Best Life Insurance for the Elderly ( important to have)


Life Insurance for the Elderly is important to have if you:


  • wish to leave an inheritance for children or grandchildren
  • want to protect your significant other
  • desire the flexibility and liquidity that whole life provides
  • are a middle-aged adult considering whole life insurance for a parent.
  • Pay final expenses

Does Life Insurance for the Elderly Make Sense?

Some seniors may be able to self-insure by having built up enough assets when they reach retirement age.

Some seniors may still need to work part-time or full-time into their late 60s and 70s to support their standard of living.

If that is the case, their income is still relied upon by their spouses as much as it was during the earlier stages of life.

Life insurance would still be required in this scenario.

Even if there will be no substantial financial loss or outstanding liabilities experienced upon death, some seniors may still want to leave a death benefit to their beneficiaries.

Life insurance can also be a good way to leave some money to a beloved charity.

Besides, as a society we’re living longer.

Insurance companies in recent years have adjusted for this need; many insurance companies will now issue coverage up to age 90.

A senior running their business may have a higher net worth and may wish to offset the tax liabilities associated with their business using life insurance.  Here are other situations when life insurance for seniors may make sense:

  • Couples or individuals who remain in their peak earning years, with no intention to retire.
  • Couples who will experience a catastrophic income loss if a spouse dies.
  • Couples or individuals with large estates.


Life Insurance Options For the Elderly

Final Expenses Life Insurance

These Life Insurance for Seniors policies have the following guarantees

  1. First Day Coverage. You are fully protected the very first day your coverage goes into effect with no exclusions and no waiting period.
    Ease of issue. No physical exams.
    3. Your premiums will never go up. Lock into a rate at your current age and the cost will never increase regardless of changes to your health and age.
    4. Your benefits will never go down. Regardless of changes to your health and age.
    5. All programs build cash values.
    6. The benefit is paid to your beneficiary tax free on the worst week of their life.
    7. Your policy can never be cancelled as long as premium payments are made.
    8. This is a protected asset that you will never be forced to liquidate.


Simplified issue life insurance

A simplified life insurance policy is a close cousin to the guaranteed issue life insurance policy.

Both are a type of no medical exam life insurance, but the simplified policy does have a medical questionnaire you will need to answer.

The more health-related questions you can answer ‘no’ to, the lower the premiums.

Premiums are lower than guaranteed policies, and coverage is typically higher – around $150,000. You’ll get immediate coverage with no waiting period, and premiums will never change.

Guaranteed Issue Life Insurance

​Guaranteed issue life insurance simply means that the life insurance company guarantees your approval. There is no medical exam.

Many companies won’t even ask health questions. All you need to do is fill out the short application.

​The advantage (in addition to automatic approval) of this type of life insurance is that approval times are fast. Many companies will do same day approval or at most 48 hours. Compared to the couple weeks it can take to go the traditional route, it’s an easy way to get the life insurance process out of the way.

This particular form of insurance best suits people who meet the following criteria:

  • ​Permanently disabled
  • Serious or life-threatening health issue
  • Debilitating psychological health condition
  • Permanently residing in a nursing home
  • Repeatedly declined for life insurance
  • Social security or SSDI as the sole source of income
  • Cannot buy life insurance through an employer


Independent agent vs. captive agent

An independent agent can help you find a policy from a variety of different life insurance companies.

A captive agent, on the other hand, means they only represent the company that employs them. For example, State Farm and Farmers are two well-known captive insurance companies.

Here are a few questions you should ask your life insurance agent:

  • How can you help me accomplish my objective?
  • How many insurance companies do you represent?
  • What type of people do you usually help?

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