Is Term Life Insurance Still Inexpensive for Seniors in 2023?

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  • Post last modified:January 15, 2023

Seniors are the fragile citizens of our society and the ones with the most need for life insurance.

Although, they might need to plan it considering their retirement days.

However, it is not a hard and fast rule, if you are 60 now, you can still get your life insurance and plan the rest of the days of your life.

So, if you are wondering if term life insurance is still an option and also affordable, then you must know that; YES it is.

To get the term life insurance, you need to look for the companies with the right policy for seniors.

However, you need to remember that companies will look at you as a high risk depending on your health.

Now, before you start looking for your options, let’s learn more about the term life insurance.

What You Should Know About Term Life Insurance?

Seniors are usually worried about the final expenses, the funeral costs, or any due debts.

Therefore, there is a term life insurance that is known to be tax-free insurance that is paid to the beneficiaries upon your passing.

Term policy is a good deal for the ones who want to secure the future of their loved ones.

It lasts for a specific term and turns out to be the most beneficial and affordable option for anyone.

Some of the well-known facts about the term life insurance are:

  • Average cost: Healthy men over 70 can expect to pay $122 to $435 for a 10-year term life insurance policy with a $200,000 death benefit. However, healthy women will pay between $66 and $194 for the same policy.
  • Term: 10-30 years
  • Death benefit: Yes
  • Cash Value: No
  • Premiums: It depends on the type of insurance you are purchasing. Mainly, there are 2 types of term life insurance. One is level-term, and its benefits remain the same throughout the policy term. Another one is decreasing-term, in this type of policy benefits typically reduce with the life of the policy.

Is It Still Affordable?

The concern for most people here is about if they can get life insurance over the age of 70 or not.

No doubt that you are at high risk and some companies might not consider you eligible for life insurance.

However, if you are healthy and fit, you still have a chance because caring for your loved ones is never bound by age.

Usually, people prefer this type of life insurance either for the debts or final expenses.

So, people with low budget plans often go for this type of insurance. If you are only thinking about leaving the final expenses for the funeral, then you might get the most affordable plan.

However, if you want to leave more than just the funeral expenses, you might want to look for other policies too.

Now, the plan of policy is dependent on your demand. So, if you choose the affordable, term-life insurance if the most demanding right now.

Any seniors above the age of 70 are mostly seeking the policy to cover their final expenses as they don’t leave any burden on the loved ones.

So, the term life insurance is the one that works perfectly fine for them.

Is Term Life Insurance a Good Choice?

People want the insurance policy because they don’t want to burden their loved ones and the one that always comes to the rescue is the term life insurance policy.

If you are still wondering about its benefits that make it a fruitful choice, below is the list to check.

  • The major benefit of it is the affordability factor. If you are someone in good health looking for the policy at lower rates, this can be a better choice than whole life or any other type of insurance.
  • Another factor of it is topping the list is the flexibility factor. It allows you to choose the term based on the kind of coverage you need. The policy works best if you want coverage for final expenses, medical bills, or want to leave some amount for the children.
  • It has various tax benefits too along with tax-free access to the cash portion.

Moreover, if the person falls seriously ill, the company might refuse the renewal of the policy. Or, a person can himself/herself cancel the renewal if they need it. Also, the renewals for the policy can be really expensive.

So, it is about affordability and budget.

Consideration Before Buying Term Policy In 2023

Finding the insource as per your suitability requires extra research on your end.

So, you must know about the common benefits that any company can offer you.

While you are looking for companies with term life insurance, you must ask about the benefits and ensure you look into as many options as possible. This may vary among different insurance policy providers.

You need to dive into the details before purchasing the term-life insurance.

Now, the best way to get the right choices for you is to get as many quotes as possible. 

Final Thoughts

Hopefully, you have got your answer by now. It is obtainable this year too, especially if you are in good health. Yes, it might differ if you are seriously ill.  So, don’t let the company tell you otherwise under any circumstances.

Apply in the senior organizations as they might have the policies without the medical exam too. Also, try to explore all your options before you choose one.

The major benefit of term life insurance is that you don’t have to buy it for the whole life. You can simply get it for the specified term and it makes it quite affordable for the seniors with a low budget.

Further, you can always discuss your options with insurance consultants/professionals.

Linda Chavez

I'm a burial & senior life insurance expert, independent agent, Founder & CEO of Seniors Life Insurance Finder. I have been working in this sector since 2004 and established my own company in 2014. I have a team of seven members, and we are trying hard to share the knowledge we've gathered. We know how difficult often it is to find an affordable policy. Hence, we are doing our best to help you.