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| Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She is a wife, mom, and former school teacher, specializing in helping families. As parents, it's our responsibility to ensure our family is financially sound, regardless of what life brings. Her goal is to make the process of obtaining life insurance as simp... Full Bio → | Written by |
| Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism. Full Bio → | Reviewed by Benji Carr |
UPDATED: Mar 4, 2021
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The Facts of Life
- There are five types of senior life insurance policies.
- Term life insurance rates for a man over 60 years old start at $20 a month.
- Life insurance rates increase with age — even senior life insurance rates.
- Comparison shopping will give you the best opportunity to find the right coverage for your needs.
There are many things you need to know about senior life insurance coverage. We will explain the different types available and some common mistakes that are made when searching for the type that is right for you.
If you have loved ones who would suffer financially should you pass away, you need a life insurance policy that is in force. Seniors buy life insurance for this very reason.
One of the first things that seniors need to decide is what type of life insurance is the best life insurance for seniors over 60. Will term life insurance, whole life insurance, or final expense insurance work best for your needs?
Here is the ultimate truth about life insurance: The only policy that matters is the one that is in force on the day you die. – Tom Hegna, economist, author, retirement expert
There are seven top mistakes seniors need to avoid before applying for a life insurance policy. Keep reading to discover these mistakes, learn how you can avoid them, and learn how to get the best cost of life insurance for seniors.
When you're ready to apply, you can be confident that you're purchasing the best policy you qualify for at the most affordable price.
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Is life insurance available for seniors?
Yes, most life insurance options are available for people into their 80s. Although some types of life insurance may become more expensive or unavailable as you age, there is life insurance out there for seniors. Senior life insurance plans include term and whole life.
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What are the best types of life insurance for seniors?
There are many different types of life insurance out there for seniors. Keep reading to find out more about them and discover which type is right for you.
This table explains the differences between the five types of life insurance for seniors.
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Compare quotes to find the most affordable life insurance for seniors over 60.
What is term life insurance for seniors?
As the name implies, term life insurance provides a benefit for a specific amount of time. Contrary to popular belief, term life insurance is purchased by seniors regularly.
What are the most important considerations?
How old are you? At some point, your age can disqualify you from purchasing term life. Each life insurance company is different, but generally, age limits look like this:
- 80 years old – 10-year term
- 75 years old – 15-year term
- 70 years old – 20-year term
- 65 years old – 25-year term
- 58 years old – 30-year term
Unsurprisingly, senior term life insurance rates and term life rates in general increase with age. So, life insurance for seniors over 65 will be more expensive than for those younger than 65.
How is your health? Less than perfect health means higher rates or a possible decline. As we age, it's common to develop chronic health conditions including the following.
- Hypertension
- Diabetes
- Cardiovascular disease
- Anxiety
What's the bottom line?
Your age and health are the two main components to securing life insurance.
It's possible you will need to complete medical exams to get coverage. These are called paramedical exams, as well, and they often include an EKG. Typically for life insurance after 70, many senior life insurance companies will require a cognitive and physical function test. However, there are companies that don't require medical exams as well.
That's an important thing to think about.
There are no exam (simplified issue) term life insurance options for seniors, too. At up to age 65, healthy seniors may be able to purchase a moderate amount of term life insurance with no exam (up to $500,000 in death benefits).
From ages 66–80, healthy seniors may have the option to purchase a modest no exam policy of up to $99,000.
What is guaranteed universal life insurance for seniors?
Think of guaranteed universal life insurance (GUL) as a bridge between term and whole life insurance products. GUL is regularly recommended to seniors because it has some of the most appealing aspects found in both term and whole life insurance.
What are the key features of GUL?
- More affordable life insurance premiums
- Tends to be more expensive than a traditional term life policy
- GUL is technically not considered permanent life insurance because you select the length of the policy
- However, the policy length is expected to outlast your life, unlike term life coverage with an almost guaranteed expiration
- Many GUL policies do not accumulate significant cash value
- Rates can be level for a lifetime
- Rates are not tied to investment volatility or interest rates
- GUL is often used for:
- Minimizing estate taxes
- Providing a legacy to a beneficiary
- Financing end of life expenses
- The underwriting process is often the same as a term life insurance application
So, what's the bottom line?
Guaranteed universal is commonly purchased by seniors. Level rates, a policy term that outlasts your life, and the ability to leave a legacy to your beneficiaries are primary reasons many seniors select a GUL.
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What is whole life insurance for seniors?
Whole life insurance provides a death benefit for the rest of your life and also accumulates a cash value. Unlike term life, whole life insurance remains in force as long as you pay your rates. Additionally, your rates remain the same for the life of the policy.
What is a cash value?
Cash values, which accumulate on a tax-deferred basis just like assets in most retirement and tuition savings plans, can be used in the future for any purpose you wish. – Permanent Insurance, Life Happens, a nonprofit awareness organization.
Although not common for seniors to purchase, whole life can make sense in some instances:
- A desire to leave a specific amount to a beneficiary (i.e. family member, university, or charity)
- Utilize the policy loan option
- As a strategy to minimize estate taxes
The policy lasts a lifetime
- Rates are more expensive than term life insurance
- Accumulates cash value
- Ability to take policy loans and withdrawals from the cash value
- Underwriting guidelines are similar to term life insurance for seniors over 65
- Usually, the cutoff age for purchasing whole life is 75-80 years old
- Your age and health factor into whether or not you qualify for whole life insurance
What's the bottom line?
Whole life insurance isn't purchased by seniors all the time, but it can make sense in certain circumstances. Whole life insurance for seniors over 65 may not be beneficial; however, knowing your needs will help determine which policy to purchase.
Underwriting is similar to term life insurance.
What is universal life insurance for seniors?
Universal life insurance (UL) lasts a lifetime. The name implies that it's similar to a GUL. However, there are some key differences. Also, it's important to note that universal life insurance is usually not purchased by seniors.
What are the specifics?
- Universal life insurance is considered a form of permanent life insurance as it lasts a lifetime, unlike term policies
- UL does have a cash value component
- Cash value is directly linked to the policy's investment performance
- Ability to take policy loans against the cash value of the policy
- Designed to provide flexibility in your policy:
- Payments must be made to cover the cost of the policy
- Additional payments can be made to the savings component of the policy
- The volatility of its investments directly affect the policy
- In other words, there is no guarantee of investment earnings
- Depending on the policy's performance, payments may need to be increased to maintain the policy so you can't count on level monthly premiums
- The death benefit is adjustable
- Underwriting guidelines for UL are usually the same as a term life insurance application
Seniors do not usually buy universal life insurance. The policy does last a lifetime and provides flexibility; however, there are risks associated with the structure of the policy.
What is final expense life insurance?
Final expense (FE) life insurance makes all the sense in the world for seniors under certain circumstances. Aptly named, final expense coverage works well for those seeking funds to cover end-of-life financial needs.
What you need to know:
- Final expense or burial insurance is permanent life insurance and lasts a lifetime
- FE secures funds for end-of-life costs:
- Funeral and burial expenses
- Medical bills
- Policy amounts typically range between $50,000 and $100,000
- Often FE policies can grow a cash value, meaning that you can access funds during the life of the policy (policy loans)
- Underwriting for final expense is different than standard term life insurance:
-
- Approval can be instant after you pass the health questionnaire
Final expense is a popular life insurance option for seniors. While the policy amounts are modest compared to other life insurance options, it may be the right amount of life insurance needed for your family.
Further, the underwriting process is more lenient, and instant approval is possible.
Senior life insurance reviews will help you determine the correct life insurance protection for you.
What are the features of different life insurance policies for seniors? This table is an easy way to compare the different types of life insurance out there.
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You need to compare the features of each type of life insurance to see what's right for you.
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Who has the best life insurance for seniors?
There is not a one-size-fits-all answer to who has the best life insurance for seniors.
Many factors, like the condition of your health, will determine which company will offer you coverage and the rate you will be charged.
Shopping around for life insurance is very important, especially for seniors. Not every company will offer the same coverage at the same price.
So even if one company won't insure you or will insure you at a very high rate, another company may offer you much cheaper coverage.
What are some mistakes to avoid when buying life insurance for seniors?
There are seven top mistakes seniors without life insurance need to avoid in order to buy the best life insurance for which they qualify.
What are seven mistakes to avoid for senior life insurance? This table breaks them down for you.
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Let's uncover these mistakes and find out what to do instead.
Mistake #1: You Do Not Analyze the Types of Life Insurance
Seniors have a number of options for a life insurance purchase.
If you neglect to evaluate the different types of life insurance, you run the risk of buying a policy that does not fit your needs.
For example, if your life insurance requirements are only temporary, avoid higher rates by purchasing a term life insurance policy.
What should you do instead?
You will want to review the different types of life insurance available to you. That way, you are protecting those you care about most with the type of life insurance that makes sense for you.
In this article, we will define and review the main types of life insurance available to senior citizens:
- Term
- Guaranteed universal
- Whole
- Universal
- Final expense
Insurance is not one size fits all. Learn what type of life insurance is best for you.
Mistake #2: Your Face Amount Does Not Match Your Financial Needs
The face amount of your policy is also known as the death benefit your beneficiaries receive.
In addition to the face amount, permanent policies (like whole, universal, and final expense) also have a cash value component.
Life insurance is not for you. You purchase life insurance to financially protect your loved ones.
If your policy is not for the right amount, especially if it's too small, those you care about most may be left in a tough spot financially.
What should you do instead?
Conduct a needs analysis, as elderly individuals have unique life insurance needs. An independent agent can help you with this.
Grab a pencil and some paper and calculate the following:
- Annual income
- Current financial obligations (e.g. mortgage, debts, bills, personal loans)
- Future financial obligations plans (e.g. charitable giving, college tuition for loved ones)
At the end of the day, your policy should cover the financial loss your loved ones would experience should you pass away.
Some life insurance is better than no life insurance. Even if you are unable to purchase a face amount that meets all of your financial needs, a modest policy (such as final expense) will provide some financial relief.
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Mistake #3: Your Beneficiaries Are Not Properly Established
If your policy does not appropriately list who you want your death benefit to go to, there is a chance your life insurance payout will not reach the people you want it to.
Instead, your death benefit may be directed to your estate (think taxes and time-consuming process).
This can easily happen to seniors.
What should you do instead?
Plan to do three things, thoughtfully:
- List your primary beneficiaries. A primary beneficiary is first in line to receive the death benefit (e.g. spouse).
- Select a contingent beneficiary. It's possible your primary beneficiary will be unable to receive your death benefit. Establish second-in-line beneficiaries (e.g. children).
- Consider a tertiary beneficiary. Some policy owners opt to list tertiary beneficiaries, who are third in line to receive the death benefit (e.g. grandchildren).
There are some situations in which contingent and tertiary beneficiaries are unnecessary. For example, sometimes seniors establish an irrevocable life insurance trust (ILIT).
Revisit your policy regularly. If a major change has happened in your life (marriage, divorce, birth, death), be sure to verify your policy's beneficiaries are updated as needed.
Mistake #4: You Do Not Consider the Parties to Your Life Insurance Contract
If there are multiple people involved in the purchase of your policy (and there often are for seniors), you will want a firm understanding of the different parties to a life insurance contract.
Sometimes, seniors will finalize a life insurance purchase before understanding the main parties (and their roles) to a policy.
What should you do instead?
Familiarize yourself with a life insurance contract's primary parties so that you know how you want your policy to look. This is especially important if someone else would like to own and make the payments on your life insurance.
Life insurance policy parties include:
- Insured – the person whose life is insured
- Policy Owner – the person (or entity) who owns the contract and is responsible for making payments
- Beneficiary – the recipient of the death benefit should the insured die
Knowing the parties in your contract will help give you a better understanding of the contract.
Mistake #5: [Imperative] You Do Not Evaluate Riders
Often overlooked, life insurance riders are additional benefits to your life insurance contract. Seniors regularly secure a life insurance policy without considering what riders are available on the policy.
As an example, if you are diagnosed with a serious illness, not having the proper rider in place can be devastating financially.
According to the Centers for Disease Control and Prevention, 6 in 10 adults in the United States have a chronic disease.
Ignoring riders means potentially forgoing the opportunity to utilize funds during a time when you might need them most.
What should you do instead?
When evaluating which life insurance company to apply with, be sure to look at the specific policy included (and available) riders.
For instance, the most commonly used rider is the accelerated death benefit. It gives you the option to accelerate a portion of your death benefit if you are diagnosed with a qualifying chronic, critical, or terminal illness.
Additionally, other common riders for seniors to consider are:
- Children's Term – option to provide life insurance for a child (or grandchild) on your policy
- Waiver of Rate – ability to waive payments under certain circumstances, like disability
- Accidental Death – your death benefit increases (typically doubles) should you die as the result of a qualifying accident
Make sure you read all of the riders on your policy.
Mistake #6: You Ignore Options for No Exam Life Insurance for Seniors
A no medical exam life insurance policy for seniors is regularly an excellent option.
Sometimes, seniors unwittingly sign themselves up for a physical exam when it's in their best interest to skip it.
What should you do instead?
Know your no medical exam options.
There are three situations in which we recommend seniors opt for a no exam life insurance policy:
- You can't stand the thought of needles, nurses, or liquid samples (or you'd rather bypass the inconvenience).
- It has been a couple of years since your last checkup. Something concerning could pop up in your lab work that you are unaware of (e.g. elevated blood sugar).
- Your best life insurance option is a policy that never includes a medical exam (e.g. final expense is always no exam).
It's important to know if you need a medical exam so that you can skip it if possible.
Mistake #7: You Buy Life Insurance Directly from a Company
Occasionally, seniors will apply for life insurance directly with a company.
We advise against this.
If you submit an application directly to a life insurance company, you run the risk of not securing the best policy or the best rates.
What should you do instead?
Partner with an independent life insurance agent.
It is in the best interest of elderly individuals to analyze multiple quotes from multiple companies.
Your unique situation age, health status, financial obligations, desired riders will determine the ideal company to apply with. Each company is different and seniors will want to collaborate with an agent acting as an advocate for their needs.
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What are life insurance quotes for seniors?
To get a general idea of cost, we have provided life insurance quotes for seniors over 65 years old. In general, the older a person is, the more they will pay for life insurance.
Quotes include term, guaranteed universal, whole, and final expense. That way, you can have a comprehensive understanding of approximately how much different types of coverage might cost you.
There are a couple of things to keep in mind. Term insurance quotes for seniors and in general are for a 10-year term. Quotes are also based on healthy individuals, although final expense underwriting is very lenient and health conditions are not as much of a concern.
Read on to find affordable senior life insurance options at any age.
What are the life insurance rates for seniors over 60?
These tables will show you the rates for different types of coverage for people over 60 years old.
First, we have term life insurance for men over 60 years old.
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You can see that the difference between coverages is not huge, so it will just depend on the coverage you need.
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Term life insurance for a 60-year-old woman is slightly lower than term life insurance for a 60-year-old male.
Next, let's look at quotes for universal life insurance for men over 60.
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Now, for the universal life insurance quotes for women over 60.
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Again, the cost for women is less than for men in the same age range.
Next up are quotes for whole life insurance for men over 60.
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Let's look at the rates for women over 60 for whole life insurance.
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Lastly, we will look at quotes for final expense life insurance for men over 60.
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These numbers are for women over 60 looking for final expense life insurance.
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In all of the cases, insurance is cheaper for women than for men. Term life is the cheapest choice for seniors over 60.
How much is life insurance for seniors over 70?
This set of tables will show the sample life insurance quotes for senior citizens of different life insurance types.
Let's start with term life insurance quotes for men over 70.
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You can see that term life insurance for a 70-year-old man will be significantly more than for a man in the 60-year-old range.
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This policy for a 70-year-old female will still be quite a bit less than her male counterpart.
Now, we will look at universal life insurance quotes for men over 70.
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Men over 70 will pay more than double for universal life insurance than men in their 60s.
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Women will still pay less than men for universal life, but still more than double what women in their 60s will pay.
Next, let's look at whole life insurance quotes for men over 70.
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Now for the quotes for women over 70.
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Lastly, we will look at final expense life insurance for men over 70.
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Next, check out the quotes for women over 70 wanting final expense life insurance.
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Although life insurance over 70-years-old is much more expensive for men and women, final expense coverage is the cheapest option. We recommend shopping around to find the best coverage for seniors over 70.
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What are the life insurance rates for seniors over 80?
These tables will give you information on different types of life insurance once you are over 80.
First, let's look at term life quotes for men over 80.
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Next, we have numbers for term life for women over 80.
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As with the other ages, women over 80 will pay considerably less than their male counterparts.
Next, let's look at the cost of whole life insurance for men over 80.
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Now we will check out what women over 80 can expect to pay for whole life insurance.
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These are the costs of final expense life insurance for men over 80.
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Finally, these are quotes for women over 80 who want final expense life insurance.
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You can see that once a person reaches 80 years old, the amount of final expense life insurance they can access is limited.
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How can you apply for life insurance?
Seniors have specific considerations and as an independent agency, we'll collaborate with you to find the best policy at the most competitive price.
Independent agents are not held captive to a particular company. You will receive multiple quotes from multiple life insurance providers.
Some life insurance is better than none. And the best time to become insured is today.
Shop around to get the best senior company, coverage, and the lowest price. Read different reviews to pick the best company for you.
Do you have more questions about life insurance for seniors?
Keep reading to find the answers to some commonly asked questions.
#1 – How much life insurance do seniors need?
There is a simple question to ask yourself when deciding how much (if any) coverage you need.
Will someone I care about suffer financially when I pass away?
If the answer is yes, and for many it is, you will want to purchase life insurance.
You need to calculate the following:
First, determine the amount of financial loss someone would experience. For instance, it could be your annual salary if you are still working. Or, you may have debt or a mortgage balance you are responsible for.
Next, calculate how long that financial need will exist. For some, the need may be temporary, like 10 years. For others, your loved ones may depend on you indefinitely.
Finally, determine the face amount (and policy type) to fit your needs.
Consider a couple of examples.
Joe's wife depends on his annual salary of $25,000. He plans to work for 10 more years. After that, his pension will begin. Joe purchases a 10-year term life insurance policy for $250,000 to protect his income until he retires.
Carol's young grandson lives with her. He will depend on Carol indefinitely. She plans to leave a financial gift for her grandson regardless of the age she passes away. Carol purchases a whole life policy for $50,000.
#2 – Is cheap life insurance for seniors available?
The type of policy you want (and how your application is evaluated) determines just how cheap your policy will be.
In other words, your unique circumstances will determine what the cheapest option will be.
If you're healthy, here's what you need to know.
For seniors that qualify, term life insurance is the biggest bang for your buck. Term provides the largest face amount for the lowest rates.
Keep in mind you will want to verify that your needs are temporary. As the name implies, term lasts for a specific period of time, like 10 years.
For life insurance that will last your entire life, guaranteed universal for seniors is likely the most affordable option for healthy seniors.
If you have health concerns, you will need to do things a little differently.
It's common for seniors to have health conditions. There are still plenty of options.
For seniors with fairly serious medical complications or who take certain prescription medications, final expense coverage is often the cheapest option.
#3 – Can seniors buy no medical exam life insurance?
Yes.
Seniors' life insurance with no medical exam is available. You can skip the exam and purchase a policy without needles or blood pressure cuffs.
Be that as it may, you may be limited in the face amount and policy type.
For example, guaranteed issue is always issued without a medical exam.
On the other hand, depending on your age and health, you might be required to take an exam if you'd like a term, guaranteed universal, or whole life insurance policy.
#4 – What is the best life insurance for seniors?
It depends.
The best option for life insurance for you is the one that financially safeguards your loved ones for an appropriate amount and length of time.
Additionally, the best life insurance for you is the kind you qualify for, as age and health conditions may preclude you from certain policies.
In general, the most popular types of coverage for seniors are:
- Term – best for seniors in need of a large face amount for a specific period of time.
- Guaranteed universal – ideal for seniors looking for long-term coverage with a large face amount.
- Final expense – recommended for seniors looking for a permanent policy to cover end-of-life expenses.
Before you buy senior life insurance, do some research to determine which type of life insurance is right for you. Enter your ZIP code to compare senior life insurance quotes today.
Average Price of Car Insurance for 73 Year Old Female
Source: https://www.lifeinsurancepost.com/senior-life-insurance/
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