Is life insurance for seniors a good idea?

Life insurance is all about financial protection, no matter how old you are. Consider any current and future financial obligations to help you decide what you need. An agent can help walk you through your options based on your age, health, and budget.

How old is too old for life insurance?

Many traditional term life and permanent policy carriers will insure you up to age 65. Final expense insurance is designed for ages 50-85, and getting approved is simple. And if you already have an existing policy, you can often renew it into your 80s and beyond.

What are affordable life insurance options for seniors?

While everyone’s situation is different and quotes depend on things like age and medical history, generally, an affordable option for most seniors is final expense insurance which covers end-of-life costs. If you’re looking for more coverage, term life policies are more affordable than permanent life insurance.

Life Insurance for Seniors

As you get older, life insurance can help make sure the money is there to pay for end-of-life expenses and any other financial needs.

Why Do Seniors Need Life Insurance?

As a senior, you might not have many of the expenses that require life insurance, but there are still reasons to get insured.

Buying a life insurance policy ensures that you have financial security and peace of mind as you get older. After you’re gone, your loved ones receive a cash payout that can help pay for things like day-to-day expenses, end-of-life costs, credit card or other debts, and even long-term care if you develop a serious medical situation.

You most likely need to be covered if:

You’re supporting dependents, like aging parents or a disabled relative
You’re paying college tuition or other big expenses for your kids
You still have unpaid debts, like a mortgage
Your spouse depends on your income
You’re retired, but want your spouse to have enough cash to live on on top of retirement savings
You want to set aside money for end-of-life expenses, like a funeral or medical bills
You want to leave behind a legacy to your kids, grandkids, or even a favorite charity

Life insurance also typically pays out faster than the money from your estate, which can be helpful for loved ones if most of your assets are tied up in your house or investment accounts. By getting covered, you can make sure there’s a cash cushion immediately after your death to cover any expenses, debts, or legacies, so your family doesn’t have to wait for your will to be read.

How do seniors qualify for life insurance?

The type of coverage you qualify for and your rates depend on multiple factors, including your age, health, and financial situation. Here’s how to choose the right policy to meet your family’s needs.

Seniors with big financial needs: Still paying off a mortgage or supporting family members? For older adults who still have significant financial responsibilities, a traditional policy like term life or permanent life insurance may be the best option. Term policies are more affordable than permanent options, which include whole and universal life options. If you’re healthy and under 65, you can often still qualify for insurance.

Seniors with pre-existing health conditions: If you’re dealing with a medical condition and have trouble qualifying for traditional life insurance, a guaranteed issue plan can ensure you get covered without an exam. If you’re in relatively good health and are looking for basic insurance later in life, though, simplified issue insurance may be the way to go. These policies also let you skip the medical exam, but you might need to answer a few health questions. Talk to an agent about available options and what’s best for you.

Seniors who just need to cover final expenses: The average funeral can cost $9,000 or more, and that’s not an expense you want to leave behind. Final expense insurance, or burial insurance, is an affordable way to take care of those end-of-life costs. With coverage amounts that top out around $35,000, final expense is not a replacement for a traditional policy. If you no longer need to cover big expenses, though, final expense can be an ideal option. Approval is generally quick and easy, and many carriers will let you buy final expense coverage until age 85.

You’ve Got Questions. We’ve GotAnswers.

Life insurance quotes for seniors

At eFinancial, our goal is to make buying life insurance as easy and affordable as possible. We offer a variety of term life, permanent life, and final expense insurance products from more than 20 nationally recognized insurance companies. Our expert team of agents will work with you to make sure you understand your options and help you choose the right life insurance company for your needs. We are committed to walking you through the process so you can get covered as quickly as possible.

Want to learn more? Request your free, no-obligation online quote today, or call 866-388-3996800-957-9525 to talk with one of our agents.