Whole Life Insurance for Seniors

If you want to ensure that you have ample coverage so that your family can cover your funeral and final expenses, you might be shopping around for life insurance. Unfortunately, this process can be incredibly overwhelming. If you're like a lot of people, you might be confused by the different policies that are out there; for example, you might not know if a term life insurance or whole life insurance option is going to be the right choice. Additionally, if you are over 60, you might be worried about qualifying for coverage. Regardless of your situation, though, we can help you find a life insurance option that you and your family can count on.

Whole Life Insurance vs. Term Life Insurance

One of the first decisions that you will need to make is whether you want term life insurance or whole life insurance. These are a few things that you should know.

Perks of Term Life Insurance:

  • For young, healthy adults, term life insurance is often the cheapest option.
  • Face values can be higher than with whole life insurance policies.

Disadvantages of Term Life Insurance:

  • For seniors over 70 or seniors over 80, term life insurance often is not an option. Even if it is, it can be much more expensive.
  • Coverage is not for life; it has an expiration date based on the term that you choose. This means that you can "outlive" your coverage.
  • If you outlive your coverage, you might find that buying another policy will be more expensive when you are older and are potentially facing health issues that you might not have had in the past.
  • A health exam is often required, and many insurers require that you be in good health to qualify for coverage.
  • Term life insurance offers a death benefit only.

Perks of Whole Life Insurance:

  • You do not have to worry about outliving your coverage; whole life insurance covers you for the rest of your life.
  • Your policy will build up cash value over time.
  • You may qualify for certain policies without a health exam, although face values are often lower.

Disadvantages of Whole Life Insurance:

  • Premiums are often higher.
  • Face values are often lower.

Is Whole Life Insurance for Seniors the Best Choice?

As you can see, there are advantages to both term life and whole life policies. For younger adults, it pays to weigh out the pros and cons when choosing your coverage. If you're looking for a high value option with an affordable premium, for example, you might find that term life coverage is a better choice for you. If you're looking for coverage that you can count on for the rest of your life and that you can use as an investment, however, whole life coverage might be the better choice. If you are a senior, however, your options might be a little more limited. Many of the term life insurance companies require health exams and can be quite strict with underwriting. The best whole life insurance companies don't require health exams at all for lower-value policies, however, even for senior citizens. For higher-value policies, you may need to answer health questions or even have a health exam, but underwriting is often easier than with term life insurance companies.

Which Provider is Right for You?

There are many top-rated insurance companies out there that offer coverage for adults of all ages. For those who are looking for a more reasonably priced whole life insurance option with a lower face value, Aetna and Assurity Life are both options that you might want to look into. For a higher face value option, you may want to consider American General, Genworth Life Insurance Company and Banner Life Insurance Company. These are all above average providers that you can count on.

How to Find Affordable Life Insurance

If you are looking for cheap whole life insurance for seniors, we can help. Our website is designed to make it easy for you to compare quotes online so that you can find the best possible coverage for the lowest possible rates. We work with some of the top providers in the country and have helped many seniors to find the coverage that they need. All you need to do to get started is to enter your ZIP code; then, you can get instant access to quotes from the top insurance providers. In no time, you'll be able to find coverage that works for you!