compare seniors life insurance rates and plans online today.