Life Insurance For Seniors in 2024
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
It is important to get life insurance for seniors. There are many reasons why you should purchase a policy, such as in the event of premature death or declining health.
Purchasing a policy can protect your family financially and emotionally, and it may even allow you to continue living out your retirement years in peace with less worry.
This blog post covers the most common questions about senior life insurance including more on when to buy a policy, how much coverage you need, what kind of policies are best suited for seniors, and more! Read on if you want to learn everything there is about this topic!
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Affordable Life Insurance For Seniors
Facts about finding the best Life Insurance rates for seniors let’s face it, every day you live you are closer to mortality.
Therefore, the age of 50 or older is considered more of a risk as far as insurance carriers are concerned. However…
The big question is, is low-cost life insurance for senior citizens available? In fact, YES it can be!
Seniors and Life Insurance ~ Get Back to Living Life
When you buy life insurance for the elderly, more challenges may arise in getting affordable coverage. Even if you’re in the market for a cheap burial policy, or final expense for seniors, you may be in a position for higher premiums.
This is because your body starts to break down naturally and will be considered a high-risk applicant.
Therefore, the higher the risk, the more adverse impact you will see on price and the fewer chances you will find affordable life insurance for seniors.
However, finding affordable senior life insurance plans and low-cost coverage for seniors can be possible with the guidance of an independent agent.
Above all, perfectly matching the right carrier and right product to properly protect your family is our goal.
Protecting your family so they do not bear the burden financially in the event of your death.
Most importantly, saving you $$$! So you can go back to living your life.
Cheapest Life Insurance For Senior Citizens
There is no single best type of life insurance for seniors. Rather, which type of coverage is best for you.
Whether you’re a 50-year-old, or older than 55, really depends on why you need coverage and what needs protecting.
Furthermore, if you are looking for coverage after retirement, then life insurance for people over 65 will primarily be a burial policy or a 20-year term or less.
These are just the only senior citizen life insurance that is most common.
To begin with, the main focus is finding the best coverage for family protection in the event of death.
In Addition, your current financial and health circumstances. It also depends on which company offers you the best rates for a given amount of coverage. So it’s important to find the best life insurance for older adults.
Always make sure to get multiple quotes from different providers before committing to buying a policy especially for life insurance rates for seniors.
The bottom line, affordable coverage for the elderly is still available. Cheap senior life insurance quotes are vital when on a fixed income.
Remember, permanent life insurance will require higher monthly premiums. You may want the cheapest life insurance for senior citizens available.
In fact, the level term will be the most affordable life insurance for seniors.
However, the downside is that you may outlive it. So if you really want something for burial or cremation then a simple final expense policy will do wonders.
If you have a spouse that depends on you financially, then you will want to look into a level term and/or a GUL product for affordable senior life insurance quotes.
Cheap Term Life Insurance For Seniors
Although it’s less likely to apply for term coverage for older adults than, say, adults in their 40’s, more and more term life insurance for senior citizens is becoming common.
Mainly, senior citizens, these days are more conscious of financial security. They want to make sure that all their hard work is not at risk if something were to happen to them. Low-cost life insurance for seniors is the answer.
The other most popular reason is to pay for final expenses.
All in all, funerals cost around $10,000, which is a huge bill to leave your family to pay for. The proper coverage can help senior citizens relax, knowing you achieved the protection your family deserves.
In fact, senior insurance plans do exactly that! One thing about term life insurance, it is a level term for 10, 15, or 20 years.
Also, Foresters offers senior citizen life insurance no medical exam!
Life Insurance Rates For Seniors
If you pass away suddenly, your family members could be responsible for some major expenses. Especially if you don’t have life insurance to help shoulder the burden.
Cheap life insurance for seniors is an excellent way for the elderly to protect their families from becoming financially burdened with end-of-life expenses.
Also, term life’s application process is more extensive than a typical final expense or burial policy.
Finding Affordable Life Insurance Plans For Senior Citizens
Don’t leave your family with the burden of expenses
What is the best life insurance for senior citizens?
Specifically, a life insurance policy can protect your family from funeral and death expenses, medical bills, and other outstanding debts such as mortgage payments, credit card bills, and personal or business loans.
Life insurance can also help provide for a special-needs dependent after you are no longer alive to do so.
So if your looking for over 50 life insurance or the best carrier for seniors over 65, term life insurance for the elderly may be the most affordable and lowest cost life insurance.
Things to Consider Before Choosing Senior Coverage
Above all, applying for coverage when you are a senior is very different as you are closer to mortality.
First of all, needing to decide how much you want to be covered, funeral, debt, or filling the gap in income for a loved one is very important.
This way, you can calculate how much life insurance you’ll need to purchase. Life insurance for burial or cremation varies in price.
The difference is substantial. Burial ranging for $8,000-$12,000, and cremation ranging from $1,500-$5,000.
All final expense is a policy of a small whole life policy.
PinnacleQuote Will Guide You Through Your Search Based On Your Budget!
Equally as important, know your budget. Before shopping around for coverage you should know exactly how much you can afford to pay per month.
This will help narrow down your life insurance options.
Finally, make sure you’re working with the top life insurance companies. It helps if you research which companies specialize in covering senior citizens.
This way, you’ll be able to find the most affordable rates and the right benefit amount.
What Kinds of Coverage are There For Life Insurance For People Over 65
There are many types of insurance policies for people over 60 to choose from.
For instance, getting the best rates for the elderly varies by age, health, budget, mortgage, etc.
It also depends on the type of policy and the number of years you need. See some of the most popular options below:
- Term Life Insurance — Coverage for a predetermined amount of time. This is the cheapest and most basic kind of coverage. However, it can be difficult to get for those looking for life insurance over 70. The is a great option to save money and budget for estate planning.
- Whole/Universal Life Insurance — Coverage for your entire life. Includes cash value build-up opportunities. However, premiums are more expensive than term life insurance for seniors. These plans usually have pretty flexible payment options.
Can You Get Life Insurance Over 70?
Yes, many are shocked that you can get life insurance after 70 years of age.
Your independent insurance agent will inform you of guaranteed universal life insurance.
These policies are known as “term to 90″ or term to 100.” This is coverage guaranteed to a specific age.
Hence the “term to (insert age) .”During the golden years, in lieu of traditional policy plans, ask your agent about “final expense” policies.
Like we spoke about previously above. Remember, this ensures that your family will not burden your debt/burial expenses when you pass away.
Senior Citizen Life Insurance ‘No Medical Exam‘
Burial coverage for the elderly over 80 would come with no exam.
- No Medical Exam Life Insurance — When having trouble getting covered, no medical exam is always an option. While they are more expensive, you won’t need to go through the hassle of getting a medical exam. In fact, our go-to carrier’s, in this case, would be Foresters, Sagicor and Phoenix Life. They all have great senior products with no medical exam.
- Guaranteed Acceptance Life Insurance No Waiting Period — In some cases with certain health impairments or even terminal illness, you won’t be able to get covered for a term policy. However, you can be guaranteed coverage with a guaranteed acceptance policy. Furthermore, these plans will begin coverage much quicker, since the process is less complicated than term and whole life insurance. We have a great product with AIG that will guarantee immediate coverage. There will be a two year graded period with this policy.
- Burial Insurance — Burial Insurance is one of the most popular policies for the elderly. Cheap Burial insurance will cover all of your final expenses. It’s a very cheap, straightforward, and quick policy. In addition, it is limited coverage since it is only for final expenses. It is indeed an excellent option for senior citizens on a budget that does not want their family to pay for their funeral. The most common is burial insurance for seniors over 70. Basic burial and/or final expense coverage, our preferred carrier would be Mutual Of Omaha.
AARP Life Insurance for Seniors – Carrier Pros and Cons
What you need to understand…
The one carrier I would stay away from is AARP term life no medical exam. Unless of course, you want your coverage to go up sooner than later.
In fact, call New York life insurance companies and price out their rates. Then call us to compare. Whether you are ages 60 and over, the age of 70, or age 80, definitely shop AARP life insurance program compared to our rates.
In particular, if you are a healthy senior looking for a young start, you may want to look at life insurance with living benefits.
It’s the protection that pays without dying. This is great life insurance for older adults.
Our go-to carrier for living benefits is American National.
How to But a Policy for Seniors, and How Much?
Before deciding which kind of senior life insurance is best for you, make sure that you do an adequate amount of research.
Again, decide what you want to cover, know your budget, and compare several quotes. From here, you should be able to make a more educated decision on your policy.
Keep in mind, for life insurance for seniors over 60 can still be affordable! I have seen all too often clients kicking the can down the road and putting it off.
Let me be clear, at this age, one ER visit for a dizzy spell will make your rate double! Be smart, take advantage of your good health NOW! While you still have it.
Mutual of Omaha Life Insurance for Seniors (our favorite carrier)
Mutual of Omaha is one of our fave carriers for seniors. Why?
Because they offer a Living Promise Whole Life Policy. It has two plans:
Level Benefit Plan:
- For ages, 45-85 • Face amounts from $2,000 to $40,000 (in WA, $5,000 to $40,000) • Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement • Optional: Accidental Death Benefit Rider
Graded Benefit Plan:
- For ages 45-80 (in NY, 50-75) • Face amounts from $2,000 to $20,000 (in WA, $5000 – $20,000) • This policy contains a graded benefit meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive all premiums plus 10 percent. After the two years, the full benefit is paid for death due to all causes. Full death benefits will be paid, in all years, if death results from an accidental bodily injury
Additional Benefits:
- The accelerated death benefit for terminal illness or nursing home confinement
- Optional: Accidental death benefit rider
Exclusion: The death benefit will NOT be paid out if the insured commits suicide, within 2 years from the contestability date.
Life Insurance for Seniors with Health Issues
If you have issues and they are chronic conditions, let your independent agent know. Health issues such as diabetes, or high blood pressure that is controlled by diet, medications, and exercise will most likely get standard rates.
With that said, each carrier will look at you differently. This is why it is imperative to communicate with your agent. They will know which carrier will have leniency and the best rates for you and your budget.
More serious health issues such as cancer and heart attacks will have stricter underwriting criteria.
Again, talk with your agent. Here at PinnacleQuote, we specialize in all health impairments. We will be able to guide you throughout the entire process.
Life Insurance for People with Diabetes
When getting to the retirement age of 65 a diagnosis of diabetes drastically increases.
In fact, one in four or 25% over the age of 65 are diagnosed. Furthermore, when applying in most cases you will have to fill out a diabetes questionnaire.
This is to help the underwriter know the extent of your diabetes, treatment, and age of diagnosis.
Does diabetes affect life insurance quotes? Yes, it will really have to do with the age of diagnosis, treatment, and your average A1C.
In some cases, if the diabetes was not managed properly, or the age of diagnosis was decades ago you may be a decline.
If this is the case, then guaranteed life insurance for diabetics will be the only option.
Life Insurance For Seniors With Dementia
Above all, watching a loved one with dementia is very painful.
In fact, it much is very scary for the person that is living with dementia as they lose a little bit more of themselves over time.
Getting proper protection when diagnosed with dementia is a challenge. Also, most carriers will be a decline.
So, does life insurance cover dementia? In most cases, the only option will be a guaranteed issue life policy.
For instance, AIG and Gerber have the best GI policies. But it is very important to get these policies at the very beginning of diagnosis as there will be a 2-year graded period.
This period is the period for which the carrier will refund the premiums paid plus 10% to the beneficiary if the death is caused but illness.
Dementia – What happens after two years?
After two years, the carrier will pay 100% of the guaranteed death benefit. Also, death due to an accident the carrier will cover from day one.
So if you need life insurance for a parent with dementia, this may be your only option.
Also, insurance for clients with Alzheimer’s falls under the same underwriting. So if there is a history of Alzheimer’s in your family it might make sense of getting long term care for Alzheimer’s patients
This will save an enormous cash burden on you and your family down the road.
When Life Insurance For the Elderly Doesn’t Make Sense
Life insurance for the elderly is not always necessary. In fact, some or all of the following situations may apply to you:
If you are unsure, ask your personal agent to go over this with you.
- Funeral expenses are already covered
- Having sufficient savings set aside for golden years
- Children are not financially dependent on you
- Having no outstanding financial commitments
- Having long-term care insurance
Should I Hire An Independent Insurance Agent For Senior Life Insurance Coverage?
Yes, absolutely! Here’s why…
Hiring an independent agent is usually a great investment. Life insurance quotes for anyone vary drastically, especially for senior citizens.
A good agent will know what the best choices are for the elderly and which are the top companies that offer the cheapest rates because they’ll know which insurance companies have the most lenient underwriting towards senior citizens.
This will solidify getting the best life quote!
Independent agents represent many different insurance companies that offer a wide variety of coverage options and quotes. Most on average sell for five to eight different carriers.
Here at PinnacleQuote, we are licensed in 49 states. Actually, we are contracted with over 50 A/A + carriers. We guarantee the Best Price, Best Carrier!
What Our Senior Clients Concerns Are, We Will Help You Through It!
Furthermore, an agent can help smooth over any of your concerns. Purchasing life insurance is one of the most important financial decisions of your life.
It helps to have someone on your side that is knowledgeable about life insurance. They’ll be able to guide you to get the perfect policy for you, considering your budget, needs, and circumstances.
FAQs
Why is life insurance important for seniors?
It can provide financial security to loved ones, cover funeral expenses, pay off debts, or even serve as a legacy or donation to a cause.
Are seniors eligible for life insurance?
Yes, seniors can obtain life insurance, though the options and premiums may vary based on age and health.
What types of life insurance are available for seniors?
Term life insurance (for a specific period), whole life insurance (permanent coverage with a cash value component), and final expense or burial insurance (specifically for covering end-of-life costs).
How do health conditions affect eligibility and premiums for seniors?
Pre-existing health conditions can affect both eligibility and premium costs. However, there are policies available that do not require medical exams, though they might come with higher premiums.
What should seniors consider when choosing a life insurance policy?
Consider coverage needs, budget, health status, the policy’s term and benefits, and whether a medical exam is required.
How do premiums for senior life insurance compare to those for younger individuals?
Premiums for seniors are generally higher due to the increased risk associated with age.
Can seniors get life insurance with no medical exam?
Yes, there are no medical exam policies available, but they often have higher premiums and lower coverage limits.
What is the maximum age to apply for life insurance for seniors?
This varies by insurer, but some policies are available for individuals in their 80s or even 90s.
Are there any tax benefits to having life insurance for seniors?
The death benefit from a life insurance policy is usually tax-free. However, there may be other tax implications depending on the policy type and individual circumstances, so it’s advisable to consult with a tax professional.
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Conclusion
It’s never too soon to start planning for the inevitable. The sooner you get a quote, the better your chances are of getting an affordable price on some peace of mind that is priceless in today’s world. Get started now and find out what rates might be available when it comes time to make those final decisions about life insurance coverage with us! We can help put together a plan based on your individual needs so don’t wait until it’s too late or else you’ll have regrets.
