Senior Life Insurance Plans Overview

Senior life insurance can provide an invaluable means of obtaining financial security for your family after you’re gone. Even if your children are out of the nest, having life insurance can provide for a spouse or dependent grandchildren and help with medical bills and other outstanding costs, allowing you to leave your family unburdened after your death. While many people think that finding senior life insurance is difficult, if not impossible, policies can be obtained by checking life insurance quotes online for older adults from United Life Group.

Whether you are searching for senior life insurance for yourself or a family member, it pays to learn about life insurance for senior citizens so you can make the most informed decision about coverage. There are several types of life insurance products on the market, each with its advantages and disadvantages.

Senior Whole Life Insurance
Whole life insurance is a senior life insurance policy that will cover the insured for his or her whole life, hence the name. These are the Cadillac policies of senior life insurance, so be prepared to pay a little more in premiums.

Pros of whole life policies
• These policies provide a lifetime of coverage at a set premium.
• These policies create cash value that can be tapped by the insured.
• They can be useful in an estate or inheritance planning as proceeds of these policies are, in general, not taxed.
• These policies can be helpful in providing for family members who may come into dispute with other family members regarding other parts of the estate.

Cons of these Senior life insurance policies
• Because they’re designed to last a lifetime, premiums are much more expensive than those of term life policies.
• There is little or no flexibility to whole life policies. The amount of coverage you buy at the onset of the policy typically cannot be increased or decreased.
• Whole life policies can be tough for seniors to find, but affordable senior life insurance policies are out there. United Life Group can help advise on whether whole life is the right policy for you or a loved one.

Senior Term Life Insurance
Term life insurance provides coverage for a set period of time, usually between 10 and 30 years. The basic premise of term life is that insurance is needed only as long as a spouse, child or other dependent needs your income for support.
Pros of term life policies
• Affordable. Term life policies are typically much less expensive than whole life.
• Set premiums. Premiums are typically guaranteed for the duration of the policy.
• Flexibility. As coverage needs change, policy holders are allowed to adjust their policy.

Cons of term life policies
• Extending coverage past the termination of the policy will be expensive. This is particularly true of senior life insurance policies.
• In many cases, you do not build cash value with a term life policy.
• There are few opportunities to convert a term life policy into a whole life or universal life at the end of the term.

Burial Insurance
Burial insurance helps families by offsetting the costs of laying a loved one to rest in a dignified manner. Funerals are getting ever more expensive and providing a proper ceremony for a loved one can be quite a financial burden. By purchasing burial insurance, seniors can ensure burial costs aren’t a hardship for a spouse or children.

Pros of burial insurance policies
• Cash for burial. These policies can keep final expenses from being a burden on families. The average funeral costs between $7,000 and $10,000.
• Inexpensive. Burial policies are typically very affordable.

Cons of burial policies
• Waiting period. Some senior life insurance companies selling burial policies have a waiting period after the purchase of a policy. If the person covered by the policy dies during that waiting period, the policy may not pay in full.

Obtaining Coverage
There are a number of proactive steps seniors can take to make it easier for them to obtain senior life insurance, including:
• Staying healthy – Exercise and eat right. The healthier you are, the easier you’ll be able to cover.
• Shop around – Be sure to get life insurance quotes online for seniors to get an idea of the policies and premiums out there. United Life Group can help, providing easy senior life insurance quotes for seniors.
• Buy sooner – The sooner you buy, the less expensive your senior life insurance policy will be.
If you’re looking for burial, whole or term life insurance for senior citizens, United Life Group can help with easy-to-understand senior life insurance products.