Options Life Insurance for Seniors

Options Life Insurance for Seniors

Finding the right Senior Life Insurance depends on your health and age.

3 Best 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 up to 90 years old.
  • 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. Although you can often get coverage until age 90, this type of insurance is medically underwritten. 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.

Can You get Life Insurance at age 85? Can you get Life Insurance at age 87?

One question you may find yourself asking as you get older is ‘should I get life insurance if I’m a senior?’

Well, the answer to this question will be based on a number of factors, from the state of your health and the state of your/your family’s finances through to your personal preference.

What is the oldeste age to buy Life Insurance?

Most mutual insurance companies will insure people up to age 89 with a whole life policy.

Health is more important than age when it comes to determining whether or not you will qualify.

But many people over age 60 or 70 qualify for life insurance, even with a past health crisis.

Who has the cheapest Life Insurance for Seniors?

Insurance companies are run by actuaries. These are the people who determine the likelihood of some terrible thing happening to you in any one year.

Each company calculates risk differently. You want to get in front of the company with the most optimistic actuary – so look around. Just get quotes…it doesn’t cost a thing.

Even if you have had severe health problems, there are many life insurance companies that will provide you with relatively affordable whole life coverage. This is a special category of coverage, but it is available from many companies.

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Compare life insurance for seniors online at www.MintcoFinancial.com

Call us at 716 565 1300 or 813 964 7100