If you don't have a term life insurance policy, universal life insurance policy or permanent life insurance policy, you might be concerned about your lack of life insurance coverage. After all, you probably know that funeral costs and other final expenses can be very expensive, and you might be worried about your family members having to pay these costs one day if you don't have a life insurance plan. The good news is that many top life insurance companies offer the best life insurance for seniors, and most older people have some good choices. We are here to help you find the best companies in your city or town. Begin comparing quotes online by entering a local ZIP code in the form at the top of this website. We can help you find good senior life insurance options for yourself or your loved ones, and we'll help you find the best premium payments possible.
Some life insurance companies still offer term policies over age 70. While term insurance provides a quick and convenient way to get relatively cheap life insurance for seniors, these are some things to remember:
The only problem with term insurance is that the policies do expire after the term ends. At 50, 20-year terms might be available. By 70 years old, 10-year term policies are most common. If the covered person survives the policy, and the insurer is betting they will, they might be impossible to renew. After a certain number of years, the policy will not pay out anything. However, you can purchase life insurance policies that are convertible into permanent insurance without going through health underwriting again.
Yes, whole life costs more than term does for the same amount of coverage. But these policies do not expire and can even offer living benefits; for example, they may grow a cash value that can get used as an asset. The best whole life insurance for seniors can even get sold for some portion of the face value in a senior life settlement. That is because they are mostly intended to make sure that families have money to pay for funeral arrangements. If you have not helped make funeral arrangements lately, you should know that the average funeral and burial costs in the US can top $8,000 to $10,000. Here are some things to know about whole life insurance for seniors:
Before the waiting period expires on the best-guaranteed acceptance life insurance for seniors, the plan may offer to pay some part of the death benefit or return premiums, sometimes with interest. The policy owner will not lose any money. They may provide a good choice for seniors who cannot qualify for insurance that requires health underwriting. However, it is better to qualify for cheaper rates and better benefits by answering a few health questions. That is why it is best to compare plans to find the one with the right benefits and price for your own needs and budget. Everybody may get accepted by guaranteed acceptance life insurance companies, but that might not be the ideal choice for everybody.
Often, people in middle age to retirement age find these policies affordable. However, some seniors have to live on a very limited income, and their children may step up and offer to pay the premiums. After all, these adult children are the ones who are most likely to benefit from the death benefit after their elderly parent passes away. While it does not really matter who pays the bill, these are some things to understand about buying life insurance:
By now, you can see that there is not just one good type of life insurance for every senior citizen. Since burial policies may offer maximum death benefits up to $25,000 or $35,000, they can still provide a good solution. You can find the best life insurance for seniors even if health conditions are a problem. We can help you compare life insurance quotes for senior with our online side-by-side quote tool, whether you live in New York, California, Florida or elsewhere around the country. We can also help you find coverage for yourself or your children. Begin shopping for life insurance rates by providing the quote form on this page with your ZIP code. Then, you will instantly be shown options from top companies with great A.M. Best ratings, such as Mutual of Omaha.