Why is it that life insurance coverages stop at about age 65 or so? Are there insurances that over if you are?
over 80 years old or older? What are the best insurance companies for the elderly?
Please include as much info.
No, I am not referring to term insurance exclusively. All types of insurances and at what age is the limit for coverage.
The best companies are ones that have been around for a long time and are stable. The reason that most term life policies end around 65 is because that type of insurance is used to protect your dependents. Past age 65 most people have grown children who are on there on and it is assumed that your house is paid off and you have a nestegg of your own for your spouse to live off of if you died.
You were not specific enough but you could look into long term care insurance to protect yourself. Most big companies offer that as well.
If you have enough money you can insure just about anything, any time.
There are plenty of policies that cover people beyond age 65. Even term policies would commonly cover someone with a level premium up to age 85 if you are 75 or younger.
There are many competitive companies out there, and the best one will depend on your situation and needs. Start asking around, and make sure to get a few informed opinions before you sign on the dotted line.
Sure, you can get insurance if you’re 80 or over – you just can’t get good ODDS, as the odds are always going to favor the insurance company.
You just go to a high risk broker, tell them how much you’re willing to pay, and they’ll tell you how much of a paid up policy you can get for that. $50,000 of premium should be able to buy you $45,000 of coverage, paid up, even if you’re 80. or 100.
Coverages don’t necessarily stop at 65, but that’s when the odds get really, really short. Most people want to pay $200 a year for $100,000 of coverage. Too many people die after 65 for an insurance company to break even. They can’t stay in business, giving unrealistic odds.
mbrcatz17 may state that she is an agent for 21+ years, but she has no idea what she is talking about here.
You can get insurance issued from many major insurance companies up to age 90. Of course the premium on an 85 year old will be expensive compared to that of a 45 year old, as the 85 yo has a much shorter life expectancy.
Like policies on people of all ages, analyzing the pricing of insurance has nothing to do with someone’s age. It has to do with the pricing and guarantees within the policy vs the mathematical modeling of various issues.
The point is, you do not need a specialty carrier unless you have a severe medical history.
My firm regularly works on the insurance of people 75+. We find them insurance with major carriers at competitive prices. Furthermore, we sell policies typically in the $10-50 million death benefit range, and we still are able to get them insured with major companies.
In short, the ODDS as mbrcatz17 puts it are all relative. Obviously if you are 85, your premium will be MUCH more than if you are 25. The question is, based on your prospective outlook of life, is the premium and structuring of the policy a good deal or not? That question can only be answered after using forms of modeling that I am sure mbrcatz17 does not utilize.
NOTE: IT IS DANGEROUS TO GIVE CRUMMY ADVICE. THESE PEOPLE ARE JUST LOOKING FOR ANSWERS, AND DO NOT KNOW WHERE TO TURN. IF YOU DON’T KNOW WHAT YOU ARE TALKING ABOUT, DON’T TALK.
Yes there are- Colonnial Penn, for one. But at 65 or older, you WILL NOT qualify for more than $10-15,000 due to age. For other companies, like mine, we have a program to be able to start coverage up til age 75. I won’t lie to you, it could be too expensive to have this. That is the real problem- due to age and chance of death, the premiums are much higher.
i think you are refering to term insurance. Term insurance as it sound will have a specific term.
But a whole life insurance protection may be an answer to your need. Most whole life insurance covers up to age 100.
The premium will be lower if your entry age is younger and the premium will be leveled until age 100.
Some whole life insurance will have some cash value. This will be handy after we retired and cannot afford the premium. We can either cash out or use the cash value to pay for the future premium.
Life insurance is very useful in estate planning for the next generation. Another word your next generation will be benefited from what you plan for them
Get a qualify planner to assist you in this matter. As more specific informations are required to design a good plan for you.
Are you looking at life insurance as a tool to pass on wealth to your heirs tax-free? If so, you might consider a single-premium life insurance policy. As the name suggests, the premium is paid upfront in a lump sum. The policy covers you until death. Depending on your age, the death benefit can be two or more times the amount of the single premium. In most states, the death benefit is exempt from estate taxes.
Some single-premium policies can include a provision to pay for certain kinds of medical care, such as nursing home care or hospice care. In this sense, the policy functions as a kind of long term care insurance. Any money remaining in the death benefit at the time of the policyholder’s death is passed on to the beneficiary.