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Senior Life Insurance Plan Types

Nowadays, life expectancy rates are quite high for Americans and in many other countries. Many senior citizens discover, to their surprise, that they have outlived their life insurance. Seniors that find themselves in this situation may realize their coverage has lapsed or even expired, leaving them uninsured. This can be a frightening situation to be in; you might be worried about how your final expenses are going to be paid for, and you might be concerned that you won’t be able to find a life insurance company that offers life insurance for seniors like you.

The good news is that many high-quality insurers are eager to serve this booming market of individuals looking for senior life insurance options. A term life insurance policy, universal life insurance policy or a whole life insurance plan might be available for you, so it’s time to start looking into your options.

Senior Life Insurance Facts

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, we can help create senior life insurance quotes, 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. Either one of these policies can help you prevent your family from having to deal with the financial burden of taking care of your final expenses, such as your funeral costs. Term insurance is another option you can look into, but a term life policy often isn’t the best life insurance option for seniors.

Whole Senior Life Insurance 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 senior 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.

Top Senior Life Insurance questions:

  • How much coverage do you want? The death benefit of your policy will have an impact on pricing. A term policy might have higher death benefits but might be harder for you to qualify for than permanent life insurance that’s designed for senior citizens.
  • Is the person to be insured reasonably healthy for their age? If so, they might be able to go through a more complicated application process to open up more options and to reduce insurance premiums.
  • Are you hoping for extra benefits, such as your policy building up cash value before you pass away?
  • How large is your life insurance budget? Are you looking for level terms so that rates will remain the same over time?
  • Do you want a policy that will leave you covered for life? If you don’t want to worry about your coverage ending while you’re under long-term care, for example, you’ll need to look for permanent coverage rather than a term life policy.
  • How old is the person who is signing up for the policy? A 60 year old will typically have more options than an 80 year old, even if that 80 year old is in excellent health.
  • Where do you live? Insurance rates can vary between New York and Iowa, for example.

Some seniors or their families may want to purchase a larger amount of senior life insurance 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. Premium payments are typically higher, but many people find that these higher premiums are worth it so that they can leave more money behind for their loved ones.

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 waive any health questions or medical exams.

Locate the Right Senior Life Insurance

Of course, most families need to balance the benefits of life insurance against the cost of the monthly payments for their final expense insurance. Luckily, you can now find insurance to fit almost any budget but it can be difficult to find the right type of policy at the right price.

We have 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. In no time, we will talk to you about a few great options from top companies like AIG and will help you find affordable life insurance with reasonable monthly premiums so that you will have the peace of mind that goes along with being covered. Then, you’ll know that your funeral expenses and other final costs will be taken care of without being a burden on your family.