How much life insurance a senior needs depends on personal situation.

Senior Life Insurance: Think about your situation, and the people who will experience a financial loss if you were to die today. What amount of money would allow them to continue without experiencing such a loss? That is the amount of life insurance you need.

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.   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.
  • Coverage for Funeral expenses or final expenses.

Types of Life Insurance for Seniors

  • Burial or Final Expenses insurance is frequently marketed to seniors. These policies are considered Whole Life insurance, which means your policy does not expire as long as you pay the premiums, and it’s issued without a medical examination. Burial or Final Expenses policies typically offer enough money to cover funeral expenses and pay off a few debts (between $3,000 and $30,000). Your premium will not increase and policies are often available to seniors well into their 70s and 80s.
  • Guaranteed coverage makes sense if you’ve been denied life insurance for health reasons. The catch to these policies is that they feature a two-year, graded, or limited benefit period. During this time, you only get a payout if your death is accidental. If you die from an illness, the company refunds your premium plus interest.
  • Term insurance will expire even if you make all of your premium payments once the term of your policy has lapsed. The advantage of term insurance is that the premiums are lower than whole life. Premium payments are based on age, health, sex, smoking status, and your driving record. So if your health is poor, you may not qualify for term coverage (or it could be quite expensive). Also keep in mind that once your term policy expires, you’ll be older and could be ill or disabled and may not be able to get a new one.

Who’s Eligible For Seniors Life Insurance?

Seniors life insurance is available to Seniors between the age of 50 and 90. In some cases, you may not be required to take a medical examination or have blood tests during your application. Once insured, your cover will generally be renewed each year so long as you keep up with your payments.

Helping You Find The Right Cover

If you’d like to take a look at some life cover options, let Mintco Financial help you. We let you compare from a range of life insurance products online in the one place, so that you can judge for yourself what is a suitable option in your case.

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