Well, not to make a joke, but the best life insurance for seniors would be a policy that had been purchased and paid up long ago. I just mention this because if you are a younger, or even midde aged person, who is looking to cover your aging parents or grandparents, it might be a good time to look for a policy for yourself too!

The may disappoint you, but I cannot give one perfect answer to this question that will satisfy everybody. The best choice will depend upon important individual factors like your needs, budget, and expectations for a life policy. What I can do is outline some of the common options that older people choose.

Life Insurance For Seniors

• Final Expense For Seniors - These are also called burial or seniors life policies. It is simply whole life insurance with a modest death benefit, from $2,500 – $25,000. It is, as the common names implied, mostly intended to pay for funeral arrangements and burials. However, the cash belongs to the named beneficiaries so they can use it as they see fit. For example, let us say that Mr. Jones inherited $20,000 from his father’s burial policy. If he spends $10,000 on a funeral and other associated expenses, he is free to use the other $10,000 as he pleases. This way, Mr. Jone’s father had prepared to make sure his funeral got paid for, and he also got to leave something to his son. This can work out very well for older people with modest incomes and savings who are concerned about the cost of funerals, and who would also like to pass on a modest benefit to their heirs.
• Term Life For Older People – It gets a little tougher to find term policies as we get older, though I have seen some companies that offer to cover people up to age 75 if they are in reasonable health. It would be tough to find a 30 year term, but a 10 to 15 year policy may be on the market. Since term is cheaper, people can afford to purchase a higher face value. This may be a good choice for a fairly heathy senior who wants to buy higher value of coverage, but also who understand the policy will expire after the term is up. If Mr. Jones had purchase a 10 year term policy at 70 and survived it, he would be unlikely to be able to replace it.

So which one should you pick? If you have modest means, and would just like to make sure that your by burial and other final expenses can be covered, the smaller whole life policy may be a good choice. If you have a larger use for coverage, like for business or estate transfers, and you are in pretty good health, you may be able to find a term policy that will suit you better.

How To Find The Best Life Insurance

Our online quote forms make it quick and simple to run competitive life insurance quotes. You can compare multiple insurers with one free form. That way you will know which ones fit your budgets, your needs, and your expectations! Find out how much life insurance costs here.

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You may think that older people have outgrown life insurance. After all, kids should be grown, houses paid off, and savings built up? Those are nice thoughts, but are probably not the reality for many middle aged and retired people in the US. Recent financial problems have probably cut into savings and investments, and they may have even delayed paying off a home! In addition, many grown children are having their own financial problems, and they are even returning to their parent’s home. Sometimes those grown children bring their own kids with them to live with the grandparents. Clearly, older people in the US still have plenty of responsibility!

Life Insurance Choices For People Over 50

If you need to find life insurance over 50, you should not panic. Since we have had the good fortune to enjoy longer and healthier lives in the US, many top life insurance companies are extending affordable policy choices to older people.

No Medical Exam Term LIfe Insurance – You can find term policies for people in their 70s these days. A reasonably healthy 70 year old with good health habits can certainly find 10 year policies that can provide financial security for another decade. An applicant will have to answer some health questions to apply, but many applications are fairly short and simple.

Final Expense – Final expense life insurance rates are designed to be affordable for many seniors. These products are designed to be affordable ways to plan for end of life events like funerals and settling debts. Any cash left over can be used by the beneficiaries in any way they choose.  Final expense policies, are actually small face value whole life insurance policies, and they come in guaranteed or simplified issue, and these are different. Learn more: Final Expense Life Insurance For Seniors.

Most of the time, these plans do not require a medical exam. Simplified issue will ask a few health questions, but most seniors without a terminal disease, and who does not require nursing care, should qualify! Guaranteed issue plans ask no health questions. However, they may have other disadvantages like higher rates and a waiting period before full death benefits can be paid. In my opinion, guaranteed issue plans should be a last resort.

Universal Life Insurance is a little different, but is also a permanent policy that will not expire as long as it is kept in force. For more information on this innovative product see: universal life insurance explained.

Advantages of Permanent Policies for Older People – Term policies do cost less, but a big reason they cost less is because the insurer does not risk lifetime coverage. A whole or universal policy can provide lifetime security, and it will cover an insured person as long as the policy is kept in force. Keeping a policy in force usually means keeping it paid up! Some of these policies can be paid up over a number of years, and so a person can plan to have paid up life insurance coverage for their retirement years.

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