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What Is Life Insurance for Seniors?

 


What Is Life Insurance for Seniors?: Life insurance for seniors is typically covered for people ages 65 and over. The death benefit can help beneficiaries to pay for expenses such as:

  • Burial costs
  • Medical bills
  • Remaining debts, such as car payments or credit card bills

Having senior life insurance in place in your later years also provides financial protection for your spouse if you live on a pension that doesn’t have survivor benefits. If you want to leave an inheritance to your children, grandchildren, or others, a life insurance policy can also be a way to do that. Life insurance with a chronic illness, critical illness, or long-term care insurance rider can provide funds while you’re still alive. If your condition meets the eligibility requirements, riders like these can protect your savings.

Life insurance quotes increase as you age, but that doesn’t mean buying life insurance isn’t an option for seniors. You may still find affordable term life insurance or whole life insurance as you age. Seniors on a budget sometimes turn to burial insurance, also called funeral insurance or final expense insurance. These life insurance policies typically have low coverage amounts meant to cover burial costs and some other final expenses. Burial insurance doesn’t typically require a medical exam, and you generally can’t be turned down.

You may also be able to find term life insurance for seniors with a short length, such as 10 or 15 years, depending on your age.

When Are You Too Old to Buy Life Insurance?

Senior life insurance buyers can choose among the same policy types as anyone else. This includes term life, whole life, and universal life insurance. Term life insurance is often available through age 80, although the length of the level term period available will get shorter, especially as you enter your late 50s. Cash value life insurance policies such as whole and universal life insurance can be obtained with some companies through age 85, but some insurers have lower maximum ages.

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