Life Insurance for Senior Citizens

You might think that senior citizens are past the need for life insurance. However, that is not always true, and there are still many good options available to most elderly people and their families. Of course, you may pay more for a specific amount of coverage for your 80-year-old mom or dad than you would pay for yourself. That is why it is important to shop around to be sure you purchase the right coverage for the right price.

Many older people are shopping for the right policies, and you can even find life insurance quotes online for seniors. If you plan to purchase life insurance for senior a citizen, it is a good idea to examine the options and make the best choice.

Why Consider Life Insurance for Senior Citizens?

First, consider some reasons why seniors may still need life insurance:

  • Funerals and burials: Average U.S. funerals can cost $8,000 or much more.
  • Settle debts: Many seniors leave behind some debts and other obligations, and it will be convenient for adult children to have some cash to handle these.
  • Handle the estate and leave money to the next generation: Any leftover cash can be used in any way the policy’s beneficiaries choose.

How Much Life Insurance Can Senior Citizens Buy?

Different families have different needs. The right amount and type of coverage really depends upon your own unique situation. These are the three options you might consider:

  • Term life for seniors: Some insurers accept applicants up to age 75.
  • Whole life for seniors: Some insurers accept applicants up to age 80.
  • Burial policies: You may even find burial policies for elderly people up to age 85.

Term Life

Some younger seniors can still buy low-cost term life policies with face values in the tens of thousands of dollars. Some insurers still sell term policies to elderly people up to about age 75. This option allows you to buy the most coverage for the least money. The only drawback is that term policies are temporary, and if you purchase a term life policy for your healthy 70-year-old mom, she might outlive it, and you probably hope she will.

Whole Life

Whole life costs more for the same amount of coverage, but it never expires. You can be certain that the policy will stay in force as long as it is paid for or paid up. Because of the higher cost, you might have to settle for a smaller amount of coverage. Many good insurers sell whole life policies to reasonable healthy seniors up to about age 80.

Burial Policies

If your elderly mom or dad is already past 80 years old, you might still be able to purchase a burial policy. This is actually a type of whole life insurance that has been specifically developed for elderly people, and some insurers offer these to people up to 85 years old. Typically, face values range from about $5,000 to $25,000.

Even though they are called burial policies, the cash proceeds from these policies can be used in any way that the beneficiary likes. For example, $5,000 might be used to pay for a funeral or burial. Any money left over can be considered an inheritance. After a loved one passes away, there are bound to be other expenses besides just paying for a funeral. You might lose wages because you cannot get to work, need to travel, or even feed a lot of guests who come for the funeral.

How to Learn More About Life Insurance for Seniors

Buying the right life insurance policy can be difficult if you do not have help. You should not just purchase the first policy that you see advertised on TV because it might not be the right choice for your family, and it might not be the most affordable choice either. It is a good idea to discuss your options with an experienced and professional life insurance agent who understands of elderly people and their families.

United Life Group is a leading resource on the topic of purchasing life insurance for older folks, and we will be happy to work with you. You can even get life insurance quotes online for seniors, so you are free to learn more about costs and options from your own personal computer at your house or office. If you think that life insurance is the right solution to help you plan for future expenses or simply leave money to children and grandchildren, why not take advantage of this chance to get more information right away?