What to do when you’re looking for an over 80s life insurance policy through the internet.
If you happen to be 80 or older and you are interested in either shopping around for a life insurance policy that offers a lower premium.
If you’re currently paying or are buying life cover for the first time, there is some good news as well as a few things to think about before and during your search.
The Good News
The good news is that there are more and more insurers out there who are beginning to offer short term and medium term over 80 insurance policies to seniors.
There is more competition and of course, that means both more options for people 80 and up as well as lower premiums than have been the rule in the past.
However, there are a couple of important considerations that seniors have to be aware of before looking for a life insurance policy.
As you might expect, insurance companies tend to see seniors, especially those aged 80 and older to be a higher risk category of customer and as such, premiums are almost universally higher than they would be for a younger person shopping for life insurance.
That’s probably not too much of a surprise, but just because you may pay slightly higher premiums than younger people, this does not mean that you cannot find a life insurance which is affordable and provides the kind of cover you need.
The Not So Good News
One drawback you’ll find too many over 80 life insurance policies is that they do not pay out death benefits for the first few years after you purchase them.
If you should die during this period, the beneficiary you designate in your life insurance policy will receive only the amount that you have paid into the policy in the form of benefits, plus interest.
If you pass away after this time has elapsed, however, then your designated beneficiary will receive the entire face value of the policy.
Another possible downside is that many insurance companies will only provide an over 80 life insurance policy which has a large death benefit if you pay relatively high premiums.
This is something that seniors need to take into consideration when purchasing term life insurance policies, particularly over the age of 80.
Playing It Safe
If you already have a life insurance policy but would like more cover, you may want to keep your existing policy and purchase another over 80 life insurance policy as supplemental insurance.
Since it is likely that your current policy involves a lower premium – this can allow seniors to provide a larger benefit to their loved ones upon their death while keeping their insurance premiums affordable.
Shop Wisely and Keep Safe Online
The internet has made finding for life insurance much easier – you can even get life insurance quotes online, which allows you to narrow your search quickly and get the information you need to plan wisely for the future of your loved ones.
Although it can be difficult to find a good over 80 life insurance company online, it is by no means impossible. Make sure you use an FSA regulated company so you can trust the information you receive from them.
Just like this tool that directs you to FSA regulated firms for a life insurance policy you can trust.