7 Best Senior Life Insurance Options – 2018
As you or someone you love ages, life insurance becomes a more pronounced concern. The future is not always easy to think about but knowing that financial burdens will be left behind after a passing is not something that should be left behind.
Term life insurance
Term life insurance is temporary life insurance coverage. These policies have a set expiration date. While term life insurance is available to seniors, it’s an option most people should avoid.
First, these policies go up in price as a person gets older.
Seniors will pay a lot more for this temporary coverage than when they were younger.
Another problem is that once a policy expires, an elder might not be able to renew. Insurance companies set a maximum age limit for who can buy term insurance.
If a person lives past this point, they’ll lose their coverage and won’t be able to buy a new term policy.
Permanent life insurance
Permanent life insurance usually makes more sense for seniors. These policies never expire as long as you keep paying the premium and the monthly premium always stays the same.
This makes permanent life insurance a good choice for covering final expenses.
Once an individual sets up a policy, they know they will be providing money for their heirs to handle these costs.
Whole Life Insurance
- Provides death benefit for the policyholder’s lifetime
- Offers great safety and security
- Higher but more stable premiums
- Accumulates cash value
Universal Life Insurance
- Customizable coverage
- Greater flexibility
- Ability to set lower premiums
- Guaranteed cash value
- Can provide death benefit for the policyholder’s lifetime
Indexed Universal Life Insurance
- Builds cash value based on stock market index it’s attached to
- Family can receive larger benefit
No health exam insurance
To qualify for regular life insurance, you need to take a medical exam and meet a minimum level of health.
For many seniors, this can be a challenge.
If an aging adult isn’t able to qualify for a regular life insurance policy, they might still be able to get coverage through a no health exam policy.
Like the name states, these policies don’t require a health exam, so they are much easier to qualify for.
These policies usually ask a few questions about an applicant’s health.
There are a few serious diseases (e.g. terminal cancer) that can disqualify an applicant, but most are able to obtain a policy.
No health exam life insurance does have some significant disadvantages.
These policies charge more per month than regular life insurance policies.
They also typically require a policyholder to live for a minimum number of years after they buy the policy before coverage kicks in.
However, if an aging adult wants life insurance and can’t qualify for regular coverage, a no health exam policy is a good place to turn.
Final Expense Insurance
- Dedicated funds for burial and related expenses
- Easy to qualify for
- Low cost
- May accumulate cash value
If you’re concerned about finding an affordable life insurance policy that’s easy to qualify for, consider getting final expense life insurance.
We are the leading quote final expense insurance company in the country and can qualify most people, even those with health problems.
Whatever Life Insurance you decided is a fit for you, please call us or contact us through our website because we’ve been serving seniors and their families for over 20 years. We can help you!
Call us at 813-964-7100