The people over the age of 90 are really old and there are not many people in the USA who outlive 90 years or more. So, can you expect life coverage at this stage of life? There might not be a lot of offers available for you but you certainly can find reasonably better and suitable life coverage due to the increasing number of providers these days. Some of the most reliable insurers in the country do provide scope for these senior people to obtain life policy. They can apply for free quotes online and get a lot of rates to compare. If you stick with the first seen offer and don’t compare between the companies, then there is unlikely any chance to grab the best offer amidst all available in the market.
Why Life Insurance at 90?
The elderly over the age of 90 might not have any more dependents and the living expense should not be a big concern. At this stage, people don’t remain fancy any more rather wait for a normal death. They might have some personal loan or mortgage that needs to be paid off. Some seniors are unlucky that their grown up children no longer live with them or take care of their financial activities. Such people need life coverage mostly to ensure the funeral expense which is high these days. They can look for smaller coverage such as burial insurance which is available at very low rate. Learn here more about the pre need funeral insurance which is a very popular way to get covered today. The burial insurance covers funeral expense which can be bought either by traditional insurance company or through funeral home. If your intention is to buy term policy, then coverage starts from as low as $25k to $500k but you may not get one easily unless a special request is made showing your health condition is still better than many juniors. You should stick with lower coverage amount which eventually result smaller premiums. There should be options for you to pay premiums weekly, monthly or annually. The no exam life insurance is preferable considering that people at 90 do have some health concerns.
How You Should Plan for It?
So how would you plan for a life insurance for seniors over 90 years? You have to take help of family members or experienced life insurance broker in your area. Some people buy life coverage for their parents because they know that it costs a lot for a complete funeral event. Today, an average funeral needs a hectic amount of $8k to $10k which can be higher depending on your planning. Read here more about the basic burial costs and coverages. But what coverage amount you should apply for, all depends on your demand. This is really tough to set an amount for someone without knowing his demand, necessity and purpose of purchasing a policy. Thus you should contact a finance advisor and learn what could be the best estimated death benefit. Neither be overestimated nor underestimated, rather try to be realistic about your goal and plan.