Senior Life Insurance Plan Types
A lot of senior citizens have found that they have not outlived their need for life insurance after all. Many of them used to have coverage, but they may have lost it when they retired from a job or a term life policy expired. However, senior life insurance can be a great retirement and estate planning tool. The good news is that many high-quality insurers are eager to serve this booming market.
What to Know about Senior Life Insurance
Are you looking for coverage for yourself or an older member of your family? If so, it is important to learn a little bit about different options in order to make the right choice. If you need some help, United Life Group provides life insurance quotes online for seniors, and they can also provide you with advice and assistance to tailor a program to your unique needs.
These are two typical options for senior life insurance:
- Whole life insurance for seniors: These policies provide lifetime coverage, and they can also become an asset that could be sold or borrowed against. Typical death benefits for seniors might range up to about $50,000.
- Burial insurance for seniors: These policies have small face values to cover end-of-life expenses like funerals, and they are usually very easy for seniors to apply for. Typical death benefits are between $5,000 and $20,000.
Whole Life vs. Burial Policies
If you are between the ages of 50 and 80, you can choose between larger whole life policies and burial policies. Burial policies actually are smaller whole life policies that have been designed to accept most seniors for coverage. Some burial insurance policies even accept applicants up to age 85.
Before you decide which policy to buy, consider these questions:
- How much coverage do you want?
- Is the person to be insured reasonably healthy for their age?
- How large is your life insurance budget?
If you just want a small policy to finance a funeral and other minor expenses that tend to crop up when a family member passes away, a burial policy can provide the right solution. Additionally, burial policies have fairly modest death benefits when compared to typical insurance policies, and insurers know that they are selling these policies to older people. This means that they tend to relax health underwriting, and most seniors can qualify for coverage. You can even find guaranteed-acceptance burial polices, and this means that no health questions get asked at all, so anybody can get accepted.
However, some seniors or their families might want a chance to purchase a larger amount of coverage. They may want to pass on some money to children and grandchildren or settle their loved one’s financial matters. In this case, a somewhat larger whole life policy might be a better solution.
Reasonably healthy seniors should be able to qualify for a larger whole life policy. People with typical and well-controlled medical issues should still get accepted. If you have a health condition like high blood pressure or diabetes, you might want to speak with a good insurance broker before you apply for a policy to make sure you find the right plan from the right insurer.
Find the Right Senior Life Insurance for You
Of course, most families need to balance the benefits of life insurance against the cost of the premiums. These days, you can find coverage for almost anybody, and you can also find insurance to fit almost any budget. It might be tough for average consumers to know where to find the right solution at the right price, but you can always get help from United Life Group.
These experienced senior life insurance agents provide clients with free life insurance quotes online for seniors, and they will also be happy to answer your questions about different types of policies. If you are looking for yourself or a loved one, you can contact these experienced life insurance professionals at any time for more information.