If you are over 80 years old and looking for a company that will provide adequate and affordable life insurance for elderly people, then you should be aware that there is a difference between companies that are best for older seniors and companies that are more suited to a younger population.
As we age, our needs change in many ways. Our goals change, our health changes, and our needs and the structure of our finances change. Life insurance is one of those areas.
Which Companies Are Best for Men and Women Over 80?
This is a tricky question because there is no cookie cutter answer. There are hundreds of life insurance companies on the market. Just about all of those companies insure seniors but only some of them insure seniors over the age of 80.
Of those that insure seniors over age 80, there are companies that are better for seniors who smoke. There are companies that are better for seniors with diabetes. There are companies that are better for seniors who have had a heart attack or a stroke. I hope you get my point.
How Underwriting Criteria Affects Which Company is Best for a Senior
The reason that there are companies who are better for smokers, those with diabetes, or even those who are in perfect health is because all companies have their own unique standards and their own unique underwriting criteria. Underwriting is an insurance company’s process to assess whether an applicant is able to be insured and what rate class they would fall under. In other words the underwriting criteria determines how much coverage you should receive, how much it will cost, or whether to even insure you at all.
For example, if you are a 79 year old man who smokes and you have a history of heart disease, company A may have standards that will allow you to receive a policy with them. It may not be at the best rate, but you are insurable. But if you take the same person and apply with Company B, they may get flat out declined because Company B’s underwriting criteria sees it as too risky.
So Which Company Do I Choose?
With all this being said, there is definitely a method to applying for life insurance if you want to get the best policy at the best rate for your particular needs and your age and health. You could contact each of the hundreds of company’s out there and go over your age, your health, and the type of coverage you would like and then compare all of those rates, or you could submit one form with your information and compare rates from several companies.
That is where this site and others like it come in handy. You can essentially shop for life insurance from the comfort of your home by comparing multiple rates from top companies that specialize in insuring seniors and the elderly.
You enter your zip code, fill out a one page form with your demographic info, choose the type and amount of coverage you are shopping for, and then disclose any health issues you have now or had in the past. With this information you will be hooked up with agents who can offer you the lowest rates from companies that offer life insurance for your particular needs.