If you are a senior who is looking for life insurance, or if you are an adult child who is helping a parent with this important decision, you might be feeling a bit overwhelmed by the multiple options that are out there. There are countless insurance companies that offer term life insurance for seniors, but understanding more about what is available can help you choose the best option for you.
For example, you might be interested in term life insurance for seniors, but it is a good idea to learn a little more about it. Although many younger adults opt for this type of coverage, a lot of seniors find that other options are a better choice. By understanding the differences between various types of life insurance, you can make the right decision.
The Benefits of Term Life Insurance for Seniors
Term life insurance is a popular choice for many adults for many reasons. It is significantly cheaper than many whole life insurance policies, but it can still offer sufficient coverage in the event that something happens to you. However, seniors face unique challenges when it comes to finding and securing these policies.
These are a few of the issues that many senior citizens face when seeking this type of coverage:
- Although some senior term life insurance companies don’t require medical exams for younger adults, they almost always require them for seniors over the age of 65 or 70.
- The underwriting for term life insurance is generally a lot stricter than it is for other types of policies. While some other insurers are only concerned about major health-related issues, many term life insurance companies assess things like height and weight, high cholesterol, diabetes, high blood pressure and more. If you or your parents have any of these everyday health-related problems, you could have a difficult time securing a term life insurance policy at all. Even if you are eligible for coverage, the rates can be much higher than what you probably want to or can spend.
- If you outlive your term life policy, you could face problems later on down the road. Renewing your policy can result in a significant rate increase, but failing to renew your coverage could leave your loved ones without the money that they need to handle your final expenses.
Term Life Insurance for Seniors vs. Other Options
When you age, it is common to deal with medical-related issues. Minor things might not get in the way of your everyday life, but they can cause significant problems when it comes to finding and obtaining a term life insurance policy. As a senior citizen, you might also be on a tight budget, and you probably don’t have the extra money to spend on overly expensive coverage.
This doesn’t mean that you shouldn’t get a term life insurance policy as a senior. In fact, this type of coverage is crucial. Fortunately, there are other options out there that might be a better fit for your age and current state of health.
Whole life insurance is known for being costly, but a smaller policy with a lower face amount might be a great alternative to term life insurance for seniors. You don’t have to worry about outliving your policy because whole life insurance will cover you for the rest of your natural life. You also don’t have to worry as much about minor medical issues getting in your way of coverage; although whole life insurance companies do look at major health-related issues, such as a recent stroke or heart attack, they don’t generally pay as much attention to the more minor or moderate things.
Another option to look into is burial insurance. Burial insurance is a bit more affordable than even a small whole life insurance policy, so it could be your best bet if you are on a tight budget. You don’t have to worry about undergoing a medical exam for burial insurance; instead, you can simply answer a few health-related questions. There are even a couple of burial insurance companies out there that offer coverage without asking these questions, but you can expect a much smaller face value if you go for this option.
Term Life Insurance for Seniors vs. Burial Insurance
- Although the coverage might not be high for one of these policies, you don’t have to worry as much about paying high premiums or being denied coverage due to your health or age.
- Even though the face values might be a bit lower, the money will be paid directly to your beneficiary. This means that your loved ones will have the cash on hand to cover funeral expenses and other costs.
- Avoiding a medical exam can help you secure coverage and lower your rates.
- One of these policies can help you cut costs while still allowing you to secure coverage.
How to Find Term Life Insurance for Seniors Coverage
If you are interested in looking into a small whole life insurance policy or term life insurance for seniors, you can use our easy-to-use search engine by entering your ZIP code into the form at the top of this page. You can also look into term life insurance options that might be available to you. We we work with top-rated companies. This means that we can help you find the coverage that you need and deserve.