Senior Life Insurance Plan Types
Many senior citizens discover, to their surprise, that they have not outlived their life insurance. Seniors that find themselves in this situation may realize their coverage has lapsed or even expired, leaving them uninsured. The good news is that many high-quality insurers are eager to serve this booming market of individuals looking for senior life insurance options.
What to Know about Senior Life Insurance
Depending on if you are looking for coverage for yourself or an older member of your family, 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 can help create insurance quotes for seniors, in addition to providing you with advice and assistance to tailor a program to your unique needs.
However, there are two typical options for senior life insurance: whole life insurance and burial insurance for seniors.
Whole Life Versus Burial Policies
If you are between the ages of 50 and 80, you can choose between larger whole life policies and burial policies. Whole life insurance policies are designed to cover the insured for the rest of their life. Burial policies are smaller whole life policies that have been designed to accept most seniors for coverage, including 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?
Some seniors or their families may want to purchase a larger amount of coverage to pass on money to family 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 instead just want a small policy to finance a funeral and other minor expenses, a burial policy can provide the perfect solution. 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, meaning most seniors qualify for coverage. Seniors can even find guaranteed-acceptance burial policies which waives any health-related questions.
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. Luckily, you can now find insurance to fit almost any budget but it can be difficult to find the right solution at the right price.
United Life Group has experienced senior life insurance agents who provide clients with free life insurance quotes online for seniors and can answer any 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.