There are basically 3 types of policies or options to choose from for Health insurance for elderly or otherwise known as senior Health insurance.
Option 1: Burial Health Insurance or Final Expense Health Insurance
Burial Health Insurance or Funeral Insurance , provides you and your family with cost effective Health insurance for elderly or senior Health insurance protection to basically cover the cost-s associated with a funeral. This type of Health insurance will pay in addition to any other insurance you may have inforce and can be used for any need, but typically for funeral expenses. Final Expense Health insurance for elderly is typically issued from ages 40-85 depending on the carrier issuing the Health insurance policy.
Burial Health or Final Expense policies have a couple of distinct advantages over traditional types of Health insurance such as:
1:Typically very few or No Health Questions or Medical exam:
2: Usually 3 different types of burial Health insurance policies with lifetime coverage
a:Simplified Issue Policy – to cover the elderly and seniors in good health
b:Graded Premium Policy – to cover elderly life insurance prospects that have some health issues
c:Guranteed Issued Policy – to cover senior life insurance prospects that have poor health
The premiums for each of these types of final expense or burial life policies will be adjusted accordingly to your health and it will also affect the amount of coverage the insurance company will issue to you. I.E. the better your health the cheaper the premium and you will qualify for more coverage, and the worse your health your premium is higher and you will qualify for less coverage.
Option 2: Term Life Insurance
Term Life Insurance for elderly or senior life insurance prospects can typically purchase this type of policy between ages of 18 up to 70 years of age with guaranteed coverage lasting up to age 90. Now this does depend on the Insurance company issuing the policy and there guidelines. Term Health insurance can be used for mortgage protection, spousal support or income replacement, education purposes and estate planning. Term Health insurance will give the elderly or senior life insurance prospect the most coverage for the premium paid, but you will expect to go through traditional full underwriting with a medical exam. If you have health issues it will also affect the premium you pay possibly very substantially. You can expect to be able to purchase insurance of amounts from $50,000 up to millions in face amount if you qualify financially.
Option 3: Whole Health Insurance / Universal Life Insurance or Permanent Life
Permanent Life Insurance will include Whole Health and Universal Life Insurance policies. These policies can provide the life insurance for elderly prospect or senior life insurance prospect guaranteed coverage to a specific age or to age 100. These types of policies will also be the most expensive to purchase. Consider the analogy Term Insurance is like renting and Permanent Insurance is like owning. Permanent Health policies build cash value with the policy that can be used by the owner at their discretion, but be careful when doing so it may affect some guarantees and the face amount if you don-t pay the loan back. Permanent life policies can be purchased by elderly and senior life insurance prospects up to age 85 with a few top rated Health insurance carriers. My recommendation is if you have the need and the money a permanent life policy especially the new Universal Life policies with guarantee-s to age 100 can be a very effective planning tool.