Lauren Lewthwaite Last Updated On: June 27, 2023

What Is Senior Life Insurance and Do I Need It?

Senior life insurance is a form of whole life insurance, but it’s designed to help seniors cover their final expenses when they pass away. These can include funeral expenses, medical bills, debts, and more. Senior life insurance plans are affordable but also have lower coverage compared to other whole life insurance plans, so they’re definitely not for everyone. 

How Does Senior Life Insurance Work?

Choosing a life insurance plan when you’re younger is often the best choice because you’ll have more options and the plan will be more affordable while you’re young and healthy. As you get older, your options are fewer, but that doesn’t mean you can’t have a form of life insurance that suits your needs.

There are two main types of life insurance:

  1. Term life insurance: This insurance covers you for a set term (usually 5-30 years) and once that term passes, you can either continue the coverage or end the plan. You can often continue the plan without a medical exam, but the premiums can be reassessed and increased based on your age.
  2. Permanent life insurance: This is insurance that lasts until your death and there are two main subgroups: Universal and whole life insurance. Permanent life insurance is often more expensive than term life insurance because it lasts for however long you live.

Senior life insurance generally falls under permanent life insurance, because it’s designed to help pay your final expenses no matter when you pass away. Seniors can certainly choose between the two main types of life insurance and decide which makes more sense for them based on their health, age, and finances. 

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Table of Contents

Choosing Life Insurance Policies For Seniors

Seniors are in a unique position when it comes to choosing life insurance; they’re often penalized for their age and have to pay higher premiums. They also have more limited options to choose from in terms of life insurance plans for senior citizens, because providers see them as a risk. Choosing seniors life insurance depends on a variety of factors and the right choice can vary significantly between two different people:
  • Whether you’re retired or working will affect your choice, because you may need to account for replacing lost income for your spouse if you passed away suddenly.
  • If you have any debts, you might want to plan for a way to pay that off should you pass away.
  • Whether or not you have savings for your funeral expenses will play a factor in your decision.
  • Should you incur medical costs before passing away, having a plan that helps pay for that would ease the financial burden on your family.
  • Your age is definitely a significant factor: do the premiums make sense for the benefits? The older you are, the higher the premiums are and they may not always make financial sense for your situation.
While it’s certainly not enjoyable to think through these scenarios, having a plan for the worst will help ensure your loved ones are protected and that your final expenses are covered. Besides, you only have to think about all this once, and then you can get on with your life.  

Understanding Senior Life Insurance Living Benefits

Some policies and providers offer living benefits, which are something you can take advantage of while you’re alive. These are typically offered as add-ons to your life insurance policy but aren’t available with every provider. These living benefits can include:
  • Accelerated death benefit: If you are diagnosed with a certain illness late in life, you may be able to receive some of your death benefitsearly to help with medical expenses while you’re still alive.
  • Accidental death and dismemberment:If you’re in an accident and are injured (blindness, dismemberment, paralysis, and more), you may be entitled to some of your death benefits while still alive.
  • Waiver of premium:Some providers will allow you to stop paying premiums but still receive coverage if you become completely disabled, but the coverage often expires at a certain age.
Adding living benefits to your policy can increase your premiums, so it’s important to consider how much value they add to your life insurance policy.  

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Is Senior Life Insurance the Right Plan For You?

Senior life insurance is not meant for everyone. If you don’t have the savings you may need to pay your final expenses, or if you’re worried about leaving a financial burden to your family, senior life insurance might be exactly what you’re looking for.

Senior life insurance gives people peace of mind and more financial security. They know that if they pass away suddenly, their loved ones will be able to handle their final expenses. 

Senior Life Insurance Quotes: What to Look For?

Senior life insurance quotes can be higher than you might expect. After all, insurance companies see seniors as a risk and charge higher premiums to make up for the fact that they may be paying those premiums for less time than the average person purchasing life insurance. The good news is that affordable senior life insurance is not impossible and you can find the right plan for yourself. Here’s what to look for in senior life insurance quotes and what you can do to make sure you’re getting the best possible deal:
  • Shop around: Compare quotes to find the best rates and coverage.
  • Buy early: The sooner you buy senior life insurance, the more affordable it will be.
  • Improve your health: Healthy seniors will pay less than those with medical issues or those who smoke.
  • Understand what you’re getting with your policy: Some policies offer living benefits, which could be worth higher premiums for you.
  • If a medical exam is required, you may end up with lower premiums if you’re healthy.
  • Make sure the coverage amount you’re getting quotes for is what you actually need. Higher coverage means higher premiums, and if your goal is just to pay for funeral expenses, a $30,000 coverage plan might not make sense for you.
Senior life insurance is almost always more expensive than life insurance bought by those who are younger, but you’ll be paying fewer premiums over the course of your life. Understanding how to bring down your senior life insurance quotes will help you secure the best plan for your needs, without compromising coverage.  

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The Final Word on Senior Life Insurance

The best life insurance for seniors will depend on your needs and financial situation. A higher death benefit is not necessarily better; it really depends on what type of coverage you’re looking for. Some people may just want coverage for their funeral expenses, while others might want peace of mind for any surprise medical costs, and others might want a way to leave a financial benefit to their loved ones. 

No matter your situation, compare quotes to make sure you’re getting the best possible plan. Start here, with us. We’ve handpicked the top providers of senior life insurance and will match you with the best carrier for the best rate. Request a free quote now.  

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Senior life insurance is designed to help senior citizens pay for their final expenses, such as funeral costs, medical bills, and more. It’s a form of permanent life insurance, so they’ll be guaranteed the death benefit no matter when they die.

Senior life insurance is more expensive than life insurance purchased by those that are younger, even if you’re healthy. The premiums are higher to make up for the fact that seniors will pay fewer premiums over their lifespan and are riskier to providers. The cost of senior life insurance depends on a variety of factors, such as age, health, coverage, and more.

Senior life insurance isn’t for everyone, especially since the premiums are higher and the options fewer. If the premiums and coverage make sense for your needs, it can be a great way to cover your final expenses and have peace of mind.


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