Life Insurance for Seniors Over 80 in Connecticut

Is Life Insurance Worth Buying After 80?

It depends on the break-even point. Add up what you'd pay in premiums over the next several years and compare it to the benefit. For some people, especially those with good health who qualify for simplified issue rates, the policy is good value because it guarantees the money is there from the start. For others, a savings account marked payable-on-death to a family member does the same job without the insurer's margin.

What Is the Cheapest Life Insurance for Seniors Over 80?

The lowest price usually comes from a simplified issue final expense policy, because it's priced for applicants who pass the health questions. Guaranteed issue can cost substantially more for the same benefit. Buy only the amount you need for a specific cost, usually the funeral. More ways to cut the premium are on the cheapest options page.

What Alternatives Should You Consider?

• A prepaid funeral contract with a funeral home, which locks in some costs today.
• A payable-on-death bank account, which passes outside probate.
• An existing policy: check whether an old employer, union or fraternal policy is still in force before buying another one.

What Connecticut Alternatives Are There to a Policy?

An irrevocable funeral contract with a Connecticut funeral home prepays the funeral and, up to a limit set by the state, isn't counted as an asset for Medicaid. For someone over 80 who may need nursing home care, that can be a better fit than a new life insurance policy. Ask the funeral home and an elder law attorney about the current limit.