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Senior Life Insurance In Pennsylvania

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Many Pennsylvania seniors realize that they have enjoyed a long life but not outlived their use for life insurance. The good news is that several Pennsylvania senior life insurance companies market affordable policies for older folks from about age 50 to over 80. Depending on the type and size of policy that you select, it can be used to help pay for a funeral and other kinds of final expenses, pay off credit card debt left by elderly parents, or even to provide an inheritance for adult children or grandchildren.

Compare senior life insurance quotes in Pennsylvania has never been easier. Just fill out the simple quote form and see what companies offer the best rates in your state.

Pennsylvania Senior Citizens

Consider these quick facts about Pennsylvania senior citizens:

  • Average PA age of death: 78.5
  • PA population over 65: 16.4%
  • Average PA home value: $164,900
  • Average PA household income: $52,267

The greatest number of senior cities live in the biggest Pennsylvania cities, and they are listed here with their total population:

  • Philadelphia: 1,526,006
  • Pittsburgh: 305,704
  • Allentown: 118,032
  • Erie: 101,786
  • Reading: 88,082

Pennsylvania Senior Life Insurance Rates

We can help you find personalized prices, but we also would like to show you some example monthly prices for a few life insurance plans for seniors. As you probably know, your premiums will be impacted by age, medical conditions, location, and the life insurance company that you choose to work with.

These are sample monthly prices for a Pennsylvania man who is 81 years old and does not use tobacco:

  • $8,000: $116.67
  • $12,000: $173.33
  • $20,000: $313.01

Note: These are only samples. Prices will be different for you depending on your age, medical conditions, the kind of life insurance you select, your health, and the insurer that you choose. This type of policy does not require a medical exam.

Types of Life Insurance for Seniors

If you are shopping for yourself or your elderly parents, you will probably have two different kinds of life insurance to choose from:

  • Term insurance: Yes, older people may still be able to qualify for cheaper term insurance if they are in decent health for their age. Older folks will probably be limited to 10- or 20-year term and some contracts expire at age 80. (Medical exam would be required)
  • Whole life: Typically called funeral insurance, these usually have a fairly modest face value. Depending upon health, you might choose guaranteed acceptance or simplified issue. These senior plans do not require a medical exam.

Term policies will be less expensive, but they do not provide lifetime coverage. If the insured person outlives their coverage, which the insurer is betting they will, that individual may have a tough time finding another insurer to cover them if they have reached an advanced age.

Guaranteed acceptance life insurance is popular because they have no health questions. However, these plans do have a waiting period that the insured person has to outlive before their beneficiaries are entitled to the full face value. If you can answer the health questions satisfactorily, you will get lower premiums and a better choice of benefits with simplified issue life insurance.

Helping Pennsylvania Seniors Get Life Insurance

Adult children can help their parents quote and buy life insurance, but there are a couple of things to remember. The applicant will need to help complete the application, either by answering a few questions on the phone or by signing the application. No matter who pays the premiums, it is a good idea to set up automatic billing to make sure the coverage does not lapse because of a missed bill.

Let us help you find the best life insurance. It should take less than a minute to complete our simple form and view life insurance quotes online for yourself or a family member. By providing online quotes, we hope to help many Pennsylvanians find the right type of coverage at the right price.