Life Insurance for Seniors Ages 60 To 85

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

As you move into your later years, thinking about how to handle your financial affairs becomes more important. For seniors aged 60-85, getting life insurance is a smart way to make sure your family is financially secure and your final wishes are taken care of. Whether it’s to cover final expenses, leave a meaningful financial gift to loved ones, or settle recent debts, life insurance offers a strategic solution to meet these needs. This guide will help you understand the benefits and options of life insurance specifically tailored for seniors, highlighting why it might be wise to consider a policy now if you haven’t done so before.

Compare Life Insurance For Seniors Rates Today

As seniors age, their life insurance needs often evolve, and they may find their existing policies insufficient. Despite concerns about costs, they must compare rates from various providers to find affordable and adequate coverage. Factors like age and health influence insurance rates, so shopping around is key for seniors to secure the best coverage at an affordable price.

Why Do Seniors Need Life Insurance?

There are several reasons seniors need life insurance, even if they do not currently have a policy.

  1. Estate Planning: To ensure their estate has sufficient funds to cover taxes, debts, and other obligations without burdening heirs. Life insurance can provide the liquidity needed to manage these expenses smoothly.
  2. Covering Final Expenses: Many seniors opt for life insurance to cover funeral costs and medical bills, ensuring their families do not bear these financial burdens. Final expense insurance policies are specifically designed for this need.
  3. Leaving a Financial Legacy: Seniors might wish to leave a sum of money to children, grandchildren, or charitable organizations. Life insurance can guarantee that a specific amount is paid out to beneficiaries.
  4. Recent Financial Obligations: If a senior has recently taken on new financial responsibilities, such as a mortgage or business loan, life insurance can ensure that these debts are settled in the event of their passing.

Best Life Insurance Companies for Seniors

These are the life insurance we recommend to our senior clients. The provide a good mix of policy choices as well as good premiums and are all A-rated or better by AM Best.

  • Nationwide (A+ Rated)
    • Offers permanent Indexed Universal Life (IUL) and Whole Life policies.
    • Will write policies up to age 85.
  • American Memorial (A Rated)
    • Provides permanent whole life policies.
    • Will write policies up to age 85.
  • John Hancock (A+ Rated)
    • Known for lenient underwriting, especially beneficial for older age clients.
    • Less strict on older age clients compared to most other carriers.

Best No Exam Life Insurance For Seniors

Below are our top choices for no-exam life insurance for seniors.

CompanyAge LimitPolicy Types OfferedMedical Exam Requirement
Pacific LifeUp to 70Term Life InsuranceNo medical exam if seen primary care doctor in the last year
United Home LifeUp to 80Term Life Insurance, Final Expense Insurance, Whole LifeNo medical exam
American MemorialUp to 85Whole Life, Final ExpenseNo medical exam
AmericoUp to 80Term Life Insurance, Final Expense Insurance, Whole LifeNo medical exam
Cheap Life Insurance For Seniors

Cheapest Life Insurance For Seniors

Female Seniors

If you don’t want to burden your loved ones with any debt or funeral expenses, purchasing life insurance later in life may be an intelligent choice. Unfortunately, life insurance costs usually increase as you age, but there are ways to save on premiums. Here are some options to look at if you’re a female and want to find the lowest cost for a policy.

Pacific Life$216.75$373.15$696.61$1,846.31
Lincoln Financial$218.16$377.48N/AN/A
10-Year Term Policy

Male Seniors

Life insurance for older males may be more expensive depending on health conditions and death benefits. But to save money, shopping around different insurance carriers is a good idea. Check the table below for males’ top five cheapest life insurance policies.

Pacific Life$342.22$606.92$1,160.25$2,719.91
Lincoln Financial$346.00$603.29N/AN/A

Best Life Insurance For Seniors With 401k And IRA Funds

These life insurance policies are available to Seniors up to age 85 and can be paid with 401k and IRA money. No medical exam is required, but a phone interview and medical history check are available.

Types of Life Insurance for Seniors

  1. Term Life Insurance: Offers coverage for a specific period. More affordable but does not build cash value.
  2. Whole Life Insurance: Provides lifelong coverage and includes an investment component, which builds cash value.
  3. Universal Life Insurance: A flexible policy that allows adjustments to premiums and benefits.
  4. Final Expense Insurance: Covers funeral and burial expenses with lower coverage amounts.

Comparison of Life Insurance Types for Seniors

TypeCoverage DurationCash ValueBest For
Term Life InsuranceFixed (e.g., 10-20 years)NoSeniors seeking affordable, short-term coverage
Whole Life InsuranceLifetimeYesSeniors wanting lifelong coverage and cash value
Universal Life InsuranceFlexibleYesSeniors needing adjustable premiums and benefits
Final Expense InsuranceLifetimeNoSeniors looking to cover funeral expenses only

Factors Affecting Premiums

  • Age: Older individuals typically pay higher premiums.
  • Health: Existing health conditions may lead to increased premiums.
  • Lifestyle: Habits like smoking can increase premiums.
  • Policy Type: Whole life insurance usually has higher premiums than term life insurance.

Choosing the Right Policy

  1. Assess Needs: Consider financial obligations and the needs of beneficiaries.
  2. Budget: Determine what premium is affordable.
  3. Consult a Professional: Speak with an insurance agent to understand the best options.

Importance for Seniors

  • Financial Security for Loved Ones: Ensures that beneficiaries are financially supported.
  • Debt Coverage: Helps in paying off debts, preventing a financial burden on family members.
  • Estate Planning: Can be part of an estate plan, ensuring assets are distributed as intended.
  • Pay For Long-Term Care: Modern life insurance policies for seniors come loaded with living benefits like the accelerated death benefit, which can be used for long-term care insurance purposes.
  • Funeral Expenses: Covers funeral and burial costs, relieving families of financial stress.
Types Of Senior Life Insurance

How We Can Help

At The Annuity Expert, we understand the complexities of choosing the right life insurance policy as a senior. Our mission is to find the best solutions at the lowest costs, ensuring you get the coverage you need without breaking the bank. Here’s how we can help:

Identifying Your Core Needs

The main problem seniors face when seeking life insurance is finding affordable coverage that meets their unique needs. Symptoms of this problem include confusion over policy types, fear of high premiums, and uncertainty about qualifying due to health conditions. These issues can cause significant emotional stress, leaving you feeling vulnerable and uncertain about your financial future.

We recognize these challenges and have been guiding seniors through the insurance maze for 15 years. Our expertise as an insurance agency, annuity broker, and retirement planner allows us to offer tailored advice and solutions that resonate with your specific situation.

Our Approach

  • Empathy and Understanding: We understand what you’re going through and are committed to easing your worries.
  • Authority and Experience: With 15 years in the industry, we have the knowledge and experience to provide reliable advice.
  • Commitment to Value: We believe in finding the best insurance solutions at the lowest costs, ensuring you get maximum value.

What We Recommend

  • Step 1: Free Consultation
    • Description: Schedule a free consultation with one of our experts.
    • What Happens: We’ll discuss your needs, financial goals, and health status.
    • Main Benefit: Personalized advice tailored to your unique situation.
  • Step 2: Policy Selection
    • Description: We help you choose the best life insurance policy.
    • What Happens: Review different policy options, compare benefits, and select the most suitable one.
    • Main Benefit: Confidence in choosing a policy that offers the right coverage at the right price.
  • Step 3: Ongoing Support
    • Description: Receive continuous support and advice.
    • What Happens: We monitor your policy and provide updates as needed.
    • Main Benefit: Peace of mind knowing your policy remains optimal over time.

Features and Benefits of Working With The Annuity Expert

  • Customized Solutions: Tailored policies to fit your specific needs.
    • Benefit: Ensures comprehensive coverage without unnecessary costs.
  • Affordable Premiums: Competitive rates to fit your budget.
    • Benefit: Access to quality insurance without financial strain.
  • Expert Guidance: Advice from experienced professionals.
    • Benefit: Informed decisions with confidence.

Common Objections

  • Objection: “I’m too old to qualify.”
    • Argument: We specialize in finding policies for seniors, including those with health issues.
  • Objection: “Insurance is too expensive.”
    • Argument: We work to find the most affordable options without compromising coverage.

Failing to secure life insurance can leave your loved ones facing financial hardship, covering funeral costs, and settling debts without your support. On the other hand, working with us ensures they are financially protected, providing peace of mind and stability.

Imagine the relief and satisfaction of knowing your loved ones are financially secure. You’ll feel empowered, confident, and at peace with your decisions, knowing you’ve taken the necessary steps to protect their future.

Contact us for free advice or a free quote today.

Free Life Insurance Advice For Seniors

Contact us to help you find the most affordable life insurance for seniors. The service is free of charge.

Life Insurance Inquiry

Questions From Our Readers

What does life insurance for seniors exclude?

As with any life insurance policy, there are a few provisions that seniors should be aware of. First, some insurance policies do not cover death from suicide. Specific causes of death may not be covered, as private plane crashes. Finally, your beneficiaries won’t get the life insurance proceeds if you don’t tell the truth on your insurance form.

Which life insurance policies are for senior citizens?

Term life insurance is the cheapest type of insurance that seniors can buy. Final expense insurance is the best policy for paying funeral expenses in advance. Simplified issued and guaranteed issue life insurance is the best option for people with pre-existing medical conditions.

Who offers the best whole-life insurance for seniors?

Because of their higher maximum coverage levels and A+ (Superior) rating with A.M. Best, Nationwide and Protective offer seniors the best whole life insurance.

Who offers the best life insurance for seniors over 80?

Because of their higher maximum coverage levels, affordable rates, and A+ (Superior) rating with A.M. Best, Nationwide offers the best life insurance for seniors over age 80.

Does Medicare Offer Life Insurance For Seniors?

Contrary to popular belief, Medicare is not an alternative to life insurance. Neither Original Medicare nor private companies certified by it provide life insurance. Therefore, investing in a suitable policy remains crucial to ensure that you and your family are guarded in case of untimely death.

How Much is a Million-Dollar Life Insurance Policy For a 60-Year-Old?

If a male aged 60 wishes to obtain $1 million worth of term life insurance for ten years, the average cost is around $2,676 annually. On the other hand, women will pay an annual rate that’s almost half of that amount – approximately $1,800 yearly.

What Type of Life Insurance is Best for a 70-Year-Old?

Final expense insurance, or burial or funeral coverage, is an outstanding selection for seniors in their seventies. Burial policies have much lower premium rates than many other forms of life insurance. In addition, they require only answering a few basic health questions on the application – rather than taking any medical test.

Is life insurance worth it at 80-years-old?

Although your choices may be limited, the most choice-worthy life insurance plan for seniors in their eighties is burial insurance; these plans provide reasonably priced rates and will cover funeral expenses and other concluding costs.

Is it possible to obtain life insurance for a 69-year-old mother?

Yes, you can purchase life insurance for your 69-year-old mother. Options may include term life, whole life, or guaranteed issue life insurance. However, premiums will be higher due to her age, and some policies might require a medical exam or have age-related restrictions.

Do I need life insurance after 60?

You may need life insurance after 60 if you have dependents, outstanding debts, or insufficient savings for final expenses. If your financial obligations and dependents are covered by your assets, it may not be necessary.

Does a 65-year-old need life insurance?

Yes, if they are married and want to protect their surviving spouse financially in retirement.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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