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Life Insurance for Seniors over 80


Feb 25, 2023

Life Insurance for Seniors over 80 ? Is it possible to hire? If so, is there any difference in contract values ​​for this age group? That’s what we’re going to see now!

In Brazil, currently, a person aged 60 or over is considered to be in the third age. This factor affects many aspects of life, such as free public transport, service preferences, etc.

But what about life insurance for seniors over 80 ? Is it possible to hire? If so, is there any difference in contract values ​​in relation to these age groups?

We will discuss these and other questions throughout this article, but first, let’s see how life insurance for seniors works;

How does Seniors Life Insurance work?

In fact, life insurance for the elderly has the same objective as products suitable for all ages: to protect the peace of mind of the insured and their loved ones.

After all, it is a kind of protection whose main coverage, such as death and disability, entitles you to compensation, the value and conditions of which are stipulated in the insurance policy, so that the beneficiary or holder himself, in case of disability, for example , do not be helpless in difficult times. 

Life insurance for seniors makes no difference in terms of protection for people over 60 or over 35. However, age is a factor that affects the price of insurance and even whether the insurer accepts it, which we will explain throughout the article.

Up to what age can seniors purchase life insurance?

There is no age limit stipulation for purchasing life insurance. However, as risk increases with age, some insurers do not promote products to people in specific age groups.

Generally speaking, you can find companies that offer life insurance for people under 74 and eventually under 80. On the other hand, some insurers may not offer life insurance for seniors over 80 .

Why is life insurance more expensive for seniors?

One of the factors to consider when purchasing any type of insurance is the risk of use. The reason is not difficult to understand: insurers need to set aside resources to meet customer needs, and customers pay a fixed amount for the plan.

If users are more likely to use available resources, it means that more resources need to be provided. Also, for the elderly, this possibility is obvious due to factors such as age and health problems.

As a result, the plan ends up getting more expensive. But be careful: the ANS (National Health Service) allows the cost of the plan for the elderly to be 6 times higher than the plan for the younger population. If you find something more expensive than that, let me know.

What types of coverage can the elderly take out?

This information depends a lot on the type of plan offered by each insurer. In general, you can sign insurance contracts for death, disability, accidents, temporary and permanent injuries, etc. Additionally, some insurers offer transportation services, funeral plans, and critical illness insurance.

It is important that you do a lot of research to find a plan that meets your expectations and needs. Check out our Life Insurance Plans here!

Can an insurer reject clients over 80?

This is a controversial subject and there is no consensus. Most insurers place restrictions on customers who have more serious health conditions or any other that would greatly increase insurance risks.

However, ANS and SUSEP have different understandings. In some cases, companies recognize abuse by refusing to receive customers. Therefore, if it is not possible to conclude an insurance contract due to the contrary action of the insurer, go to the website of the regulatory agency and open the administrative procedure.

What are the most common reasons for non-payment of compensation?

When filling out a life insurance proposal, you should be aware of the restrictions imposed by the insurer. Any breach of this aspect may result in non-payment of compensation. Here are the most common reasons insurance companies exclude:

  • Diseases and sequelae not specified in the proposal. The insured person can choose to prove that he does not know them;
  • Suicide during the legal grace period, which varies according to the insurer and the chosen plan;
  • Exposure to nuclear radiation, which causes pollution;
  • Repetitive strain injuries, musculoskeletal diseases caused by work, injuries caused by persistent trauma, etc;
  • Food or drug poisoning. If the drug in question was prescribed by a doctor, this hypothesis can be ruled out.

Does life insurance go into probate?

It’s not possible. One of the goals of life insurance is to allow families to get their savings back on track as quickly as possible. Therefore, the benefits are granted directly, without the need to carry out the inventory opening procedure.

After the family members present the documents, a period of about 30 days is calculated for depositing the funds.

Who receives senior life insurance?

When contracting life insurance, the customer can choose whether or not to fill in the name of the beneficiary of the indemnity. In other words, it determines who will receive compensation in the event of a claim.

If you choose to leave these fields blank, the rules of the Civil Code apply, which determine that compensation must be paid to the legal heir. That way, the spouse gets 50% and the rest goes to the children.

If the beneficiary is not married or has children, the person who counts on him will prove the situation. On the other hand, if the customer fills in the fields indicated on the form, the indemnity will be paid directly to the name indicated by the insured in the proportion desired by the insured. In senior life insurance , the rules for beneficiaries are the same.

How is the benefit paid?

To make the payment, the first step is to communicate the claim (occurrence) to the broker and the insurer. At that time, you will be notified of all required documents.

After that, the insurer will prove the situation through the documents you provide and will make the payment of the indemnity by depositing it directly into the account of the designated beneficiary.

How to buy life insurance for seniors?

The first step in acquiring life insurance for the elderly  is to contact the insurer or brokerage that sells the product. After making sure that the selected company offers this type of contract, it is necessary to make a quote, taking into account the insurance coverage that the insured person wants to obtain.

Brokers with quality service, such as Buy Security , can help answer all your questions, such as contracting the most appropriate life insurance for the elderly  , according to the needs of policyholders.