If you have an elderly family member who does not have a lot of money and does not currently have a life insurance policy in place, you may be looking to take out a policy on them. This can help to pay for their funeral and final expenses when they do pass away. However, one of the questions that we at Ganley Family Insurance in Brecksville, OH are often asked is whether you can take out life insurance on an elderly person and what you should expect when doing so. Here is some information you will want to know if you are in this situation.
The Premiums Will Likely Be High
As long as you have your elderly loved one’s authorization, you can take out a life insurance policy on them. However, due to their age and possible health, you should expect to pay high premiums. This is normal the closer in age you get to the average life expectancy rate. The younger and healthier you are, the lower your premiums will be. The older and less healthy you become, the more the premiums will cost.
You May Have Limited Amounts of Insurance Available
In addition to paying higher premiums for life insurance, you can expect to be eligible for lower policy or coverage amounts when insuring an older or elderly loved one. It is very rare that you can take out a high dollar policy on an elderly individual, so be realistic in your expectations for what the limits may be.
If you are looking to take out a life insurance policy on an elderly family member, contact Ganley Family Insurance in Brecksville, OH today. We can help you find the best insurance plan to help cover the costs of your loved ones final expenses when they pass away. Call us today for a free quote.