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Term Life Insurance for Seniors

Term life insurance for seniors help can help cover funeral expenses and other final expenses when they pass away. If you have put off buying coverage and are now getting up in years, you might be worried that you have waited for too long. It’s not too late to find coverage, but for best results, you’re probably going to want to shop around and compare different plans online so that you can find the right option for you. Luckily, this is something we can help with.

Term Life Insurance For Seniors: What to Expect

The first step that you’re going to need to take when buying life insurance as a senior is to determine the type of plan that you want. For many younger adults, term life insurance policies are a popular choice. This is because they often have higher face values.

The way that term life insurance for seniors works is that you purchase coverage for a certain number of years, such as a 20-year term. Then, you make monthly premium payments. If you pass away during the 20-year term, your beneficiary will be paid the face value of the policy. After the 20-year period, you will need to sign up for another plan if you still want coverage.

Why Term Life Insurance For Seniors Might Not Be a Good Option for You

Unfortunately, even though term life policies can be a good choice for younger adults, they often aren’t a good option for the elderly. If you are a senior over 60 or over 70, there is a chance that you might have some minor health issues, even if you are in overall good health.

The problem with many of these policies is that the underwriting is often very strict. You might have to undergo a medical exam, where things like your height, weight, and health will be considered. If you don’t “pass” the medical exam, you could be turned down for coverage, and you might be surprised by the things that you can get turned down for, such as high blood pressure.

Even if you do get approved, you might find that your monthly premiums are incredibly high as a senior citizen. Term life insurance for seniors is often not a very cheap choice if it’s an option at all.

Term Life Insurance for Seniors Alternatives

Even though term life insurance for seniors is often not a very good choice, you do still have options. If you have found that you can’t get approved for term life insurance as a senior, or if you would like to keep your premiums down, you can look into a small whole life insurance option, which is often called burial insurance. These are a few reasons why this can be a better option for seniors:

  • Face values are often smaller, so monthly premiums are much cheaper.
  • You will not be expected to undergo a medical exam at all.
  • For many plans, you may need to answer some health-related questions. The good news, however, is that many companies are only looking for major health issues like a recent heart attack or stroke. For more minor, everyday health conditions like diabetes and high blood pressure, you shouldn’t have to worry about being turned down as long as those conditions are well controlled.
  • There are some guaranteed acceptance policies out there that you can get approved for, even with more serious health issues. For these, however, there may be a waiting period before you are fully covered.

As you can see, as a senior who is looking for life insurance, you do have options. Even though you might want to get a few quotes for senior term life insurance to see what is out there, you may want to consider a burial insurance option instead.

We are a life insurance agency that is licensed to sell burial, term life insurance for seniors and other types of life insurance policies in multiple states. We have put together an online quote engine, so if you’d like to see what your options are and get started today, you can do so by entering your ZIP code. We are sure that you will find a senior life insurance option that is right for you, right here on our website, from a top-rated provider.