Seniors Life Insurance Finder | Instant Comparison & Planning
Life Insurance for seniors is one of the essential financial plans that you must have.
We need money throughout our lives, even after death! As you are a responsible person in your family, you should care about others.
Seniors have a misconception that as they are too old and they cannot find an affordable policy.
Actually, there is no official age limit for life insurance, but seniors pay a bit higher premium because of their age.
You can find affordable life insurance and obviously within your budget and limit.
First of all, thanks for staying with us.
I hope you have already noticed our company name.
“Seniors Life Insurance Finder” is dedicated only to senior citizens and specialized in senior life insurance. No matter how worst the situation is, we are here to HELP you.
We work with the top-rated insurers, and with our FREE comparison tool, you can find the best deal in a few minutes.
Available Senior Life Insurance Options
A life insurance policy protects the family from any financial disaster if any unexpected happens to the policyholder.
Some people also like to use it as an investment. However, seniors look for a policy that can cover fundamental expenses (like debt, mortgage, and funeral expenses).
Hence, the coverage amount for seniors is smaller than others, which is a very positive point to get an affordable one.
There are few options available for seniors, and here is a short brief of the policies.
Term Life Insurance
Term life insurance is the cheapest plan for anyone. The policy offers the most coverage within a short period (generally from 5 to 30 years) if you are in good health.
Hence, if someone buys a 15 years’ policy with a death benefit of $200,000, he or she will have to pay a fixed amount of premium every month throughout the 15 years.
The premium will never change for 15 years, doesn’t matter what happens to the world economy.
However, if the policyholder dies within these 15 years, the beneficiaries will get the full death benefit of $200,000.
The policyholder can also get the original amount back with a fixed interest rate after 15 years, and obviously, the amount is not a small one!
But, seniors of all ages can’t be qualified for this policy. Most of the insurers offer term life insurance is for seniors up to 75 years of age.
Whole Life Insurance
It is the most popular type of policy among seniors. The policy covers the rest of the life of the policyholder. The monthly premium of this plan is fixed; it never changes.
As this is a long-term policy, the premiums are high in most cases. The beneficiaries receive the benefit only after passing away from the policyholder.
Whole life insurance is recommended who want small coverage and affordable price. However, it requires a medical exam.
We recommend seniors over 80 purchase this policy. For below 80 years, there are better and cheaper options.
Besides the death benefit, you can borrow money from the policy’s cash value, but you have to pay that back; otherwise, it will be deducted from the benefit.
This policy also helps to minimize estate taxes.
However, all types of whole life plans may not accumulate cash value. For example, if you choose guaranteed acceptance life insurance at age 40, you will not get the cash value benefit.
Modified Whole Life Insurance
Probably you are going to learn about modified whole life insurance for the first time.
Usually, people don’t talk about this policy as it is a bit technical and not commonly used. People also call it modified premium life insurance.
However, the idea is straightforward – pay less at the beginning of the policy (5-10 years), and after that, the premium increases and lasts for the rest of your life.
It is helpful for those who don’t have enough money right now to pay but has a very high chance of increasing income soon.
Is it good for you?
Entirely depends on you. You are the one who knows your financial condition the best.
If you think you can pay for the additional costs, you can go for it.
Burial or Final Expense Insurance
Burial insurance is quite similar to whole life insurance. It is whole life insurance with a small death benefit with a different marketing term.
This policy generally covers $5,000 to $50,000, which is meant to pay the funeral costs and other debts.
This policy hardly requires any medical tests as the coverage amount is minimal. Fundamental medical questions are asked before giving this plan.
We recommend this policy for seniors over 85 as they don’t need extensive coverage, and other types of plans are not available.
Guaranteed Universal Life Insurance
Guaranteed universal life insurance is prevalent among seniors who are looking for long-term coverage at an affordable price.
It is neither whole life insurance nor term life insurance. It is a different policy with some features of term and whole life insurance.
Let’s make it clear.
The policy lasts for a lifetime, but it doesn’t create cash value and keeps the premium lower but doesn’t leave you uncovered in your older age.
The premium is fixed in this policy like term insurance, but it doesn’t have a specific period of 5-30 years.
Instead of that, it is set to a specific age like 90, 95, 100, or even 120). However, the cost will likely be high if you choose an older age.
Health and Age Can Affect Your Premium
Health, age, and life insurance premium are very closely related.
It is one of the most critical components that an underwriter considers before issuing a policy. The healthier you are, the lower premium you pay.
With age, seniors’ health conditions drop, which is a big enemy for any policy. Most insurance companies require a medical exam.
However, seniors can buy guaranteed acceptance life insurance; that’s expensive! It is always a good decision to go for a medical test, and it doesn’t matter how your health is unless you have any deadly disease.
As previously discussed, a term policy can be up to 30 years. But, people aged 50 to 55 years at maximum can get this policy.
With age, options decrease. Seniors can only buy 10 to 15 years of term insurance.
Nevertheless, you can get life insurance at any age, but the cost varies.
Many companies offer life insurance for seniors over 90, but your age and health condition matter hugely.
Why Do You Need Senior Life Insurance?
There are several reasons why seniors need a life insurance policy.
Here we are going to discuss a few of them.
Paying Your Debts
Life insurance can be helpful to pay any outstanding debts. Do you know which one is the biggest debt problem nowadays among seniors?
Believe it or not, 27% of seniors over 65 have mortgage debt and increasing every year. With the benefits of your life insurance, it will become easy to pay off the mortgage.
There might be other debts as well, like, bank loans, medical expenses, etc. No worries, your life plan can cover all these debts.
It is an unavoidable cost that most seniors are afraid of. The average funeral expense is increasing every year, and we don’t know what will happen in the next few years.
It is wise to be prepared to pay these expenses. Moreover, if you have a pre-set budget for the funeral program, it will be possible for you to organize your funeral.
You can ask the beneficiary to arrange the program as you wanted.
If you have a disabled child, you must think about life insurance. The medical costs and support your child need must be a solid reason to have a policy with decent coverage.
A policy can cover the living costs and other expenses your child needs in your absence.
Raising Your Grandchildren
It is now prevalent that older people are parenting their grandchildren in many cases because their parents are not alive or do not live together.
Many seniors struggle to finance the living, housing, auto insurance, and education expenses of grandchildren.
If you have your grandchild with you, it is essential to have a life plan. You may not have included your grandchild in your retirement planning, but now you have to think about it.
You can’t plan your retirement again, but you have the opportunity to buy life insurance for the elderly.
Do you want to be remembered after passing away? Doing a charity can make you unforgettable. You can make any of the charity organizations as your beneficiary so that the death benefits are directly given to the charity.
It is a Nobel work, and many seniors want to do something for society. Your insurance policy can make it true.
Do you have a large estate and worried about the tax? The more wealth you have, the more tax liability you have. You can transfer your wealth to life insurance and leave money for your family without any tax worries.
However, this works only if you have a large estate and expensive items.
Life insurance works as a good investment. You may find mutual bonds and other investment opportunities lucrative, but they are not always safe.
Who knows what will happen to that company after you pass away. You can invest your money in a life insurance policy without any worries.
The interest rates are pretty good, and you can build a good amount of money for the next generation. Your beneficiaries will get the money without any hassle after your death.
Last Few Words
Each life insurance company offers separate rates for each client.
Hence, there is no accurate company that will be suitable for you.
All you can do is, compare rates from top providers and determine which one satisfies your needs.
The best life insurance coverage has never been so easier to find.
Get your free quote from Seniors Life Insurance Finder now, click here!