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When most seniors reach 75 and realize they don’t have life insurance or don’t have enough life insurance they normally think they have no options, but they do.

There are various reasons for a senior over 75 to need life insurance or additional life insurance. Do any of these situations sound familiar to you?

  • When you retired you discovered that the life insurance policy you had through your employer is not portable and you kept putting off getting an individual policy.
  • During the last market crash, you had to surrender your insurance for cash to make it through rough times and never replaced it.
  • You moved and changed banks and you didn’t get the notice that your policy had canceled.
  • You have life insurance now but feel like it’s not enough after you consider the final expenses that your surviving loved ones will need to pay for.

If any of the above-mentioned situations sounds like you, don’t despair because you can purchase affordable final expense insurance from KSKJ Life Insurance and in this article, we’ll explain how.

 

Final Expense Life Insurance

 

In case you don’t know, final expense life insurance is a whole life insurance policy that is designated to pay for your final expenses when you die. Final expense usually includes the cost of your funeral and burial, any medical bills that were not covered under your health insurance, and lingering bills if you spent time living in a nursing facility.

For most seniors, a final expense insurance policy typically has a death benefit between $5,000 and $20,000. The lower death benefit amount is for individuals who prefer cremation while the higher amount is to cover a traditional funeral and additional money for other final expenses.

Although most consumers are aware that term life insurance is the cheapest kind to buy, term life is temporary and not the best choice when you need life insurance coverage for a lifetime. In fact, most insurance companies will not issue a term policy to anyone over 70. Whole life insurance is usually the better choice, especially for seniors over 75.

There are three very good reasons that seniors prefer whole life final expense insurance:

  1. Whole life insurance provides insurance coverage for a lifetime and cannot be canceled by the company for any reason other than non-payment.
  2. The premiums for whole life insurance remain level for the life of the policy and cannot be increased because of your age or health.
  3. Whole life insurance builds cash value over time and the policyholder can access this cash using policy loans or withdrawals. Even when you have outstanding policy loans, your cash value account continues to earn interest.

 

Life Insurance for Seniors over 75 from KSKJ Life

KSKJ life logo

KSKJ stands for “Kranjsko Slovenska Jednota” which is an old-established fraternal society originally founded in 1894. Originally formed to protect Slovenian immigrants from financial hardship that typically results after the death of a family’s breadwinner, the company has increased its national footprint and competes with many of the large U.S. insurers in the marketplace.

Although KSKJ does not offer life insurance in every state, they are very competitive in the states they do cover and have well a documented financial position.

The final expense insurance from KSKJ Life was developed for seniors between 50 and 80 to help them obtain life insurance coverage at an affordable rate. There is never a medical exam or blood/urine test required and policies are issued very quickly because the company depends on the application for the basis of their underwriting.

KSKJ’s final expense insurance provides first-day coverage with affordable level premiums that is not subject to a waiting period like many of the final expense or burial policies that are advertised on TV. Certainly, if you are over 75 and needing life insurance coverage, the last thing you want is to have a two or three year waiting period before your final expense policy will pay the full death benefit.

 

KSKJ Life Insurance Rates for Seniors over 75

 

To help you understand how easy it is to buy life insurance if you’re a senior over 75, we are posting the rates for KSKJ Life.

 The rates below are for a $10,000 final expense policy for a male and female non-smoker: 

Age of Applicant

Male Non-Smoker

Female Non-Smoker

76

$84.97

$70.35

77

$91.02

$75.25

78

$97.93

$80.57

79

$105.73

$86.49

80

$114.66

$93.26

81

$124.37

$100.91

82

$135.93

$109.46

83

$150.50

$119.42

84

$167.99

$131.04

85

$188.81

$144.95

 

The quotes listed above are for seniors who qualify medically for KSKJ’s Select Tier insurance plan. Those who do not qualify will be offered the Standard Tier or Modified Benefit Tier at slightly higher rates.

 

What if I Don't Qualify?

hepatitis C in 2018

 

The underwriters at KSKJ life certainly understand that many seniors over age 75 are continually dealing with health issues that might disqualify them for coverage under the Select or Standard Tiers. For that reason, KSKJ Life offers affordable life insurance for applicants with multiple or severe health issues under their Modified Graded Benefit Plan.

With the modified graded benefit plan, seniors can still purchase affordable life insurance if they agree with the modified death benefit. Here’s how it works:

If death occurs during the first year of coverage, the death benefit will be modified to pay your beneficiary 110% of the premiums paid to the insurance company.

If death occurs during year three of coverage, the death benefit will be modified to 40% to 65% of the face amount depending on your age.

If death occurs during year three or later, your beneficiary will receive 100% of the death benefit.

 It’s important to note that the maximum death benefit provided under the Modified Graded Benefit Plan is $15,000. 

 

We Help You Compare and Save!
For more information about Life Insurance for Seniors over 75 and to get a free and confidential life insurance quote, call the professionals at Life Policy Shopper at (540) 226-8715 during normal business hours, or contact our office through our website at your convenience.

 

Terry Biddle is a business owner, blogger, retired Army National Guard officer and a current federal employee. He works with seniors, federal employees, and members of the military to get the most life insurance benefits at the greatest value across the full spectrum of term and permanent products from fully underwritten to no-exam and guaranteed issue. Please feel free to contact me here.