Life Insurance for Seniors 

Life Insurance for Seniors

It can be difficult to find the right policy for yourself at any point in your life, but especially so if you are older in age and are looking for the best life insurance for seniors. There are many things to consider when buying life insurance later on in life, which is why finding the best agents with your best interest in mind is so crucial. Here we can go over some of the different types of affordable life insurance you have available to you, as well as some general tips and information to keep in mind when you are shopping.

Assessing Your Need for Life Insurance

The first thing you should do is get a clear picture of your personal situation, both financially and in regards to your health. If you are worried about covering the costs of your funeral, or if you still have people that rely on your income to pay the bills, it might make a lot of sense to get a term life insurance policy that will give them some financial security in the unfortunate event of your death.

Since they are a more affordable type of life insurance, term life policies are also a good option if you are concerned about the cost of life insurance. Many seniors are still the bread winners of their families and have people that depend on them late into life, which makes it even more important to make sure you have the best coverage in place to give them the help they will need when you are gone.

Why Your Health is Important for Your Policy

Your health will affect the pricing of your premium, in general you can expect that the healthier you are, the less your premium should be. Depending on what type of coverage you decide to get, you may have to take a medical exam to qualify for your policy. Insurance companies are generally more strict with their qualifications when you are older, since it is more likely that you could die later on in life. You may be required to take several tests and answer some general questions. Here are some examples of the issues you may be asked about at your medical exam:

  • Your medical history
  • Tobacco / alcohol / drug use
  • Family medical history
  • Length of your desired policy

Getting Life Insurance as a Senior Without an Exam

It is possible to get life insurance in your later years without getting a medical exam, but in general you can expect these policies to be more expensive. It all varies from company to company, so if you are worried about taking a medical exam to get life insurance, you should fill out our quick and easy form to get started with the right life insurance broker or agent who can help you find the best available policies for your situation.

Why a Senior's Age Matters for Term Life Insurance

It also matters how old you are, for a few different reasons. Life insurance companies will view a policy for an older person differently than they will a younger person, since in general younger people are in better health and it is less likely that they will expire during the length of the coverage.

Getting Life Insurance Coverage Late in Life

Most life insurance companies have a specific cut off age where they will not offer term coverage for, usually around 75 - 85. This means if you are 65 years old, some companies may not offer you a 20 year term coverage, but they might allow a 10 year policy.

Every company is different so it is important to ask about your options. This may make it sound like it is difficult to find cheap life insurance with pre existing conditions or without an exam, but there are still options available to you. Here is an example of what policy lengths could be available to you if the cut off age is 80 years old, which will all depend on the insurance company:

Age Max Policy Length
50 30
60 20
65 15
70 10

Disclaimer: TermLifeInsuranceUSA.com is not a licensed insurance agency or broker. The content of this website is for informational and comparative purposes only and is not intended to take the place of professional advice from a licensed insurance agent. TermLifeInsuranceUSA.com recommends that all consumers consult with a licensed insurance agent before purchasing any insurance policy.

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