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Low Cost Life Insurance For Seniors

Term Life Is Unavailable Or Too Expensive

The Affordable Life Plan with Senior Life Insurance Company

If you do have a need for short-term coverage, term life may be unavailable to you. As you get older, the costs of starting a new life insurance policy goes up significantly. Because health risks increase as you age, term life insurance becomes unaffordable quickly. Some companies may disqualify you entirely. This often makes smaller whole life insurance for seniors a better option.

Related: Compare whole life and term life benefits

What If I Waited Too Long To Get Life Insurance

If youre still alive, you havent waited too long to get life insurance! The older you get, the fewer options you have for life insurance and the more expensive it can be. But if you need life insurance as a senior, now is the best time to get life insurance for seniors, which is tailored life insurance specifically for you.

Should You Get Life Insurance For Your Children

Whether you are just starting a family, or already have children, there are several important decisions that you may be thinking about.

Whether you are just starting a family, or already have children, there are several important decisions that you may be thinking about. Can your home accommodate growing children? Do you make enough money to support your children? What schools would you like them to go to and how will you be able to afford their future education?

These are just a few of the things that parents consider about their child or children. One thing that you may not think about immediately however, is life insurance for your children.

Life insurance is frequently purchased by older adults, or young parents themselves thinking about the well-being of their children should something happen to them. But what you may not realize is that having life insurance for your children can be a great benefit to them for many reasons.

First of all, purchasing a life insurance policy for your child can help protect them should an illness or injury prevent them from getting coverage in the future. Young, healthy children arent typically seen as needing life insurance. However, having that coverage in place could help prevent you and them from future financial burdens should an accident or illness occur.

Many people that buy life insurance for children are actually the grandparents, because older adults especially understand the importance and long-term value of life insurance.

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What Is The Best Life Insurance For Seniors

If you’re an older adult, you might think life insurance is beyond your grasp, simply too expensive, or too difficult to qualify for. It turns out, that’s not always the case. In fact, there are a variety of life insurance policies that accommodate seniors. This article explains some of the key points you need to know when deciding which policy is right for you.

Senior Life Insurance Quotes: Coverage Amounts

Best Life Insurance for Senior Citizens, Affordable Life Insurance Over 60!

As you review senior life insurance quotes, youll need to determine how much insurance coverage is sufficient. As a first step you should figure out what you want senior life insurance to do. Unlike other types of insurance, senior life insurance is not meant to make up for lost income if the policyholder were to die. Instead it is meant to pay for funeral costs and possibly hospital bills.

The amount of insurance coverage that senior life insurance policies provide can vary. At face value, they generally range anywhere from a few thousand to $30,000. The coverage amount you choose when buying a senior life insurance policy affects the death benefit amount that will be paid out to your beneficiaries following your death.

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Compare The Best Life Insurance For Seniors In 2022

Overall Rating Best For AM Best RatingAM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations. Term Life Sample Cost
Term, Universal , Variable Universal , Whole No
Indexed Universal , Term, Universal , Variable Universal , Whole No
Indexed Universal , Term, Variable Universal No Get A Quote Hide, not for me

*Quotes above are examples of what a 40-year-old in excellent health might pay for a 30-year $250,000 policy. Get life insurance quotes from multiple companies to find your best rate.

How To Choose The Right Life Insurance Company

The best life insurance companies offer the type of policy you need at a price you can afford and meet the following criteria: An A or above rating from AM Best, few customer complaints, the policy features you want, and a manageable application process.

  • An A or above rating from AM Best: AM Best gives A ratings and above to companies it considers to have an excellent or superior ability to meet their ongoing insurance obligations. All companies in our best life insurance for seniors list have at least an A+ rating.
  • Few customer complaints: You can see how many complaints a life insurance company has received using the NAICs Consumer Insurance Search tool. Look at the insurance companys complaint index for life insurance. An index greater than 1.0 means the company received more complaints than expected for its size, an index less than 1.0 means it received fewer. Avoid companies with indexes much higher than 1.0. All companies in our best seniors life insurance list have NAIC complaint indexes better than 0.50.
  • The policy features you want: Some companies automatically include value-added benefits or riders in their coverage, while other companies charge extra for you to add them. This is particularly the case with accelerated death benefit riders like chronic, critical, and terminal illness riders. Make a note of which companies and policies offer the best living benefits.
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    Look For A Policy With These Extras

    A term policy can last up to 30 years, and a lot can happen in that time. Your health could change. You could lose your ability to work. Consider these coverage options, or riders, that can add protection and flexibility to your base policy for relatively little added cost1.

    Term conversion rider Waiver of premium rider2
    This lets you convert to a permanent whole life policy with the same health rating and no new medical exam. If your health takes a turn for the worse, conversion may help provide the lasting protection you want for your family.All Guardian Level Term policies provide this feature for the first five years, with the charge included in the premium. You can add an Extended Conversion Rider which lets you convert to a whole life policy for the entire length of the term. If you become disabled and can’t work, this rider can pay your life insurance premiums and help keep your policy in effect.Guardian’s version of this rider includes a 7-year “own-occupation” definition, which means that even if you’re able to do some work, payments may be waived if you can’t work in your profession or occupation. Guardian also offers an enhanced Waiver Plus rider: in conjunction with ECR, this lets you convert to a permanent policy after five years of disability and your insurance premiums will still be waived as long as the disability continues.

    Guaranteed Issue Seniors Life Insurance

    Low Cost Life Insurance For Seniors [Rates & Companies Revealed]

    If you have severe health concerns, you may not even qualify for the modified benefit life insurance policy. In this case, the best option is a guaranteed issue life insurance policy. This policy doesnt have any health questions, so as long as you can afford the premium, you are guaranteed to be accepted.

    It offers a graded death benefit with a 2 or 3 year waiting period

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    What Is The Best Life Insurance Over 60

    In the 60 to 65 age bracket, you can still apply for a term life insurance policy with most insurance companies. In this case, wed recommend Haven Life if you still qualify for their under-65 application date. Their application process is the smoothest, and their pricing tends to be some of the lowest.

    Once you hit that 65th birthday, though, you wont be able to apply for insurance from some of the companies listed above, including Haven. Mutual of Omaha offers insurance applications up to age 74, and if you are in your early 60s and think you might want to convert a term life policy to a whole life policy, check out State Farm.

    Level Benefit Life Insurance For Seniors

    If you are generally healthy and can answer no on the life insurance application, you should qualify for level benefit or immediate final expense life insurance. When you purchase level benefit life insurance, 100% of the death benefit becomes available the day you buy it. So, if you get off the phone with Final Expense Direct after purchasing your policy and a tree falls and kills you or you get hit by a bus, your beneficiary will be paid the full death benefit.

    A level benefit policy has the most coverage available at the best price. If you qualify for this policy, you will get the best deal on seniors life insurance.

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    Life Insurance For Those Over Age 70

    At this stage, you may not have much, if any, debt, and larger expenses are probably a thing of the past. You may, however, want to leave a legacy to your loved ones. With this in mind, a permanent policy would be a good option. But remember that the cost of these policies tend to increase with age.

    Another option would be to consider a policy to cover final expenses.

    Is Life Insurance For Seniors Worth It

    Term Life Insurance for Seniors &  the Elderly

    Because the cost of life insurance for seniors can be higher, its hard to determine if its worth the cost. You can decide whether its a good fit for you by speaking with a professional who can help you determine how much it would cost, and weighing it against expenses that your heirs or partner might pay after you pass. If you have a large estate, the cost of life insurance might be worth paying if an estate planning professional can help you offset taxes.

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    Graded Benefit Life Insurance For Seniors

    If you dont qualify for a level benefit final expense policy, you may be able to get graded benefit life insurance. This policy is for someone who:

    • Answers yes to one or more health questions
    • Has some health concerns
    • Is outside of the preferred height and weight range
    • Is taking a medication that disqualifies them for a level benefit policy

    Unlike a level benefit policy that provides 100% of coverage immediately, a graded benefit limits the death benefit payout. The graded benefit policy has a 2 or 3 year waiting period. If you die within the waiting period, your beneficiary only gets part of the death benefit amount. The length of time and death benefit amount varies by insurance company.

    Death in the first year means they will get between 20%-30% of the death benefit amount. If you die in the second or third year, your beneficiary usually gets 70% of the death benefit. If you die in the third year or later, they will get the full death benefit amount.

    the premium is usually higher and you may be limited in the death benefit amount

    Related: Why You Should Reconsider Buying Funeral Insurance From A Funeral Home

    Should You Still Get Life Insurance As A Senior

    For seniors, even the most affordable life insurance policies can have high premiums. Seniors are closer to reaching their life expectancy and may have health issues that shorten their lifespan. The sooner a company thinks it will pay out the policy, the riskier you are to insure, which increases how much you pay for life insurance. If youre a senior and can finance your final expenses, you may not need to take out a life insurance policy at all.

    Get life insurance if you:

    • Still have debts, like a mortgage, auto loan or student loans.
    • Are retired with debt.

    Since insurance rates vary by company, its best to shop around and compare rates.

    Dont get unnecessary coverage.

    If youre looking for cheap senior life insurance, do not add non-essential riders to your policy.

    Before getting a life insurance policy, consider your needs and financial obligations to understand how much coverage you will need and avoid adding non-essential riders to your policy. Its also a good idea to talk to a financial advisor who can help you find a policy that fits your needs.

    MoneyGeek analyzed different life insurance companies to help you find the cheapest companies offering term and permanent life insurance policies. While a life insurance policy can be an excellent investment, it may make sense to forgo coverage depending on your circumstances. If youre looking for cheap life insurance for seniors, its best to shop around and compare quotes from different providers.

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    Nationwide Wins With Three Free Living Benefits And Happy Customers

    We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

    Buying life insurance can become more difficult as you get older, but it’s certainly doable. In part, this is because life insurance gets more expensive as you age. But it’s also because you may have developed health issues that make life insurers less inclined to approve your application. But if you’re over 50 and in need of a new life insurance policy or additional coverage, you still have plenty of options. Best not to wait though.

    We’ve researched the best life insurance companies for different situations and types of coverage. All have stellar reputations and financial strength ratings, plus offer valuable perks to the 50-plus crowd.

    Life Insurance For Seniors Over 70 Is Affordable With Low Cost Life Insurance

    AARP vs Low Cost Term Life Insurance

    Did you know?

    • The life expectancy in the U.S. today has risen to 80 years old, which is why insurance companies have begun to lower prices.
    • The monthly premium for a healthy 70-year old male is often less than $100 a month for $100,000 of coverage over 10 years.
    • Life insurance provides a way for seniors to offer their family a flexible inheritance if their main asset is an estate.

    At Low Cost Life Insurance, we work with over 200 top-rated life insurance companies to get you the very best policy tailored to your needs. With over 25 years of experience, you can count on us.

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    At What Age Can You No Longer Buy Life Insurance

    90 years old is the highest issue age we’ve seen from any life insurance company. But many companies won’t issue policies to people older than 85. That said, different policy types have different age cutoffs if you’re looking for term insurance, issue ages are even lower.

    Age limits vary somewhat between companies and between types of coverage.

    • Permanent life insurance: Permanent life insurance refers to universal and whole life policies. Most companies make these available to applicants up to age 85, but some companies have a maximum issue age of 80 or 90.
    • Term life insurance: Term life insurance is available in different lengths. Thirty years is the maximum length available with most companies, though some offer 35- and 40-year term policies. Generally, you wont be able to get a policy with a term of 30 years or more if youre older than 55. However, youll still be eligible for shorter-term policies with some companies until youre in your 70s.
    • Final expense insurance: These policies are built for applicants who are generally between age 45 and 85. But some companies cut off eligibility to anyone below 50 years old or above 80 years old.

    Best Life Insurance For Living Benefits: Prudential

    Prudential is also our top pick for people who want more living benefits options in a policy. Living benefits allow you to pay for qualifying medical care using part of your policys death benefit, but many riders only apply to a terminal illness. Prudentials living needs benefit rider is included at no cost and offers access to 70% to 100% of the death benefit depending on the diagnosis to policyholders who are terminally ill, expected to permanently reside in a nursing home, or who need an organ transplant.

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    Simplified Vs Guaranteed Issue Life Insurance

    While the majority of popular term life insurance plans require a health exam, there are generally two types of whole life insurance that offer the possibility to avoid medical exams: simplified and guaranteed. Simplified issue plans are often reserved for younger, healthy individuals. That said, many providers extend simplified issue plans to seniors as well. Rather than taking a medical exam, you may need to answer a few simple health questions to meet the requirements and qualify.

    Alternatively, a guaranteed issue plan is best for those who have either been rejected for simplified issue plans or have preexisting health issues that may exclude them from other types of life insurance. Guaranteed issue plans still have age requirements, but they have absolutely no health exams or health requirements in order to qualify. Guaranteed issue plans tend to be more expensive and put greater limitations on death benefits.

    For this reason, final expense insurance often falls under the umbrella of guaranteed issue plans. These policies have relatively small death benefits to pay for funeral and burial costs. Additionally, many providers do not require any health exams as long as you are currently within the required age bracket to apply.


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