Life insurance is a sure way to guarantee your loved ones are financially secure should the unexpected happen—no matter your age. Whether you’re nearing retirement, relishing in some time off or are still finding enjoyment at work, it’s never too late to consider purchasing a senior life insurance policy or expanding your current coverage.
What is senior life insurance?
Life insurance for seniors is all about planning for your family’s future, covering both expenses and any debts for when you’re gone. The money from a life insurance policy can help cover the cost of final expenses and debts, and with some types of insurance, remaining funds can be used however your beneficiaries see fit.
Types of Life Insurance for Seniors
With so many different types of life insurance for seniors, it can seem overwhelming to have to sift through the options, prices and fine print. At SelectQuote, we can shop some of the most trusted carriers on your behalf, comparing prices and coverage from the companies we represent to provide you with your best options. Learn more about the different types of life insurance available below.
- Term Life Insurance – Typically a straightforward choice that allows you to choose how long you want to be covered.
- Whole Life Insurance – Under the category of permanent life insurance, whole life provides a set amount of coverage for as long as you live.
- Universal Life Insurance – Universal life insurance also provides lifetime coverage, but can often run higher in cost.
- Final Expense Insurance – Also known as burial insurance, final expense insurance helps cover funeral expenses and debts to lessen the burden of your family. If you’re between the ages of 45-85, you can’t be turned down for final expense insurance and there’s no medical exam required.
Term Life Insurance for Seniors
Term life insurance is often an affordable way to protect your family’s financial security if something were to happen to you. As the name suggests, you have the option to choose the term (or length) and only buy it for as long as you need it. Term lengths can range anywhere from 10 to 30 years, and while it doesn’t build up a cash value like permanent life insurance options, it can still provide peace of mind.
Whole Life Insurance for Seniors
Whole life insurance is a type of permanent life insurance, providing a set amount of coverage for as long as you live. Like all types of permanent life insurance, whole life insurance has three distinguishing features:
- Lifetime coverage.
- Set premium, meaning what you pay for the first month is what you’ll pay for every month the policy is in force.
- As your premiums accrue, and at a time specified by the insurance carrier, you can borrow against your whole life policy’s cash value.
Universal Life Insurance for Seniors
Similar to whole life insurance, universal life insurance is another type of permanent insurance, but as the value accrues from monthly premium payments, the account can also serve as a savings account. Oftentimes the downside of universal life insurance is the cost, with premiums typically being much higher than other life insurance options.
Final Expense Insurance for Seniors
Final expense tends to be a common choice of life insurance for seniors, as it can often be an affordable option, and in some instances, no medical exam is required. Even if you have a traditional form of life insurance (such as term or whole), it can be beneficial to also have final expense insurance to ensure your loved ones have the financial security they need when you’re gone.
If you’re between 45-85, you can’t be turned down for final expense insurance regardless of your health. Plus, your rates are guaranteed—they’ll never go up and your coverage will never go down. Final expense insurance:
- Takes only 10 minutes
- No medical exam required
- Guaranteed acceptance
- Covered as soon as your app is received & accepted
Frequently Asked Questions (FAQs) about Senior Life Insurance
Does a senior need life insurance?
Everyone can benefit from having life insurance. So even as you get older, and the amount of coverage needed might not be as significant, the security of life insurance can help cover the cost of any outstanding bills, debts, or burial costs in the event of your passing.
As a senior, how much life insurance do I need?
Since life insurance replaces lost income if something happens to you, the proceeds from your policy should be enough to cover immediate expenses as well as to provide continuous income for your beneficiaries. Use our Life Insurance Calculator to see how much insurance might work best for your situation.
What is the most affordable life insurance for seniors?
The most affordable types of life insurance tend to be term life insurance or final expense insurance, but that’s not to say whole or universal life insurance couldn’t work for your situation. Individual needs and circumstances vary, so it’s best to work directly with SelectQuote to see what option would be right for you.
Senior Life Insurance Quotes
At SelectQuote, we make the process as seamless and personalized as possible. We’ll get to know your situation, learn more about the coverage you’re looking for, and provide free life insurance quotes from some of the most trusted companies in just minutes. We can also answer any questions you have about life insurance for seniors, match you with the best carrier for your lifestyle or health condition, and find opportunities to try and save you money.