When it comes to Arizona life insurance, there are a lot of options. There are smaller Arizona life insurance companies, as well as nationwide options.
Arizona residents have access to whole life insurance, also known as “burial insurance final expense funeral policies”. All of these are the same thing with just different names. This article will focus on whole life insurance for seniors, most often called “Burial Insurance”.
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There is also term life insurance and accidental only life insurance with return of premium (which is a pretty exciting product to look into). All return or premium TERM-built products, return every single penny (premium) back to you. So you paid money throughout the course of the policy, and at the end of the policy, you get all your money back, which is pretty fantastic.
Burial Insurance For Seniors
Whole life insurance policies such as burial insurance, do not have a return of premium. However, it’s the best option for most seniors. This is a life insurance policy that never expires and never increases in cost. It’s never going to decrease in coverage. It’s the last policy you’ll ever need, so you get what you want, get it as young and as early as possible. The price and coverage get locked in…
…for the rest of your life. It’s very simple and very powerful. It’s a full coverage policy and will cover every death except for intentionally self-inflicted deaths such as suicide or complications from self-inflicted injuries.
It’s a great policy and ideal for seniors that are over the age of 55. The sweet spot (age), is 65 – 80. The upper age limit for approval is 85.
Burial Insurance Age Restrictions
The upper age limit for approval is age 85. You can get whole life insurance, any age under 86. Whole life from the ages 55-85, is simply known as Burial insurance. Whole life for ages 1-17 is known as “Children’s Whole Life”. In between, it’s simply called, “Whole Life Insurance”
Many clients say, “Look, I’m too old. I can’t get life insurance.” 95% of the time these clients are in their early 80’s and it’s not too late to get burial insurance!
The longer you wait to get a quote, the higher the quote will be. There are “jumps” in cost, every 5 years and noticeably, every year from 75-85. Don’t wait! Get a quote and lock in your rate. Next year, the procrastination “fee” maybe 20% – 30% higher.
For any other questions or for help with a quote, feel free to reach out to us directly at (928) 323-0933