Life Insurance for Seniors

life insurance for seniorsMany older people have found that they have not outlived their need for life insurance. The good news is that we can help you find the best term life insurance for seniors over 50, over 70, and even over age 80! You can find life insurance for your elderly parents or for yourself here. In fact, you can even access senior life insurance quotes quickly online.

To begin using our system, simply type your ZIP code into the box to compare plans. It’s right there at the top of this page. In return, you will instantly see local offers from top carriers that are eager to help you find and compare whole life insurance and even term life insurance for seniors. You can even begin the rest of your application process online or over the telephone.

Life Insurance for Seniors Over 80

If you purchased a term life insurance policy when you were younger and have outlived your policy, you might be wondering what you can do about coverage now that you are older. Perhaps you have always planned on buying life insurance, but you’ve just never gotten around to it. Now that you’re a senior, you might be worried that you will have trouble securing coverage. Luckily, this does not have to be the case at all, even if you are an older senior. At United Life Group, we can even help you find life insurance for people over 80.

Not Covered? You Need a Life Insurance Policy

Everyone should be covered by a life insurance policy. After all, funeral expenses can really add up, and you probably don’t want to leave your family in a bind. You might also be concerned about leaving behind medical bills and other debts that your family will be responsible for. By paying a reasonable monthly premium, you can secure coverage that will leave your family with the money that they need when you do pass away.

How to Shop for Life Insurance as a Senior over 80

For younger adults, there are a lot of different life insurance options that you can look into. Younger adults often consider both term life and whole life policies when making their decision, for example. It can be tougher to find life insurance over 80 years old, however. A lot of companies stop offering coverage to people once they turn 80, and the premiums for some of the policies that are available can be prohibitively expensive.

If you are an older senior who is looking for coverage, you should definitely consider looking into burial insurance policies — which are basically small whole life insurance policies — when you are shopping for life insurance for seniors over 80. Here’s why:

  • Insurers are often willing to work with older customers when selling burial insurance.
  • Face values usually range from $5,000 to $25,000, so it should be enough to cover funeral expenses and other basic end-of-life costs.
  • Since the face values are smaller, premium costs are usually smaller, which can be a better fit for a senior’s budget.
  • The money is paid out to the beneficiary in a lump sum, so your beneficiary can spend the money on whatever he or she sees fit.
  • Qualifying for a policy is usually easier; you may have to answer basic health questions, but you should not have to worry about a medical exam.

We Can Help

We know that the process of shopping for life insurance can be daunting. However, we can help. If you would like life insurance quotes for seniors over 80 or seniors of any age, use our handy website or get in contact with us today.

Life Insurance for Seniors

There are coverage options for almost everybody. Some older people may just want cheap life insurance for seniors in order to make sure their adult children have money to pay for funeral expenses. Others may want a larger policy to help pass on an estate or secure a business. Most of the top-rated carriers that we work with can help find exactly the right policy for their needs.

Term life insurance for seniors:

Most older people don’t need hundreds of thousands of dollars’ worth of coverage. However, some might prefer to buy more coverage at a cheaper price, and their are companies who offer this for fairly healthy older people up to about age 70. Typically, term life insurance for seniors will have a 10-year term, but people still in their 50s may find 20-year terms.

Guaranteed life insurance for seniors:

To obtain life insurance with pre-existing conditions, it may be convenient to simply apply for guaranteed coverage. This kind of coverage doesn’t require you to answer any medical questions or undergo an exam to apply. However, it’s important to know that these plans usually have a waiting period, so the insured person has to survive that before it will pay full benefits.

Typically, the insurers will either pay some percentage of the death benefit or refund all premiums if the insured person passes away before the period ends. The waiting period will vary, but it is usually two or three years. Also, premiums will be higher than they would be for plans that ask a few health questions or ask for an exam.

Burial insurance for seniors:

Average funeral costs can easily top eight or nine thousand dollars these days. More and more people choose cremations to save money, but even these aren’t that cheap. Meanwhile, you can purchase burial insurance for seniors for amounts that usually range from about $5,000 to $35,000.

These policies pay in cash, so the beneficiary can use the money to pay final expenses, settle debt, and so on. That beneficiary is also free to keep any money that is left over after handling obligations. In some cases, they may ask a couple of health questions, but there is no medical exam required. If they do ask any medical questions, they will also offer an immediate death benefit with no period of waiting.

Finding Cheap Life Insurance For Seniors

Since older folks are associated with higher risks for insurers, premiums may be higher than they would be for a younger adult. However, since most elderly people don’t need that much coverage, they or their family members should still be able to find affordable rates.

It might be tempting to look for guaranteed life insurance for seniors. However, insurers also offer what they call simplified issue policies. With these, their are a few medical questions, but they generally accept seniors who just have typical issues of aging. With this kind of coverage, the death benefit will be paid without a period of waiting. In addition, the coverage should be cheaper than it would be for a guaranteed issue policy.

It’s a good idea to find out what kind of health questions that the application asks before making a decision. Fairly active and independent older people should qualify for simplified issue insurance and still won’t need a medical exam. However, guaranteed acceptance might still be a good option for older people who suffer from serious illnesses or who are confined to nursing care or assisted living facility. By shopping around a bit, it’s possible to find the right plan for your own unique needs.

Who Pays the Premium for Senior Life Insurance?

In some cases, the insured person will pay for their own coverage. However, many seniors live on limited incomes and can’t really afford an extra bill. In this case, adult children or other family members may offer to handle this bill. After all, the beneficiaries are the people who will actually be able to take advantage of the death benefit.

The best way to handle this is to set up automatic payments from a savings or checking account. That way, you can be sure the coverage will not lapse in case somebody forgets to pay a bill. You may be able to use a bank account or even a credit card to pay bills.

The Insured Person Needs to Help Apply

Some adult children are nervous about bringing up the topic of life insurance with their parents. They may assume that they can just apply for coverage without their parent’s help. This isn’t true. Even though an adult child or other person is allowed to pay the bill, the person to be insured will still need to assist with the application. However, this process is very convenient and easy.

Most insurers let them do this over the phone with a short and simple interview. In some cases, it can also be done over the Internet or by mail. It’s just worth noting that you can’t take out this kind of coverage on your parents or elderly relatives without their knowledge and consent. They will need to sign an application or take a short phone interview to confirm that they know about the coverage and answered application questions correctly.

Still, adult children can shop for life insurance for elderly parents. When it is time to apply, they will just need a few minutes of their parent’s time. Most senior citizens are happy and relieved to help their children take care of this task. They know that they are helping their loved ones take care of a financial concern.

Compare Life Insurance for Seniors Online

These are some of the most popular insurers for seniors:

However, the right choice of company really depends upon where you live, your age and health. We make it fast and simple to shop online for the best companies with the most affordable rates. Just enter your ZIP code in our quote box to see your choices. From there, you are welcome to ask for more information, get your free senior life insurance quotes, or find out how to begin your application. We work hard to help senior citizens find affordable life insurance.