What is the Best Life Insurance for Seniors in 2021

What is the Best Life Insurance for Seniors in 2021

Life sometimes doesn’t go according to plan.

Even after retirement, you may need life insurance for various reasons.

And that’s okay because there are many types of affordable life insurance for seniors in

There are a variety of life insurance policies that accommodate seniors, even those with a medical condition.

Of course, life insurance becomes more costly as you age, but if you look in the right places, you can find a life insurance policy that meets your needs and fits your budget.

But be aware that the older you are, the more costly life insurance becomes. Premium rates increase as you age because of a decrease in your total life expectancy.


Types of Life Insurance for Seniors

There are two main types of life insurance — whole life insurance and term life insurance.

As to which life insurance for seniors is right for you, that depends solely on your situation.

From our experience, majority of times seniors contact us because they are looking  to allocate funds for their funeral. 

In this case, whole life insurance, such as term to 100, may a better option. It will help ease the burden on your family in funeral planning.


Life Insurance for Seniors with Pre Existing Conditions

Having a pre-existing condition doesn’t necessarily mean you can’t get competitive rates.

If the health issue is well managed or not severe, you may automatically qualify for standard rates.

Even a severe medical condition doesn’t automatically disqualify you from getting coverage. But you may have to pay higher premiums and have limited choice.

Life Insurance for Seniors No medical Exam

Seniors who don’t want to take a medical test can buy either simplified whole life insurance or guaranteed issue life insurance.

The latter is more accommodating of the two and consequently more expensive.

For this reason, apply for guaranteed issue life insurance only if you can’t get the other one.


Factors that Contribute to High Insurance Rates

Your current health has a big impact on the type of senior’s life insurance that you can choose when shopping around for insurance quotes.

The coverage that you are eligible to receive is heavily dependent on your age.

The older you are, the higher your insurance costs will be.

This is why you should try to purchase life insurance as soon as possible.

The earlier you purchase a policy, the lower your rate will be.

Also keep in mind, your life insurance provider will raise your premiums if you smoke, although the older you are, the less of a difference there is between the premiums for smokers and non-smokers.

If you have little to no pre-existing conditions, take advantage of that while you still have time!

Traditional, rated life, or simplified issue life insurance are the cheapest options, so if you are able to go with one of these three options, definitely do so. Unfortunately, if you are plagued by medical issues, you might have no other option than to go with guaranteed issue life insurance.


What is Simplified Whole Life Insurance

This life insurance for seniors provides lifetime protection. However, unlike the standard whole life insurance, it only offers bare-bone coverage and doesn’t include a savings component. You won’t have to take a medical exam but will have to answer questions related to your health. The premiums are higher than traditional whole life insurance, and the coverage amount lower.

This type of life insurance for seniors allows you to take care of end-of-life expenses. Some simplified whole life insurance policies include a waiting period, typically two years. Your loved ones receive the death benefit payout only when you die after owning the life insurance policy for two years. If you die before two years are up, the insurer is under no obligation to pay the death benefit. But it will return the premiums paid for the policy to your beneficiary.

Who’s it for: For Seniors who can’t get traditional life insurance coverage, but who are only at moderate health risk.


What is Guaranteed Whole Life Insurance

Guaranteed whole life insurance provides coverage, regardless of your medical history — hence the name. Like traditional whole life insurance, this type of life insurance for seniors provides coverage for your entire life. But it has limited features and no cash value component.

You neither need to take a medical exam nor answer questions about your health. Almost everybody who applies gets the coverage. However, it is considerably more expensive than simplified whole life insurance.

In most cases, the maximum death benefit is $50,000. Some guaranteed whole life insurance policies include a waiting period, usually two years. You need to hold on to your policy for two years before it pays out the death benefit to your beneficiary. If you pass away within the waiting period, the insurer will refund the amount you’ve paid into the policy to your family.

Who’s it for: Seniors who can’t get traditional whole life insurance or simplified whole life insurance.

What questions to ask before applying for Life insurance for Seniors

Before you sign up, it’s important to check basic items such as:

  • Does it have an advance payout for immediate expenses like funeral costs?
  • Does it cover death by any cause including natural causes, or only death by accident?
  • How much will premiums cost now and in the future?
  • Could your loved ones afford the funeral they would want for you? By choosing the right type of insurance, you can help them meet their immediate financial needs, so paying for a funeral becomes one less thing to worry about.
  • When considering funeral insurance, talk to your family about what you would like from your funeral such as cremation or burial, casket choice, flowers and service.
How much does Life Insurance for Seniors cost?

The cost of life insurance is based on your individual circumstances and the level of cover, so the only way to find out how much you will pay is to get a quote for yourself.

Every insurer has their own quoting process, but it’s common to be asked about what level of cover you want, your age, lifestyle, health, and whether you are applying for a joint or single policy.

Is Life insurance for seniors tax deductible?

Life insurance for Seniors covers you for a limited benefit (usually up to $15,000) to help your loved ones with the cost of your funeral if you pass away. Premiums paid for this type of cover are not generally tax deductible.

Best Life Insurance for Seniors

Because seniors have such different responsibilities and lifestyles, there’ is no ‘one-size-fits-all’ best life insurance option.

You might want to request and compare a variety of seniors insurance quotes from some of the most prominent life insurance companies, to find one suited to your particular requirements.

How to compare Seniors Life Insurance Quotes

With there being so many options when shopping around for a policy, having some criteria in mind might help you narrow down your top choices. Consider the following when reviewing your options:

  • Policy price and which premium structures they offer.
  • How easy is it to apply and claim benefits.
  • Check that your policy is guaranteed renewable. Meaning, regardless of your changing health, your insurer cannot downgrade or cancel your policy if you continue to pay your premiums.
  • Can you speak to a human when wanting to make changes to your cover.
  • The insurer you choose should have an excellent financial rating.
  • The age at which your policy will expire.
  • Does the insurer provide a premium freeze option. Your premiums will stay the same price, although your insured amount will reduce each year.

Mintco Financial and  Life Insurance for Seniors Quote

As we age, ensuring that we have sufficient health and life insurance coverage grows more and more crucial.

However, with the many options available, it can be overwhelming to decide what the best choice may be.

We can help you find the best option for you!

Get your Life Insurance for Seniors Today!

+1 (813) 964-7100


Mintco Financial is an independent life and health insurance brokerage firm specializing exclusively in the senior age market in the USA. We work with some of the country’s largest and most respected insurance companies so that our clients have access to the options that best suit their needs. Our agents do all of the work so that you get the coverage you need at an affordable price.

Compare Life Insurance for Seniors quote HERE!

+1 (813) 964-7100