Life Insurance for Seniors over 75
What is the best life insurance for seniors over 75?
Our Experior Financial Group Associates can recommend funeral or burial insurance as the most financially effective type of life coverage for senior life insurance options. This insurance covers only the costs of the funeral, which can be approximately ten, twenty thousand or more dollars. This does not leave wealth to beneficiaries, so with no death benefit, it may not be the preferred option, but can be the most affordable option with no health questions. Our experts work with life insurance companies to offer the best rates for their clients.
What are the lowest cost life insurance policies for those over 75?
The least expensive option would be for someone who is looking to exclusively cover funeral expenses. Life insurance rates are often incredibly high for retirees. Instead, you can secure a pre-need funeral insurance policy; this would be the most affordable life insurance since any other traditional type of life insurance plan at this age can become prohibitively expensive.
If you would like your life insurance to cover your taxes should you pass away, that’s when you would consider a traditional Whole Life or Term 100 policy. You should also have funeral arrangements in place so that the cost of the funeral is covered with minimal expense to your family. These funds are usually directed to the funeral home and if any funds are not required, the balance is remitted directly to the beneficiary of the policy. As mentioned earlier, if you would like your life insurance to cover your taxes should you pass away, you may prefer a Whole Life or T100 policy, however, that will be more expensive than Funeral Planning insurance alone.
You may also wish to consider a Simplified Issue Life policy, which our associates have access to through several of Experior’s partner insurance companies.
Can you get life insurance quotes for seniors over 75 years old?
Yes, absolutely! Even if you have never had a previous life insurance policy, you can still be eligible for insurance for seniors over 75, and up to 85 years old. There are still coverage options available to you.
How much does Term Life insurance cost for a 75 year old?
Life insurance coverage for seniors can be a costly expense, especially if you have medical issues (like high blood pressure) that may require a medical exam. In order to qualify for Whole Life insurance or a Term Life insurance policy, medical history would be required. However, pre-need coverage does not require any medical questions and is guaranteed issue.
If you are a senior and are looking for affordable life insurance coverage, you still have reasonable options that can be explored with an Experior Financial Group associate. They can provide you with guidance on the best plan for your situation, given your health conditions, end-of-life expenses, needs, and final wishes. Our associates can help Canadians with Guaranteed Life insurance, Permanent Life insurance, Medical Life insurance, and senior life insurance. We can also help clients with Universal Life, Health Insurance, and find the most reasonable life insurance premiums overall. Experior’s associates can also refer you to a third party for home insurance and auto insurance.
With Experior, you will have peace of mind knowing that all your insurance-related questions have been answered and that your needs have been covered for you and your family, no matter what age group you fall in. Contact us today to receive an insurance quote from an expert associate.
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