Life Insurance Options at 87: A Comprehensive Guide

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As individuals approach their later years, ensuring financial security becomes increasingly important, especially when it comes to planning for end-of-life expenses. Finding suitable life insurance for 87 year old can seem like a daunting task. However, with the availability of final expense insurance, there are still viable pathways to protect oneself and loved ones from the financial burdens associated with passing away.

Understanding Final Expense Insurance

Final expense insurance, often referred to as burial insurance, is specifically designed to cover the costs associated with end-of-life expenses, including funeral costs, medical bills, and outstanding debts. Unlike traditional life insurance policies, final expense insurance typically offers lower coverage amounts, making it more accessible and affordable for seniors.

Features of Final Expense Insurance

One of the key advantages of final expense insurance is its simplicity and accessibility. Here are some features that make it an ideal option for 87-year-olds:

No Medical Questions: Unlike traditional policies that may require extensive medical underwriting, final expense insurance often does not ask applicants to answer medical questions. This streamlined application process makes it easier for seniors with pre-existing health conditions to obtain coverage.
Affordable Premiums: Final expense insurance policies are designed with lower coverage amounts, resulting in more manageable premiums, even on a fixed income. This affordability ensures that seniors can secure financial protection without straining their budgets.
Guaranteed Death Benefit: Final expense insurance policies typically offer a guaranteed death benefit, meaning that upon the policyholder's passing, a predetermined amount will be paid out to the beneficiaries. This assurance provides peace of mind that loved ones will have the necessary funds to cover funeral expenses and other end-of-life costs.

Exploring Coverage Options

Final expense insurance policies come in various coverage amounts, allowing individuals to select a plan that meets their specific needs. While coverage amounts may vary by insurer, policies generally offer amounts ranging from $2,000 to $25,000, providing flexibility to tailor coverage to individual circumstances.

Comparing Costs

The cost of final expense insurance for 87-year-olds varies based on factors such as gender, coverage amount, and smoking status. Generally, non-smokers can expect lower premiums compared to smokers, with monthly costs ranging from as low as $44 to $686 for females and $58 to $686 for males, depending on coverage amount.

Choosing the Right Provider

Selecting the right insurance provider is crucial when purchasing final expense insurance. While several companies offer coverage for seniors aged 87, it's essential to consider factors such as pricing, coverage options, and company reputation. Some reputable insurers offering final expense insurance for 87-year-olds include Aetna, CVS Health, Security National, and American Home Life.

Final Thoughts

Despite the challenges of obtaining life insurance at 87, final expense insurance provides a practical and accessible solution for seniors seeking financial protection in their later years. By understanding the features, coverage options, and costs associated with final expense insurance, individuals can make informed decisions to safeguard their financial futures and provide peace of mind for their loved ones.

Life Insurance Options at 87: A Comprehensive Guide

Understanding Final Expense Insurance

Features of Final Expense Insurance

Exploring Coverage Options

Comparing Costs

Choosing the Right Provider

Final Thoughts

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