Medicare Moments: What Life Insurance Plans Are Offered after 65?

Hi Toni:

Recently, you wrote an article explaining hospice. Please let Toni Says Medicare column readers know that there are other ways hospice comforts the caregiver when a loved one passes. My mother's hospice case manager and also her social worker made sure that I knew exactly what to do for her final needs when she finally peacefully passed away.

Going through a well-known funeral home in my area, I would have had to pay over $3,000 for cremation plus $7,000 to bury my mother's urn on top of my father's casket. To my amazement, I only had to pay a pre-approved price of $995 with a funeral facility that was on this specific hospice company's approved funeral home list. My mother passed away with no life insurance and our family had to pay for all of the funeral cost out of pocket.

I have turned 65, am retired with high blood pressure and do not have a life insurance policy for my end-of-life issues. I do not want my adult kids to experience what I did when my mother passed away. Please explain which life policy I should consider. Thanks, Toni, looking forward to your answer.

–Eva from Boston, Mass.

Hello Eva:

I would be honored to help you explore your life insurance options after what you have experienced with your mother. Many Americans wait too long to buy a life policy. They do not realize how their health situations can affect applying for an insurance plan and cannot qualify due to their health issues.

Eva, a life insurance policy, can help cover your end-of-life costs and this plan will help to give peace of mind knowing there will not be a financial strain caused by unforeseen debt that the family may be responsible for paying.

Let's explore the different life insurance plans available for those age 65 and older and whether health underwriting may be required for you to be accepted and qualify for a lower premium:

Eva, with a variety of life insurance and final expense plans to meet health and financial needs of those past 65, it is important to take time exploring which way is right for you and your family.

America is accustomed to a certain type of insurance health underwriting while working, and for those who are new to Medicare this underwriting process can be an eye-opening experience. Please take your time when retiring and applying for past-65 life insurance plans.

Remember, with Medicare and Life Insurance plans, it's what you don't know that WILL hurt you! Have a Medicare, Social Security, or Life Insurance question, email [email protected] or call 832-519-8664. Sign up for the Toni Says newsletter at www.tonisays.com to keep up to date on Medicare changes.