What is Life Insurance for Seniors?
Life insurance for seniors is a policy specifically designed for individuals typically over the age of 60. These policies provide financial security to beneficiaries in the event of the policyholder’s death.
Senior Life Insurance Quotes
As seniors age, their life insurance needs often evolve, and they may find their existing policies insufficient. Despite concerns about costs, it’s crucial for them to compare quotes 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.
Types of Life Insurance for Seniors
- Term Life Insurance: Offers coverage for a specific period. More affordable but does not build cash value.
- Whole Life Insurance: Provides lifelong coverage and includes an investment component, which builds cash value.
- Universal Life Insurance: A flexible policy that allows adjustments to premiums and benefits.
- Final Expense Insurance: Covers funeral and burial expenses with lower coverage amounts.
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.
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
- Assess Needs: Consider financial obligations and the needs of beneficiaries.
- Budget: Determine what premium is affordable.
- Consult a Professional: Speak with an insurance agent to understand the best options.
Comparison of Life Insurance Types for Seniors
| Type | Coverage Duration | Cash Value | Best For |
|---|---|---|---|
| Term Life Insurance | Fixed (e.g., 10-20 years) | No | Seniors seeking affordable, short-term coverage |
| Whole Life Insurance | Lifetime | Yes | Seniors wanting lifelong coverage and cash value |
| Universal Life Insurance | Flexible | Yes | Seniors needing adjustable premiums and benefits |
| Final Expense Insurance | Lifetime | No | Seniors looking to cover funeral expenses only |
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.
| Company/Age | 65 | 70 | 75 | 80 |
|---|---|---|---|---|
| Protective | $215.40 | $372.87 | $669.73 | $1,936.90 |
| Pacific Life | $216.75 | $373.15 | $696.61 | $1,846.31 |
| AIG | $216.89 | $375.34 | $700.79 | $1,857.17 |
| Lincoln Financial | $218.16 | $377.48 | N/A | N/A |
| Principal | $223.16 | $381.84 | $704.80 | $1,868.04 |
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.
| Company/Age | 65 | 70 | 75 | 80 |
|---|---|---|---|---|
| Protective | $341.76 | $596.26 | $1,157.25 | $2,760.01 |
| Pacific Life | $342.22 | $606.92 | $1,160.25 | $2,719.91 |
| AIG | $343.99 | $610.81 | $1,173.48 | $2,735.90 |
| Lincoln Financial | $346.00 | $603.29 | N/A | N/A |
| Principal | $350.79 | $614.38 | $1,181.12 | $2,751.91 |
Related Reading: Effortlessly compare life insurance rates to find the most affordable option.
Best Life Insurance Companies for Seniors
- 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
Why Is Ethos The Best Life No Exam Life Insurance
- Top Carriers: We chose Ethos because they work with some of the industry’s top life insurance carriers, including Legal & General America, Ameritas Life Insurance Corp., and TruStage Financial Group, Inc, all with financial ratings of “A” and “A+.”
- No Medical Exams: Ethos has an online process that allows you to answer a few health questions instead of setting up medical exams and blood tests. As a result, what took weeks can now be done in minutes, giving you more time to focus on what matters – why you bought life insurance in the first place.
- Seniors Can Get Same-day Coverage: Most customers receive same-day coverage thanks to Ethos’s quick process. So you can go from applying for life insurance to being protected in minutes. That’s how easy life insurance is with Ethos.
- Affordable policies: You can choose the life insurance policy that fits your family’s budget and needs. Ethos has life insurance is not a one-size-fits-all solution, so you should get the best policy for your family.
- Whole Life Insurance for Seniors with No Medical Exam: Many Seniors find it difficult to get life insurance because of their age or health issues. That’s why Ethos offers whole life insurance, which can help your loved ones cover funeral costs and any other expenses they may have. If you are 66-85, you can be approved quickly, regardless of your medical history. You need to answer a few health questions. And with a fast rate that will never increase, you are covered for life.
- Term Life Insurance for Seniors with No Medical Exam: Your life insurance policy is on your terms with several term lengths and a wide range of coverage amounts. Ethos offers level premiums for every term policy, meaning your monthly payment will never increase during your term. Age 65 is the maximum issue age.
Senior Term Life Insurance Options Without Medical Exam
Ethos, which we highly recommend as our top pick, provides term life insurance for individuals over 65. Below are additional options we suggest, along with the types of policies they offer and the age limits for each.
| Company | Age Limit | Policy Types Offered | Medical Exam Requirement |
|---|---|---|---|
| Pacific Life | Up to 70 | Term Life Insurance | No medical exam if seen primary care doctor in the last year |
| United Home Life | Up to 80 | Term Life Insurance, Final Expense Insurance, Whole Life | No medical exam |
| Ethos | Up to 65 | Term Life Insurance | No medical exam |
| Ethos | 66-85 | Final Expense Insurance, Whole Life | No medical exam |
| American Memorial | Up to 85 | Whole Life, Final Expense | No medical exam |
Best Life Insurance For Seniors With 401k And IRA Funds
These life insurance policies are available to Seniors up to age 85 and pay with 401k and IRA money. No medical exam exists, but a phone interview and medical history check are available.
Helpful Tip: For an affordable solution to create a comprehensive estate plan, including a living trust and last will & testament – we strongly suggest:
Next Steps
Choosing the right life insurance as a senior is crucial for ensuring financial security for loved ones. Consider the type of insurance, coverage needs, and budget before making a decision. Contact us today for a free quote.
Life Insurance Quotes For Seniors
Contact us to help you find the most affordable life insurance for seniors. The service is free of charge.
Frequently Asked Questions
What Is Life Insurance for Seniors?
The standard policy for seniors is permanent life insurance, usually sold as a final expense or burial insurance. This life insurance can help pay for final costs and funeral expenses.
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.
What Is the Cheapest Life Insurance for Seniors?
The best way for seniors to get life insurance is to get the necessary coverage. Final expense policies are less expensive and are more practical than a whole-life policy with a high coverage amount. In addition, affordable term life insurance policies may save money for seniors if they are in good health and pass a medical exam.
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 to pay 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.
Related Reading
*Disclosure: Some of the links in this guide may be affiliate links. I may receive a commission at no cost to you if you purchase a policy. It helps us keep the lights on!