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Term Life Insurance For Seniors Overview

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With so many kinds of insurance, it is important to know that the most affordable type is term life insurance. However, term life insurance for seniors is often very hard to get, and the reason is within the definition of the policy itself.

What Is Term Life Insurance for Seniors?

Term insurance is a type of policy that covers a specific period of time (a term). Many young people find that they can purchase a 20 or 30-year term policy of $500,000 for less than a whole life policy of $100,000. The reason for this is because a 25-year-old in fair health is not likely to pass away at the age of 55, so it’s likely that they’ll accumulate wealth over time to replace the inexpensive policy. However, the more expensive whole life policy of $100,000 will be paid out eventually.

Many companies are not willing to offer term life insurance for seniors because they fail to recognize that people are living longer than they used to and many seniors are healthier than ever, as was discussed by Dr. Robert Pascale in his 2012 hit book, The Retirement Maze.

Can Seniors Get Term Life Insurance?

Here at United Life Group, we offer term life insurance for seniors for those who are in good health. While the premiums will exceed those for a 25-year-old, more insurance coverage can be purchased at a great price.

This is an attractive option for children who care for their elderly parents, considering that the cost of care only increases, and having a good policy in place can help offset the years of care, and especially funeral expenses.

While an appealing coverage type, the challenge is that the underwriting process for term insurance is much more stringent. To be specific, one can be denied simply for their height, weight, cholesterol, or blood pressure.

Having said this, one should not be discouraged from getting a quote, especially when it’s so convenient.

Term Life Insurance for Seniors – How to Get Quotes

Getting a quote for insurance is simple. In fact, our website has a quote tool for you to enter your zip code.

What to Do If You Don’t Qualify

For those who do not qualify for a term policy, there are other options to consider for end of life expenses. These smaller policies cost more per the coverage but the reassurance of having a policy in place is worth it.

Whether the premiums are for $5,000, $10,000, or even $25,000, there is a policy that is right for you or your loved one and having this policy in place is a very important part of one’s financial planning.

Term life insurance for seniors is the most affordable for the cost of the premiums, it is built with an expiry date in mind. Prices fluctuate based on the amount of the policy and the length of the term, so a 65-year-old woman’s 5-year policy of $50,000 will be less expensive than a 10-year policy of $75,000.

Permanent plans do not expire, but the premiums per dollar will be more expensive than that of a term policy. For example, a $20,000 whole life policy for that same woman noted above will cost more than a typical $20,000 term.

Although the cost of insurance can be daunting, it’s important to remember that having life insurance is not a luxury, it is an important part of one’s financial planning. While no one ever plans to fail, many do fail to plan, and not having a life insurance policy in place – is a disaster waiting to happen, and a plan that will most certainly fail.


Reach out to our experienced professionals today who are ready and willing to help find an insurance plan that works for you!