Wednesday, June 15, 2022

What’s The Best Life Insurance For Seniors

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Importance Of Life Insurance

You might think you are older, why would you need life insurance, right? There are plenty of good reasons including:

You still have debt

Your debt doesnt disappear when you die. It becomes the responsibility of your estate. If you dont want to leave your dependents with a big headache on their hands, help them out by carrying proper life insurance.

You have dependents

Think about who depends on you financially. Do you still have children at home? Do you have a spouse? Does anyone rely on you for financial support? Life insurance will continue to support your beneficiaries even upon your passing.

Providing for your family

Even if you dont have dependents per se, you may still want to provide for your family upon your passing. You can name your own beneficiaries and divvy up the proceeds as you desire.

Pay for final arrangements

Final arrangements are costly. If you want to help your loved ones cover the cost so they can properly grieve while preparing your services, carry enough life insurance to cover the cost of your final wishes.

May offer a tax benefit

Most life insurance benefits are tax-free. This gives you a more tax-friendly way to help your loved ones upon your passing without putting a tax burden on them.

Which Life Insurance Could Be Suitable For Older Australians

The best policy for your individual needs depends on what exactly you want to be covered for and how much you think you or your family would need if something unexpected happened, which is why it is a personal decision. Its also important to consider your age and future plans. If youre retired and no longer have dependent children, you may only need cover for a shorter period of time. You may consider choosing a term life insurance policy in that case; as some insurers make it easy, allowing you to apply quickly over the phone with no blood tests or medicals required.

You can also consider a term life insurance policy to add extra coverage if you feel you may be underinsured with your current cover, but its important to understand any limitations when claiming on more than one policy with the same insurer.

However, we all have our own plans and financial needs that should be taken into account. For more information about what Australian Seniors can offer, request a call back now.

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How Much Does Senior Citizens’ Life Insurance Cost

Life insurance costs can vary based on the policy type, the carrier, your age, and your preferred death benefit.

“On average, if you are going for whole life insurance, a healthy male senior should expect it to cost around $1,000 to $2,000 annually for a $250,000 policy, while a healthy female senior can expect to pay around $900 to $1,800 for a similar policy,” says Brad Cummins, owner and principal agent of Insurance Geek.

Term life insurance is more affordable but rates increase as you age. Term life policies either increase as you age or stay level depending on the policy.

“Life insurance companies factor your age and health in determining the premium, because the older you get, the more health impairments you tend to have. Age and health impairments affect life expectancy and the cost of your life insurance,” VanderVaate adds. “That’s why the average premium cost for most seniors will be between $30 and $100 per month.”

How To Choose The Right Life Insurance For You

Sean Blackburneditorial process

The myth that life insurance isnt for seniors is one that could cost you and your family. According to the Life Insurance Settlement Association, seniors allow an estimated $112 billion in life insurance policies to lapse on a yearly basis. Doing soor failing to have life insurance altogethercould place an unexpected financial burden on your loved ones after your death. 

Life insurance policies come in a variety of options that can help the elderly accomplish financial goals, such as allowing loved ones to pay for funeral expenses or reducing the burden of estate taxes on their families. Many life insurance policies will offer their products specifically to seniors and even have protections called riders that allow you to receive money should you become ill or . 

Because there are so many life insurance companies and policy types , we reviewed more than 20 companies that offer policies to individuals and narrowed them down to categories that can help meet seniors specific life insurance needs. Each company selected is rated for financial stability and offers their policies to seniors, some up to those age 100 or older.

Life Insurance For Seniors Over 80

2019 BEST Life Insurance for Seniors over 80  Seniors ...

Elderly seniors over 80 typically wont qualify for term life insurance policies over 10 years in length, however, you can still qualify for permanent coverage. A permanent policy is also likely a better choice, as it can be incredibly difficult to purchase coverage after age 90 if you still have financial obligations. Depending on your health, the most affordable option for permanent life insurance would be:


The Truth About Guaranteed Life Insurance For Seniors Over 75

Its important to not confuse Guaranteed life insurance and Guaranteed Universal Life .

What is Guaranteed Acceptance Life Insurance?

Guaranteed life insurance otherwise known as guaranteed issue whole life insurance is a small graded whole life policy that has a 2-year waiting period and has a maximum of $40,000 in coverage.

Guaranteed acceptance life insurance is available to people who have health issues and who could otherwise be declined due to those health impairments.

It offers a lower death benefit and slightly higher premiums. The application process is quite simple as there is no medical exam is required.  

You must hold the policy for at least 2 years before you can collect the benefit. In reality, it is better to have coverage than none at all. Even at the higher premium.  

You are protecting your loved ones from the financial burden in the event of your death. In fact, it is the best age to get guaranteed life insurance over 60. You are about a decade in a half from the mortality age.

How Did The Coronavirus Pandemic Effect Senior Life Insurance

Does life insurance cover coronavirus? COVID-19 has caused unexpected changes to life insurance policies, especially seniors. Companies have made different types of changes.

  • Prudential Financial and Protective Life have halted applications from individuals aged 80 years and older.
  • Lincoln National postponed approving policies for individuals who are 80 years old and other age groups as well.
  • Mutual of Omaha and Penn Mutual have both temporarily suspended applications from those who are 70 years old and older.
  • Securian Financial is no longer accepting applications for those who are 71 years and older until June 15.

Some companies have also suspended applications from those who are over 60 and who may have been eligible for coverage before the coronavirus pandemic. Diabetes and asthma are two health problems that may make getting life insurance approval harder.

Life Insurance For Seniors Health Screenings

Many life insurance companies require you to get one or more health screenings before you can be eligible for a life insurance policy. Often, Medicare or Medicaid wonâtâ pay for health screenings. Companies like Life Line Screening offer low-cost health screenings ranging from around $149 for five screenings to $228 for six. You can also choose to purchase a monthly membership package for $19.95. The monthly membership package gets you six standard health screenings each year. Read our full Life Line Screening review.

What Can A Senior Do If They No Longer Need Their Life Insurance

The life insurance you bought years ago may no longer serve a good purpose for you. Maybe your children are financially independent, or another life change has altered your need for insurance. Instead of walking away from the policy or taking the surrender value, some seniors opt to sell their policies in a life settlement.


A life settlement is the sale of a policy to a third party, who becomes the policy owner. In a life settlement transaction you can typically get more than the policys surrender value but less than its death benefit. The new owners will make themselves the beneficiary.

Can You Get Life Insurance For Seniors Over 80

Yes, you can buy life insurance for seniors over 80. At 80+, whole life insurance is usually the only kind available.

Most seniors at this age only need life insurance to cover funeral costs. You will often see policies at this age referred to as burial insurance plans or final expense insurance.

Heres how a whole life plan over 80 life policy will work:

  • Premiums are fixed and cannot increase.
  • Coverage guaranteed never to decrease.
  • Policy cant expire due to age.

Since its life insurance, the result will be a tax-free cash payment directly to your beneficiary.

Technically your beneficiaries can use the money for anything.

If there happens to be money left over, it will remain with your family to use as they see fit.

Helpful Tip: Anytime you hear the words burial insurance, final expense insurance, or funeral insurance, know that all these labels mean the same thing. Its all still life insurance. Final expense insurance for seniors over 80 is just a whole life policy. There is no type of insurance for burial expenses that is not life insurance.


Avoid Term Life Insurance

While term life insurance is the most common life insurance on the market today, it is not the best option for seniors over the age of 70. When you obtain the term life insurance policy at 70 years old, you will inevitably pay a premium that will increase dramatically over the next 10 years. It is likely that you may only need the term for the next 1015 years, but if you needed it longer, the term would run out and your rate would increase tremendously upon your attempts to get back in with a term life policy. From the surface, it can seem like the term life insurance policy is the most cost-effective, but you should look at the long-term rates available and the increase in premium over the terms life to determine if it is, indeed, the right fit for you.

MORE ADVICE Discover more tips for comfortably aging in place

While this policy does not build any cash value as you age, it does not carry the expensive management fees that other policies do.

What Happens To Life Insurance When You Retire

If you get your insurance from your employer, then your benefits may end when you retire. Some companies will allow you to take over and continue to pay your life insurance. Often, people will buy their life insurance plans when they retire.

Life insurance plans are for your beneficiary.Some life insurance policies will allow you access to living benefits benefits that are available when youre still alive. These benefits can be useful if youre in debt or an unexpected illness arises.

Its beneficial to access what life insurance benefits you have when you retire.

Social Security is often considered retirement but it also pays for disability and survivor benefits. Social Security can start paying you as early as the age of 62 or as late as 70 years old.

Even though many people are receiving Social Security benefits, they may still feel the need to buy life insurance coverage.

Final Expense Insurance For Seniors

Pin on Best Burial Insurance Companies

Final expense insurance also called burial insurance or funeral insurance is a type of whole life insurance meant to help your loved ones with funeral costs and other end-of-life expenses like unpaid medical bills. Today, funerals can cost up to $9,000 or more according to the National Funeral Directors Association. Final expense policies are popular with seniors because you often dont have to take a medical exam to qualify coverage is issued based on answers to health questions on the application. Policy rates are typically more affordable than other types of life insurance because the policy amount is usually much smaller, typically $10,000 $15,000.

Whole Life Vs Term Life Insurance For Seniors

When thinking about whether you should buy term or whole life insurance, you need to keep two things in mind: your age and your budget. Keep in mind that as you age, renewing a term life insurance policy will become more difficult which is why whole life insurance may be a smarter choice for seniors.

Frequently Asked Questions About Life Insurance For Seniors

What is a flexible premium?

Universal life insurance often offers a flexible premium where the policyholder can change the amount of the premium within parameters set by the policy. Paying a lower premium may increase the term or decrease the death benefit. Opting to increase the premium usually raises the death benefit, requiring the insured to submit the results of a medical exam to the insurance company. Some common adjustments made with flexible premium options are paying higher premiums early in the policy to be able to pay lower premiums after retirement, paying a portion of premiums with proceeds from the investment account, or paying a policy premium off with one lump sum.

What is a high-risk policy?

When an insurance company will likely have to pay out on a policy before collecting adequate premiums, the policy is considered high risk. Not all insurers offer life insurance to high-risk individuals and those that do usually charge significantly more for those policies.

How do I know if I am in the high-risk category?

The high-risk threshold varies among insurers and can depend on the type of policy you are purchasing. In general, you become a high risk if:

  • You smoke
  • Have a high potential for cardiovascular disease and medical conditions such as cancer or diabetes
  • Have a dangerous job or a hobby like skydiving
  • Reach the age of around 70 or 80

What are accelerated death benefits?

Do I need life insurance? Wonât my estate be enough for my heirs?

Why Do Seniors Over 60 Years Old Need Life Insurance

For seniors, the fact that retirement is approaching just adds to the anxiety over what will happen next, making them feel even more insecure. There are many possible reasons that are considered in the insurance decision for seniors over 60 years old or in the senior age group.

The three living benefits of having life insurance premiums as a senior over 60 years old are: cover funeral and final expenses, mitigate the amount of tax that is paid, legacy to leave behind for future generations, and replacement of income.

  • Paying debts and burial cost

A large percentage is basically leaving more behind for family members and loved ones. One of the living benefits is preparing for Canadians end of life expenses. Depending on the culture and situations of the individual, funerals can be quite expensive and it involves food and the cost of bringing people together. The clients death insurance can be used to pay for final expenses, credit cards debt, property taxes, and funeral costs. Another example of living benefits is mitigating the tax implications left behind by the family.

  • Replacement of Income
  • Leaving behind a legacy

Just like Experior Financials mission, in leaving a good legacy behind for the future, many Canadians want life insurance. The death benefit may also be used to pay for a grandchilds education or a home down payment. However, a life insurance policy might make sense if the client has a high net worth and wants to cover estate taxes.


What You Need To Know About Health Impairments Ratings For Seniors Over 75 Before You Apply

Seniors and those over 75 looking for coverage will have more of a challenge getting coverage. Especially with the following preexisting health impairments.

  •  Atrial Fibrillation   A standard rate is possible as long as its Paroxysmal/Intermittent/Recurrent, but normally table rated from T3-T7. If current heart failure, then a decline.
  • Sleep Apnea Disorder A Standard rate is possible if the diagnosis is mild Sleep Apnea and compliant with the use of a CPAP daily. Severe and compliant possible table 2, non-compliant is a decline.
  • Type 1 or 2 Diabetes   Type 1 for seniors over 7 years since diagnosis is a decline. Type 2 diabetes if onset over 66 and a controlled A1C, possible Standard Plus to Table 2.
  • Cancer Patient Survivors Depending on cancer type, never better than a standard rate, and in most cases cancer-free for over 5 years with no repercussions.
  • Bipolar Disorder  If a senior has bipolar disorder and is mild with no suicide history, then standard is possible if no antipsychotic medication.
  • Epilepsy/Seizures  Complex partial, after 6 months to two years from last seizure table 3, 3-5 years table 2, after 5 years possible standard. Simple partial table 3 if within 2 years of last seizure, after 2 years then standard. Metabolic brain disease, within 5 years auto decline.

Why Should Seniors Consider Life Insurance

Most seniors donât need life insurance. Life insurance is meant as income replacement to protect loved ones in case a breadwinner dies. Many seniors either no longer have dependentsor have savings and assets built up to take care of those dependents.

But there are some situations when senior citizens should consider life insurance:

  • You have people dependent on your income. Some seniors have people who are still dependent on their income or who would be hurt financially if they died.

  • You have unpaid debt. There are many debts that yourspouse is not responsible for, but if you and your spouse have co-signed loans, for example, theyâll need to be able to keep up the payments on their own.

  • You want to cover funeral arrangements.Funeral expenses average around $8,000 – $10,000 in the U.S. and life insurance is one way to ensure that your family wonât have to worry about those costs when youâre gone.

  • You want to cover end-of-life medical expenses. If you end up in the hospital needing end-of-life care, that can result in tens of thousands of dollars in medical debt that your loved ones might have to pay off when youâre gone.

  • You want to leave an inheritance. Retirement can be expensive. The death benefitfrom life insurance can be a way to leave tax-free money behind for kids or grandkids.

You Can Find The Perfect Whole Life Insurance

Now you know the ten best life insurance for seniors in 2021. Still, it can prove challenging sorting through different life insurance options. Luckily, youve come to the right place for help.

Top Whole Life is an independent, unbiased and trusted advisor that will help you find the best whole life insurance policy for your needs. Were committed to providing exceptional service and advice so you can make confident decisions about your future.

Well stay by your side every step of the way as we explore different options together. Let us know what matters most to you in a whole life insurance policy, and well show you how it compares side-by-side with other plans.

Together, we can find one that meets all your needsnow and in the future. Best of all, we make it easy for you to access the right life insurance quotes.

Contact Top Whole Life now at 946-5353 or connect with us online to get a free quote.

Mass Mutual Life Insurance

MassMutual Life Insurance was founded in 1851 and is headquartered in Springfield, Massachusetts. The company serves nearly five million customers through a wide range of insurance products including life, long-term care, disability income, and critical illness.

Its guaranteed acceptance life insurance program is meant to provide older applicants with insurance, without the need for a medical exam. Specifically intended for those between 50 and 75, MassMutual offers affordable and customizable coverage options ranging from $2,000 to $25,000 in 10, 15, or 20-year term lengths. It also offers disability income and critical illness riders.

MassMutual holds a rating of A++ from A.M. Best and an A+ rating with the Better Business Bureau with only one negative review. Its complaint ratio is well below the national average, according to NAIC. MassMutual is fantastic for those who are seeking an excellent customer experience in addition to flexible plan options. 

Life Insurance For Seniors Over 60

Your Guide To Term Life Insurance

In your 60s, you may still be working and starting to think about retirement. Now is the time to make sure your life insurance is in place because life insurance premiums are generally less expensive the younger you are. You may want to think about replacing your lost income if you were to pass away suddenly so that a spouse or other loved ones who depend on your income would be provided for. Additionally, if you have grandchildren , you may want to consider if you will leave them a financial gift when you pass away.

What Is Guaranteed Issue Life Insurance

Guaranteed issue life insurance is a type of whole life insurance that doesnt require a medical exam. This type of insurance is especially popular among seniors, who are more likely to have health conditions than younger adults. However, keep in mind that some insurers may ask limited health screening questions on your life insurance application, such as your weight and whether or not you smoke. Your answers to these questions might not disqualify you from coverage, but they could raise your premiums.

Why Seniors May Need Life Insurance

As people get into their seventies, their need for life insurance tends to change.

Some people have a term life insurance policy which is ending and simple want to replace their expiring coverage with another term policy.

While, other folks are looking into buying a new policy for estate planning that will last for their entire lifetime.

Affordable Life USA  has been providing affordable coverage options for seniors for many years. We hope to match your underlying needs with the best type of policy for your family.

Here are common needs covered with life insurance:

  • Mortgage Life Insurance If you are trying to find cheap mortgage life insurance protection, term life insurance can be perfect policy for seniors needing to protect a mortgage.
  • Income Protection for your spouse If you have a spouse who relies on your salary, then a life policy will secure their financial future if something happens to you.
  • Pension Maximization Life Insurance If you are retiring and elect to take a single life option with your pension, a pension maximization policy can provide for your spouse in the event you die early.
  • Pay for Final Expenses A popular and predictable way to cover your last expenses is with final expense life insurance.
  • Create an Estate If you are in decent health a universal life is the cheapest way to create an estate for children. These permanent cash value life insurance policies offer guaranteed premiums and death benefits which last for your entire lifetime.

Best Life Insurance Policies

Looking for the best life insurance policies once you are over 50 is a little tricky. You need different benefits than you did when you were 20 or 30 years old. Weve outlined the best life insurance policies for various ages below.

Best Life Insurance over Age 50

Haven Life by Mass Mutual

If youre in good health and are looking for a term life insurance policy, youll find many options with Haven Life. They offer a transparent process and handle most of the application process online.

They are great with their customer service and provide plenty of education to help you through the process. They offer policies up to $3 million, but the exact amount of coverage varies based on your health, age, and financial need.

Best Life Insurance over Age 60

Mutual of Omaha

Mutual of Omaha provides life insurance options for those up to 80 years old, with the exception of their final arrangement policies which go up to age 85.

They offer smaller coverage options, starting at just $2,000 for final arrangement policies up to $25,000.

They offer a guarantee of sorts for their term policies, if you die within the first two years of the policy, they will pay your beneficiaries the premiums you paid plus 10% because you dont get any benefits within the first two years unless your death was accidental.

Best Life Insurance over Age 70

Fidelity Life

Best Life Insurance over Age 80

Lincoln Financial Group

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