Life Insurance For Seniors

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.

What Plans are Offered on Life Insurance For Seniors?

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:

  • It might be possible to find a term life policy of up to $250,000 with no medical exam, but you still need to answer some health questions. Benefit amounts are often higher for this type of policy than for a whole life policy or guaranteed universal life insurance.
  • Answers to medical questions may get independently verified against sources like the MIB (Medical Information Bureau) or your own doctor.
  • Many relatively healthy seniors who still live alone should still qualify, but these companies might charge more or even decline applicants with grave and chronic health issues or terminal illness like severe diabetes or a recent history of heart problems. More routine medical issues, like managed high cholesterol and controlled high blood pressure, should not be a problem.
  • With level term life insurance, your monthly payments/monthly premiums and benefits will remain the same throughout the term. You don't have to worry about paying higher premiums later in the term.

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.

Whole Life Insurance For Seniors

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:

  • Guaranteed acceptance: These policies require no medical exam or answers to health questions, so if you're not in good health, you still have an option to become a policyholder of an affordable life insurance policy. However, they might have a waiting period of two or three years before your beneficiaries will receive a whole payout if you pass away.
  • Simplified issue: These ask a few questions about health as part of the application process, but those questions are mostly intended only to weed out seniors who have terminal diseases or are already confined to long term care. They offer an immediate death benefit, more benefit choices, and cheaper premiums. Some of these are even open to applicants for life insurance over age 80.
  • Face values: In either case, face values may range from $5,000 to $35,000. After all, with final expense insurance (burial insurance), the idea is to have a coverage amount to cover funeral expenses and other final expenses.

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.

How Much Does Life Insurance For Seniors Cost?

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:

  • Paying for life insurance for seniors: Set up automatic payments against a bank account to make sure that the policy does not get terminated because a bill got overlooked. Setting up automatic payments provides peace of mind and helps you cut down on the hassle, too.
  • Applying: Even if other family members are willing to pay, the person who needs coverage must get included in the application. Some companies require phone interviews or signatures on forms. This is the case with all types of life insurance, whether it's a universal life policy, a whole life insurance policy or a term life policy. Shopping for policy options like a permanent policy may be something you and your loved one will need to do together. You can even get help from one of our licensed insurance agents when looking for great options and affordable insurance premiums.

Life Insurance Quotes for Seniors

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.