Life Insurance For Seniors

Shawn Plummer

CEO, The Annuity Expert

When you are young, life insurance is a good way to help the people in your family financially. Later in life, it can be for other reasons like funeral expenses or medical bills if you get sick. It can cost anywhere from $5,000 to over $9,000 for a funeral. Life insurance for seniors is a good way to make sure that your family isn’t burdened with these costs.

Life insurance gets more expensive as you get older. However, older people might be able to buy life insurance for less than they think. Life insurance for seniors is usually permanent life insurance and never expires as long as the person pays the premium.

We looked at 27 different insurance companies for the best life insurance for seniors. Then, we compared their prices, customer service, benefits, and limitations. Finally, we chose the companies that provide the best coverage to someone who is elderly.

These are the best life insurance plans for seniors ages 60 through 85. Plans include term and permanent life insurance policies. Some plans will require a medical exam, and some will not. Run a quote below!

These plans will be ideal for:

  • Seniors over age 60
  • Seniors over age 70
  • Seniors over age 80
  • Funeral Expenses

Compare:

  • Whole Life
  • Term Life
  • Universal Life
  • Burial Insurance

Find The Best Life Insurance Coverage At The Cheapest Cost!

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Best Life Insurance For Seniors

Best Whole Life Insurance For Seniors

If you want life-long coverage, permanent life insurance is an excellent option.

This life insurance is very friendly to senior citizens. It has many different policies for people who are as old as 85 years old. In addition, the companies have the best customer service and offer support online, over the phone, and with life insurance agents in your area.

Best Cheap Life Insurance For Seniors

The cheapest life insurance for seniors is term life insurance.

If you want to buy term life insurance for a specific length of time, such as 10 or 15 years, this is the most cost-effective type of coverage. Term life insurance is generally preferable if you wish to protect your mortgage or replace your income until retirement since these financial responsibilities will diminish or vanish with time.

Term life insurance policies get more expensive as people grow older. Sometimes it’s hard to find affordable insurance for seniors over 65. Term life policies are available until age 80 and provide coverage even after that, up to the end of the policy.

Make sure the term policy you choose will in fact cover the entire length of a financial obligation since if you still require senior life insurance at age 80 or 90, it will be more difficult to obtain coverage and pay higher premiums.

Best Guaranteed Life Insurance For Seniors

Best Life Insurance For 401(k) and IRA Funds

These life insurance policies are available to Seniors up to age 85 and pay with 401(k) and IRA money. There is no medical exam, but there is a phone interview and medical history check.

Life Insurance For Seniors Over Age 70

Over 70 years old, you may buy almost any type of life insurance policy. The only exception is that you can seldom acquire a term life insurance policy with a duration of more than 20 years. As a result, the most important consideration when selecting a life insurance policy is your financial goals and the cost of coverage. Consider applying for life insurance for seniors that require no medical exam.

Life Insurance For Seniors Over Age 80

If you’re healthy and under 80 years old, term or guaranteed universal life insurance options with low rates for the elderly are likely to be available to you. Guaranteed whole life insurance may be your finest option for coverage if you have certain pre-existing medical issues.

These life insurance policies are available to Seniors up to age 85. There is no medical exam, but there is a phone interview and medical history check.

Best Final Expense and Burial Insurance

A funeral and burial will cost about $10,000 on average, and cremation costs may exceed $2,000. Whatever money you don’t have set aside to cover these costs will be passed onto your family whether you live or die.

Final expense insurance is available at a reasonable price to any applicant up to age 85, years after most competitors stop offering coverage. No medical exam is required.

Life insurance living benefits for seniors

Some life insurance plans include “living benefits” or give you the option to add them as riders, according to your needs. Living benefits are features of a policy that can provide financial help while you’re living. Seniors use living benefits primarily to pay for long-term care needs such as an assisted living facility, nursing home, or home healthcare.

Life Insurance Quotes For Seniors

Guaranteed Life Insurance Quotes For Seniors

Guaranteed Life Insurance

Find a life insurance policy for seniors without a medical exam with guaranteed issue life insurance coverage.

What Is Life Insurance for Seniors?

Different life insurance companies have different ways of pricing and marketing their life insurance. Seniors often need different types of life insurance than younger people.

Term life insurance is limited for seniors because of age and life expectancy. It can be costly. The more common type of policy for seniors is permanent life insurance, usually sold as final expense insurance or burial insurance. This type of life insurance can help pay for final costs and funeral expenses.

What Is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is insurance where you do not need to have a medical exam. This type of whole life insurance is popular among seniors because they are more likely to have health conditions than younger people.

Some insurance companies might ask you some questions on your life insurance application. For example, they might want to know how heavy you are and if you smoke. Your answers to these questions might not make them disqualify coverage, but the cost of your policy may be more expensive.

What Does Life Insurance for Seniors Exclude?

As with any life insurance policy, there are a few provisions that seniors should be aware of.

  • Some insurance policies do not cover death from suicide.
  • Certain causes of death may not be covered like private plane crashes.
  • Finally, if you don’t tell the truth on your insurance form, your beneficiaries won’t get the life insurance proceeds.

What Is the Cheapest Life Insurance for Seniors?

The best way for seniors to get life insurance is to get the coverage amount that they need. Final expense policies are less expensive and are more practical than a whole life policy with a high coverage amount. In addition, term life insurance policies may save money for seniors if they are in good health pass a medical exam.

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Shawn Plummer

CEO, The Annuity Expert

I’ve sold annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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