Life insurance is a financial product designed to pay off financial debts left over after you pass away. However, if you are trying to purchase life insurance in your old age, it may become extremely difficult. This is because, at age 80, when you are nearing the end of your life, it is difficult for the insurer to invest your premium payments long enough to pay promised benefits. Many life insurance companies will not insure individuals over age 84. Finding life insurance at age 80 will require that you understand what types of life insurance companies accept applications from individuals in this age bracket.
Contact life insurance companies that specialize in impaired risk or offer guaranteed life insurance plans. Impaired risk companies often advertise the fact that they provide life insurance for individuals who would, otherwise, not be able to buy life insurance. Guaranteed life insurance is life insurance that offers guaranteed acceptance. These guaranteed policies offer death benefits that accumulate over time and are generally low or non-available in the first few years of the policy. Premiums also tend to be anywhere from five to 20 times the cost of an ordinary life insurance policy.
Apply for your life insurance policy. With a guaranteed policy, you fill out a basic application. There is no health exam required. For impaired risk life insurance, you may be required to take a simplified health exam.
Submit your application and pay the first premium payment. You will receive an insurance binder. The insurance binder is your proof of life insurance. Make sure that you continue to pay your premiums on time or your insurance policy will lapse.
- "Practicing Financial Planning for Professionals (Practitioners' Edition), 10th Edition"; Sid Mittra, Anandi P. Sahu, Robert A Crane; 2007
- "Life Insurance"; Kenneth Black, Jr., Harold D. Skipper, Jr.; 1994