Quick Answer
Life insurance for seniors ages 50 to 85 includes term life, whole life, and burial insurance. Term life is the cheapest, but it can expire before you pass away, while whole life and burial insurance last your entire life. You don’t need a medical exam, and most seniors qualify for a first-day coverage plan even with health issues. Serious conditions often push you into guaranteed issue plans with a 2-year waiting period.
Here’s What This Means for You:
- Life insurance for seniors isn’t one product; it’s several options
- Term life is cheaper but can expire before you actually need it
- Whole life costs more but guarantees lifetime coverage if approved
- Guaranteed issue plans accept you, but delay payouts for 2 years
- Your health determines your price, approval, and coverage options
- Waiting too long limits choices and raises your monthly premium
GET MY QUOTEor call 888-862-9456
What is life insurance for seniors, and why do you need it if you’re 50 to 85 years old?
Life insurance for seniors is a policy you can purchase to cover the cost of your final expenses and financially protect your loved ones in the event of your death.
It is important to have life insurance regardless of your age, but it becomes even more crucial as you get older. This is because the older you are, the greater the chance you will die sooner rather than later.
The good news is that life insurance for seniors is available if you are 50 to 85. You don’t need to take a medical exam to qualify. Most seniors qualify for a first-day coverage plan even with health issues.
What are the different types of life insurance for seniors?
First-day Coverage Plan
A first-day coverage plan is a life insurance policy that does not require a medical exam. If you qualify for this plan, your life insurance coverage will start on the first day, and you will be covered your whole life.
First-day Benefit Plan – A first-day benefit plan becomes active on the first day, but the death benefit is phased in over time.
Guaranteed Issue Life Insurance – A guaranteed issue life insurance policy does not require a medical exam. Anyone can qualify, regardless of their health, but this plan has a 2-year waiting period.
What are the characteristics of life insurance for seniors?
Permanent coverage – You will have lifetime coverage. The insurance provider cannot cancel your coverage because of your growing age or new medical problems that you develop with time.
Level premiums – Your premium will not change throughout your policy. Your premium is locked in and guaranteed to never increase in the future. You’ll pay the same low monthly premium for the rest of your life.
Fix death benefit – Your death benefit will never decrease for any reason.
Beneficiary – When you pass away, your death benefit will be paid to your beneficiary. Your beneficiary might be a spouse, partner, child, family member, or another person who helps make your end-of-life arrangements.
No medical exam – Seniors’ life insurance has simplified underwriting that does not require you to take a medical exam. You will only need to answer a few health questions. A guaranteed issue life insurance does not ask any health questions!
Lower coverage: Life insurance coverage is typically capped at $25,000 to $50,000. The lower coverage is because life insurance is specifically designed to cover final expenses and is not intended to provide supplemental income to beneficiaries.
Builds cash value – Life insurance for seniors is whole life insurance that builds cash value on a tax-free basis with every premium payment you make. This cash value can be borrowed for emergency purposes or can be used to pay your premiums.
What are the benefits of life insurance for seniors?
The biggest benefit of life insurance for seniors is that it gives policyholders and their loved ones peace of mind.
Your family will have instant funds to use for your final expenses. Life insurance for seniors doesn’t go to probate, and your family will have the funds to pay for your funeral. It also provides money immediately, so your loved ones need not pay your final expenses out of their pockets.
Life insurance eases the financial burden on your family. It’s an excellent way to show your love for your family. When you purchase life insurance, you ensure your loved one can grieve without worrying about the funeral and burial costs.
Life insurance for seniors allows you to plan. Making financial decisions about your death is not easy. Purchasing life insurance gives you the time to plan and find different options suited to your needs.
How to choose the best policy for your needs
Choosing a policy that meets your specific needs is important when looking for life insurance for seniors.
The type of policy you choose will depend on age, health, and budget.
You will also need to decide how much coverage you need. A good rule of thumb is to purchase a policy covering your end-of-life expenses and leave something for your family.
What is the cost of life insurance for seniors?
The cost of life insurance for seniors will vary depending on your:
- Age
- Gender
- Coverage Amount
- Health history
- State of residence
- Tobacco usage
However, it is generally more affordable than you might think (as long as you go with the best-priced company such as Final Expense Guy)
What are the things to keep in mind when purchasing life insurance for seniors?
When you are purchasing life insurance for seniors, there are a few things to keep in mind.
First, ensure you get the right policy for your needs.
Second, work with a qualified life insurance agent who can shop around and compare rates from different insurers.
Third, consider adding riders to your policy to cover long-term care or medical expenses.
Make sure you research and choose a policy that meets your needs. With the right life insurance in place, you can rest assured knowing that your loved ones will be taken care of financially if something happens to you.
How to get started with buying life insurance as a senior
STEP 1: Work with a qualified life insurance agent
Suppose you’re a senior citizen looking for life insurance. In that case, the best way to start buying life insurance is to work with a qualified life insurance agent such as Final Expense Guy.
STEP 2: Select your life insurance from a high-rated Company
When you’re ready to purchase a policy, select your life insurance from a high-rated company.
This will ensure that you’re getting a high-quality policy from a reputable insurer that will be there when your family needs it the most.
STEP 3: Answer the health questionnaire and complete the phone interview
Once you’ve chosen a policy, you’ll need to answer a health questionnaire and complete a phone interview. The information you provide will be used to determine your premium rate.
STEP 4: Select your payment method
After you’ve been approved for coverage, you’ll need to select your payment method and pay the first premium to make your policy active.
Most life insurance policies are paid monthly, but you may also be able to pay annually or semi-annually.
STEP 5: Receive your policy documents
Once your payment has been processed, you’ll receive your policy documents.
Be sure to review your policy carefully and keep it in a safe place, as you’ll need to provide these documents to your beneficiaries when you pass away. Buying life insurance as a senior citizen doesn’t have to be difficult.
You can get the coverage you need to protect your loved ones by following these simple steps.
Don’t wait until it’s too late. Get started with life insurance today.
