Have you ever been informed that getting a good quality and affordable senior life insurance policy wasn’t feasible? If so, you will be glad to learn that there are in fact exceptional policies available to you that will fit in your budget. Even if you have been denied coverage in the past or presently have significant health problems, you can still find quality final expense insurance.
What is The Best Life Insurance for Seniors?
The great news is that the average life expectancy for Americans has gone up in the last few decades. Life insurance companies have observed this development and have come to be more likely to offer affordable life insurance for senior citizens. Although there are now more life insurance options, prices continue to be higher for senior citizens, making it just as crucial to identify appropriate coverage.
We strongly recommend that you take the time to understand various types of policies that seniors can purchase, so you can make the very best choice for yourself and your family and other loved ones.
Finding the most Affordable Senior Life Insurance Quotes
Consider your reason for seeking a life insurance policy. Do you wish to pay for a funeral or do you want life insurance to transfer an estate and leave cash to your next generation? All these answers will help you figure out what type and amount of insurance coverage that you need.
Once you have determined your reason for purchasing life insurance for yourself or even your parents, you can get started comparing senior life insurance plans.
Popular Types of Life Insurance for Seniors
There are three kinds of life insurance policies that the majority of senior citizens look at, and these are:
- Term Life Insurance: This may possibly provide a way to get inexpensive life insurance coverage for seniors, but term policies do expire after a set period of time and you may likely outlive your coverage.
- Traditional Whole Life Insurance: This alternative costs a lot more than term, but the policies do not expire as long as the premium is paid and they can grow a cash value.
- Final Expense and Burial Insurance: These policies can offer an easy method to obtain life insurance for seniors because these plans accept applicants who are older and even if they are not perfectly healthy and they will sell smaller policies if you are looking for a lot of coverage.
Term Life Insurance for Seniors
Term insurance policies expire after a specific amount of time and generally only provide coverage without accumulating any sort of cash value. Then again, a relatively healthy individual anywhere between the ages of 50 to 70 might find that they can purchase a policy that lasts for 10 to 20 years. This term life insurance plan would probably then be the least expensive way to afford the best possible coverage.
If you are serious about buying term life insurance as a senior, you may want to consider policies that are renewable and convertible. This enables you to convert your policy to whole life just before it expires, or you can renew the term coverage for another period of time.
Final Expense and Burial Insurance Using Whole Life
The advantage of Final Expense Insurance and Burial policies is that they remain in force as long as premiums are paid. Since whole life insurance policies are permanent and can accumulate cash value, they cost more than term policies. Nevertheless, they have some guarantees that term insurance policies cannot provide. Some advantages of whole life insurance plans for seniors:
- They provide lifetime coverage.
- They can help you build a valuable asset.
- These assets can be sold or borrowed against.
- Once the policy is issued, the premium doesn’t change
- The insurance company cannot raise your premium or cancel your policy for any reason.
Senior Life Insurance Quotes
Below we have listed actual senior life insurance quotes for $10,000 in coverage for a male and female non-smoker:
For a quote based on your actual age, please use our instant quote engine to the right of this article.
What if I’m Declined?
In some cases, your health history may be such that you may not qualify for a level benefit insurance policy. In this case, we can recommend a “guaranteed issue” final expense policy that does not take your health into consideration. Below we have provided a rate chart for “guaranteed issue” Final Expense Insurance: