Do you have HIV and need life insurance? Honestly, to save you a lot of time and energy please understand that your options are limited.  Get in touch with us or someone like us who knows the limited number of life insurance companies that will offer a policy for someone being treated with AIDS.

Life insurance for people with HIV

The simplest way to get a quote is to complete our Compare Quotes form on the right side of this page, and let us do your life insurance shopping for you.

After you complete the form, continue reading further to find out details about your life insurance options, as well as other pertinent information about your medical condition and the impact it will have on applying for coverage.

Sometimes people ask me about HIV life insurance, and I tell them you don’t need to talk to 20 different agents or insurance company representatives, because you probably are aware that there are only a few options to buy life insurance if you have HIV and are being treated for it.

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life insurance for 80 year oldWhen it comes to shopping for life insurance, what is best for one person may not necessarily be good for another.

This is certainly the case when it comes to life insurance for the elderly, specifically for that of an 80 plus year old person looking for affordable life insurance.

The main reason that people shop for life insurance at this age is in order to insure that they do not leave a financial burden to their loved ones after death.

The cost of funerals is pretty significant and is not the last thing you want to leave to your loved ones.

It is for this reason that many elderly people are purchasing plans in order to cover all of the expenses and fees that come with the passing of a person’s life.

The cost of funerals is going in the same direction of many other industries which is up. An average funeral today will cost anywhere from $10,000 to $14,000. This is a hefty expense to leave as a burden on your family and loved ones. Social Security provides burial insurance, but the coverage is $255. This of course will not make a dent in the funeral expenses.

Because it is true that someone of this age seeking insurance over 80 is most likely concerned with funeral expenses, the type of insurance plan is often referred to as a burial insurance plan. There are several companies that specialize in this type of insurance, however doing your own research and exploring all different options can be confusing, and you might not realize some mistakes you might make.

Let us help you find the best life insurance that fits your budget, and meets the financial needs to help your beneficiaries. Because life insurance companies look at medical conditions in different ways, we can guide you during the application process. You can complete the Compare Quotes form on the right side of this web page to get started applying for life insurance as a senior in your 80’s.

Life Insurance Options for an 80+ Year Old

There are a few considerations that need to be looked at when shopping for life insurance at this age. Burial life insurance is a permanent insurance meaning that it will never expire. You do have to either continue paying your premiums or decide to take a paid up life insurance policy for a lower death benefit. Not only that but the premium will continue to be flat for the entirety of the policy. This is extremely beneficial for someone who is elderly and is most likely receiving a fixed amount of income. This allows for planning and budgeting much easier than a variable life insurance premium would.

Another great feature of burial insurance is that it is a life insurance no medical exam policy. Not only are medical exams time consuming, but they are irrelevant in this type of scenario. Because of the fact that there is typically no medical exam required, the death benefit usually caps out at $25,000, although there are a few companies that will issue a death benefit of up to $35,000. Your medical history is usually obtained by way of a medical questionnaire form instead of a medical exam.

If you are looking for term insurance as opposed to permanent life insurance, then probably the maximum length of the guaranteed premiums on the term life insurance would be 10 years.

Another  life insurance option for someone in their 80’s would be a Single Premium Life insurance policy.  This means you make one lump sum payment up front, and you have a paid up life insurance policy that starts building cash value right away.  When you start looking at these type plans, there are limits of how much money you can deposit compared to the death benefit amount.  Otherwise the IRS considers it a Modified Endowment Contract and there are tax consequences. Of course the taxation of life insurance policies by the IRS is always subject to change.

In addition to a Single Premium Life Insurance policy, there are 7 pay policies.  On these plans you pay the same level premium for 7 years, then you have a paid up life insurance plan and you don’t have to pay any more premiums.

Are Pre-Existing Health Problems an Issue?

The great thing about burial life insurance is that there are a long list of pre-existing health problems that are not a huge factor in obtaining insurance. Depending on the extent of the medical issue, the insurance policy will be graded on a tier like basis. This is called a Graded Benefit policy in the life insurance industry. For more serious types of health problems, the benefit of the policy may not be 100 percent payable until a couple of years out from the start of the policy.

There are those who tend to believe a graded policy is not worth the costs for someone who is over 80 years old. However, if the policy holder can not obtain any other type of insurance due to serious medical issues, a graded policy is certainly better than nothing because they are guaranteed to be issued no matter what medical conditions that someone has. Regardless, the acceptance of most people with pre-existing conditions is one of the best benefits associated with life insurance policies for an 80 plus year old.

There are also plans that can be had with a medical exam if that is what is preferred. Of course the benefit of this is a lower monthly premium.  The negative of course is that a medical exam is somewhat time consuming in and of itself. Not to mention it often takes at least several weeks before test results come back. Additionally, the life insurance company may want to order medical records, and this process seems to take longer and longer as medical professionals seem to be cutting down their staffs who handle insurance paperwork.

However there actually can be a benefit to having to schedule a medical exam, especially if you haven’t been to a doctor in a long time. Most medical exams are usually pretty extensive and could uncover an issue that was not otherwise known.  The insurance companies will also send you a copy of any blood work completed, which is also good to review with your medical provider.

If you do apply for traditional life insurance for seniors over 80, you will be asked some questions like the following:

  • Have you had surgery lately, or been advised to have surgery, or been hospitalized?
  • Have you had symptoms of, or have been treated for any heart diseases, stroke, cancer, or AIDS?
  • What other medical conditions have you had symptoms of or been treated for in the last 5 years?
  • Are you planning on traveling outside the US in the near future?
  • Do you use illegal drugs or any type of tobacco products?
  • What medications are you taking?
  • And also you will be asked about your driving history and any other amounts of life insurance you own.

If you need coverage immediately, the best route may be to obtain a no medical exam on a temporary basis while you pursue a policy that requires a medical exam. This could also be a good strategy if you need a greater death benefit that only one insurance company might offer to you.

As is always the case, one size does not fit all when it comes to life insurance policies. It may be argued that this is even more true as a person ages and many more variables come into play. It is for this reason that it is advisable to seek the advice and guidance of an experienced life insurance professional, such as those in our offices.

Sample 80 Year-Old Term Life Insurance Quotes

For 80 year-olds, the number of carriers that will offer life insurance becomes slim.  Here are some sample quotes from one of our top carriers.

10 Year $25,000 Policy10 Year $50,000 Policy10 Year $75,000 Policy
MaleTransamerica $209.87/moTransamerica $414.49/moTransamerica $619.11/mo
FemaleTransamerica $147.74/moTransamerica $290.24/moTransamerica $423.73/mo

The Bottom Line for Seniors looking for Life Insurance

Getting life insurance when you’re 80 years old is not impossible. It’s important you work with an independent agent that can work with several different life insurance carriers.

You can get a free quote from our Compare Quotes form on the right side of this page, but we also encourage you to contact our office direct so we can better understand your needs. We want to help you find the best life insurance available for seniors.

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