When we reach the age of 80, our primary concern is the future of our loved ones. We are no longer worried about how we are going to manage with the limited means in the coming time. The most desirable aspect in this age is to be remembered by your offsprings. However, a life insurance for people over 80 can complete all your financial needs and can also give mental satisfaction.
In the current social scenario where the rising GDP is giving a boost to the social status of most of the citizens, there is an inevitable pressure on this generation to maintain that status quo. However, the expenses are rising too. The aged people understand their mortality issues when they reach up to an age of 80 years. With their experience of life they want to contribute to the betterment of their children but mostly due to health issues and an upper age limit for working, they hardly can contribute anything.
In this situation, this problem of senior citizens is very well addressed by insurance companies. They have offered various plans and policies to provide life insurance for people over 80 years of age.
Let us Take a Look at the Various Options
In general, there are two types of life insurance plans broadly
Term insurance plan
Insurance is taken for a given period of time. After the time period is over you start getting the returns.
Whole life insurance plan
Insurance is for the whole life and nominee gets the benefit after the policy holder dies.
There are modifications of these plans in various formats to suit the individual needs. For example, there are “no medical examination no waiting period plans”, “final expenses life insurance plans” etc.
These are some of the suitable plans that can help people over the age of 80 years.
No Medical Examination No waiting Period Plan
These types of insurance plans are generally quite expensive. As the name suggests the individuals can buy this insurance policy with minimum hassle as there is no need to provide the medical certificate. Also, these plans do not involve a waiting period so they can be readily availed. This convenience comes at a higher price than the normal insurance plans.
At the age of 80, such policies are most suitable because most often people in this age bracket are having some health issues. If they will seek the regular insurance plans then it is highly likely to have much deductions and objections. Also, there may be a lot of delay in the clearance process as the committee takes time to decide on their health issues. Considering the human mortality age, such plans often act as a boon.
Final Expenses Plan
These plans are bought by the senior citizens in order to help their children to meet their final expenses such as pending debts, medical bills, and burial expenses etc. These plans can be availed by the senior citizens by paying premiums accordingly.
When is the Right Time to Buy the Policy?
Sooner the better! This is the best answer to the above question. As soon as you realize that you want to buy an insurance plan you should start working on it right away.
As we age the insurance policies get costlier given to our health conditions and rising family expenses. There will be a lot of difference in the cost of insurance policy even within one year. For people who have reached the age of 80 years, it is difficult to find an easy and suitable plan as per their choice. There will be some terms and conditions as per the policies. Therefore, it will be better that they buy the insurance plan as early as they can.
Buying insurance plan earlier can also help them in paying the premium in time and can accumulate a higher amount in lesser time period. This will serve the purpose of their policy in an optimum manner.
Due to increasing awareness among people about financial implications and annuity rates many people have started buying such policies at earlier ages. This ascertains that when they turn up to some age like 80 years, life will be much more convenient for them.
Thus, it will always be a wise decision to consider buying an insurance policy at an earlier age. Even if you are 79 or 80, you should not wait for another 1 year to buy the plan. It is better to buy sooner.
How to Find Life Insurance for People Over 80?
Managing the finances at the age of 80 years is totally dependent on the individual. For a retired person there may be various sources of income such as rents from the properties, income from the ongoing business, returns from the policies taken at a younger age, pension from the job, allowances by the government etc.
Depending on the income the elderly people also have their expenses and responsibilities. In this quest, if they are planning to buy life insurance policy it may be an additional burden to them.
However, things always go well if planned properly. The following points can help you in simplifying the process of planning for life insurance policy:
- You can seek the help of some financial consultant or can jot down the points on a paper.
- Set a goal! One needs to decide how much money they want to attain via insurance. According to that, they can set the amount of money they can comfortably set aside to pay towards the premiums.
- If one is aware of his or her goal, it is easy to decide the terms of premiums whether it should be monthly, quarterly, semi-yearly or annually.
Once this aspect is clear to them they can manage their home finances without many difficulties.
Buying life insurance is always a life changing decision for most of the people. As they not only provide the financial security to their loved ones but also express their desire to help them even after they no more exist. For people who have reached an age of 80 years, life insurance is a way of expressing the gratitude and love towards their family.