I am afraid that since my father is already an elderly person, he can’t get life insurance anymore here in Chicago. So I just need to ask you: Is life insurance for elderly still a possibility?

Maddex

Chicago, IL

Yes, it is still possible that your father can get life insurance for elderly. But since your father failed to get his life insurance while he was still young, don’t expect to pay very low premiums for this type of life insurance policy or higher death benefits.

Various life insurance providers have different criteria in giving out life insurance for elderly, but basically all of the important factors are considered in underwriting life insurance policies for the elderly. Life insurance providers usually put a limit on the age a person to be eligible. But this can be somewhere between 70 and 85 years old, depending on which life insurance company. Also, there would be strict limits on the amount of face value the elderly could be eligible for and normally, this would be just $25,000 or sometimes even less.

In general, life insurance for elderly is “guaranteed issue,” which means there’s no physical exam to be eligible. Most of the time, there is a condition that if the policyholder dies within 24 or 36 months, the payout won’t be given to the beneficiaries. What the life insurance company usually does is refund all the premiums, plus interest, to replace the death benefit. But even though the premiums may not be low, this is still a smart choice as your father will still have life insurance coverage even though he is already in old age.