Life Insurance for Seniors

If you are 60 or older, you might think the opportunity to buy life insurance has passed you by. But think again!

While life insurance premiums do increase with age, you may have more options than you realize for term or permanent life insurance — even if you have some health issues. Here’s what to know:

Do seniors need life insurance?

If you’ve retired and no longer have life insurance coverage through work, or the term policy you bought when you were younger has expired, you still have options. Or maybe you don’t have enough assets to help your loved ones maintain their quality of life, or avoid burdening them with your end-of-life expenses.

Life insurance is designed to solve problems like these, even when you’re older.

Is temporary coverage an option?

A term life policy provides coverage for a predetermined number of years. Maybe you thought your mortgage would have been paid-off by now, but instead you have 10 years left. If that’s the case, a 10-year term life insurance policy may be a good choice.

There are other instances where a term life insurance policy may be a good idea for seniors. Contact us to discuss your options!

Do you need permanent protection?

Burial or final expense insurance is a great way to ensure that your family doesn’t bear the burden of covering your final expenses. In this case, a whole life policy with a small death benefit (often $50,000 or less) is a great option. It’s designed for older adults who have health issues or can’t afford a larger policy.

There’s no medical exam to qualify; you only have to answer a medical questionnaire. If you’re eligible for a simplified issue policy, your coverage will begin as soon as you’re approved.

If you have serious medical conditions, you can get a guaranteed issue policy. It has no medical questionnaire but doesn’t pay a death benefit for the first two years. If you die during that time, the insurance company will refund your premiums to your estate.