Which Final Expense Policies Have No Age Limit And Last Forever?
Whole life final expense insurance is the only type of coverage with no age limit that insures you indefinitely. A whole life policy has an ironclad guarantee that the coverage has no expiration date as long as you faithfully make your payments. In addition, the premiums cannot change, the death benefit won’t decrease, and it builds cash value that the policyholder can borrow from and use as they see fit.
Which Final Expense Policies Have An Age Limit And Will Expire At A Certain Age?
Term life policies always have an age limit. With most companies, term coverage ends around age 80, but it can be higher or lower depending on the provider.
For example, if you look at a Globe Life rate chart, it shows that their term life coverage expires at age 80 in certain states (in some states, it’s age 90).
Generally, when a term life plan expires, you don’t get your money back (the insurer keeps it), they don’t pay the death benefit, and you can’t renew the policy. You’re uninsured and would need to find a new policy elsewhere.
What Is The Maximum Age To Buy A New Burial Insurance Policy?
90 is the absolute oldest age at which someone can buy a new burial policy. Above 85, only five insurance companies in the USA will issue a new policy, and only two will accept someone who is 90.
The Best Final Expense Insurance Companies With No Age Limit
Below are five of the best burial insurance companies that sell permanent whole life final expense insurance with no age limit. The plans from these companies all last forever.
Frequently Asked Questions
Ultimately, you should buy a burial policy as soon as possible if you currently have no other means to pay for your final expenses. Waiting will only jeopardize your ability to get coverage and will likely result in a higher cost. Plus, final expense insurance costs less when you are younger, so buying it sooner rather than later will help you secure a lower price. These policies are usually available to seniors between 45 to 85 years old. However, some companies offer plans to adults as young as 18 and seniors as old as 90.
Nearly all senior final expense insurance policies are a type of whole life insurance that lasts forever. However, some companies, like the AARP life insurance program, sell term insurance, which expires at age 80.
Age is a primary factor determining the net cost of a burial insurance policy. The older you are, the higher the price will be.
