When you see life insurance quotes for seniors, it can mean many different things. In the interest of providing our clients with useful information, we want to explain to you the benefits of life insurance quotes for seniors and what they mean. That way, you will be able to make healthy decision and make the best use of the tools and services that we offer you.
Compare life insurance quotes for elderly seniors online: We hope you take some time to review the information we provide. When you shop for the right kind of policy, you will probably find that you can find affordable quotes for seniors. Also, we offer personalized, instant quotes with our simple, quote form.
Life Insurance Quotes for Seniors by Age
What do we mean when we refer to life insurance quotes for seniors? Seniors could refer to older people from 45 to over 85! That’s a pretty broad range. If you want to compare life insurance rates for seniors, it will help to break out good choices for people in different age ranges.
These are some of the choices for different age ranges that you may find when you obtain life insurance quotes online:
- Seniors over 50 years old: Middle aged people in their 50s and even into their early 60s might still look for term life insurance. Term insurance rates for seniors who are relatively healthy will be cheaper, and this younger group may need to purchase more coverage because they still need to protect an income, a mortgage, or even kids who are still in school.
- Seniors over age 60: This is a transitional point where term, whole, or universal life may all be available. The best choice may depend upon health and the amount of coverage needed.
- Seniors over age 70: At this point, most older folks are looking for smaller policies that will help their families with different final expenses. Some older people may still find a need for a whole life policy with a death benefit over $50,000, and they may qualify if they are in relatively good health.
- Seniors over age 80: Senior life insurance for people in their 80s are usually limited to small “burial” policies that can pay for a funeral and handle other final expenses.
Life Insurance Rates for Seniors by Rate Classes
Small, burial plans may not even have different rate classes. They just rate by age and in some cases, by use of tobacco. For larger amounts of coverage, you will probably find that companies will offer cheaper rates to people that they believe are lower risks because of answers to health questions.
This is a list of rating classes that insurance companies might have. They are listed in order of most affordable to more expensive:
- Preferred Plus quotes: Insurers may offer this rating for applicants who are in excellent health, healthy lifestyle habits, and no red flags on their medical history.
- Preferred quotes: This is generally reserved for people who are in excellent health and with good health habits. Some companies may offer this rate to people who have some minor medical conditions that they manage well.
- Select quotes: The select rating is still for healthy applicants, but insurers may offer a rate like this to people who weigh a bit more than they should or otherwise can’t be rated in a preferred class.
- Standard quotes: This is the basic rate class that those policies that don’t do a lot of health underwriting usually offer to applicants. It’s offered to people in average health, who may weigh too much for a select rate, or who might have a family history of serious illnesses.
- Substandard quotes: Some underwritten policies may still offer to insurer people who are managing serious health issues, like diabetes or high blood pressure. This rate might also be provided to those who have recovered from a serious illness that could sometimes recur. The premiums may be considerably higher than they would be for a standard rate class or better.
You will also almost always find that senior life insurance quotes for smokers will be higher than for people who don’t use tobacco. When you obtain your life insurance quotes for seniors, you may see these different rating classes listed. You can estimate your class; however, the life insurance company will have the last word upon the class you are assigned to.
Term Life Insurance Quotes for Seniors
To make higher amounts of coverage more affordable, you might compare term policies. For instance, if you still need to pay off your mortgage, support other people, or have other large financial obligations, you may need a six-figure death benefit.
Disclaimer: We have provided some sample term premiums. Our disclaimer is that all of our sample premiums are only meant to provide information, and they probably won’t be the same as the best rates you may find for yourself as you compare your personalized life insurance quotes for elderly seniors.
These are samples for a Texas woman who qualifies for preferred plus rates and wants $250,000 in 10-year term coverage:
- Age 50: $37.05
- Age 60: $64.37
- Age 70: $108.26
- Age 80: $582.92
As you can see, after age 70, term grows expensive and difficult to obtain. It’s possible that life insurance for an 80-year-old person in great health might find it worth it to pay the premiums in order to obtain financing for a business or for some other financial reason, but it’s not that typical. After a typical retirement age, you will probably have better luck seeking cheaper life insurance quotes for senior citizens with a smaller whole life policy.
Whole Life Insurance Quotes for Seniors
Whole life policies don’t end like term policies do. You can be assured of coverage for your entire life at the same rate as long as the premiums get paid. Another benefit to whole life is that eventually, you can even build up a cash value, so you may make use of your policy while you are still alive in some cases. You may even be able to sell your policy at some percentage of the face value.
Whole life costs more than term; so most people shop for more modest face values than they do for term.
These are sample rates for the same female Texan for $50,000 in whole life at different ages:
- Age 50: $93
- Age 60: $150.50
- Age 70: $250
- Age 80: N/A
Universal Life Insurance Quotes for Seniors
Universal life insurance is similar to whole life because they are both permanent life insurance policies that don’t expire after a term. Universal life is more transparent about how the cash value can grow, so people tend to buy it when they want both coverage on their lives and a sort of savings product.
If you’re interested in universal life, these sample rates for the same woman and for $250,000 with a preferred plus rate might be helpful:
- Age 50: $192.11
- Age 60: $330.84
- Age 70: $733
- Age 80: $1,432.31
Burial Life Insurance Quotes for Seniors
One common kind of senior life insurance is often called a burial policy. These usually have small face values are targeted at older folks who just want enough life insurance to make sure that their beneficiary can pay for a funeral and other end-of-life costs. These plans do pay cash benefits, so the beneficiary is free to manage the money in any way they want to.
These are sample monthly prices for the Texas woman who wants a $15,000 burial policy:
- Age 50: $35.06
- Age 60: $47.70
- Age 70: $76.53
- Age 80: $98.43
No Exam Life Insurance for Seniors
The term life insurance quotes for seniors that were listed above assumed that the applicant was approved for a fully underwritten policy. Insurers often also offer no exam life insurance policies that only ask a few questions on the health application. Typically, you’ll get offered the best rates if you’re healthy and have the exam; however, if you’re not likely to qualify for preferred rates, you may just prefer to skip the exam and get standard quotes.
These are some examples of what you might expect to find:
- Term: Depending on the insurance company, age, and other factors, you might be able to buy from $50,000 to $400,000 death benefits without having an exam.
- Permanent: In comparison, you can usually only buy whole life insurance without an exam for amounts that range between $5,000 to $25,000. These small policies may be referred to as burial policies.
Note that insurers will still do some health underwriting even if they don’t require a medical example. Besides having health questions, they may pull reports from the Medical Information Bureau, your state’s Department of Public Safety, and so on.
These are sample life insurance quotes for a senior woman in Texas who wants $100,000 in coverage:
- Age 50: $20
- Age 60: $32.45
- Age 70: $161.55
- Age 80: $495.26
Again, older senior citizens may have a hard time obtaining term life, and if they can, it may be pretty expensive. For some high-net-worth elderly people, the rates make sense. For most people, it’s better to lock in lower rates at a younger age.
Get Immediate Quotes for Senior Life Insurance of All Kinds
We can offer you instant quotes for all types of senior life insurance. You can personalize these online, instant quotes for your state, age, and many other factors, so you don’t have to guess what your own premiums may be. This quick comparison can help you decide what kind of life insurance will best suit your needs and budget.
If an online comparison with immediate quotes doesn’t answer all of your questions in an instant, you can also call via the toll-free phone number. We provide our clients with online tools and personal service so that they can find the right life insurance for at the best rates.