Term Life Insurance For Seniors

When seniors hit their golden years, they often wish they had done things differently. One of their regrets is maybe not having enough life insurance. By having a solid senior life insurance policy, an old is being financially responsible and leaving something behind for your loved ones.

With so many kinds of insurance, knowing that the most affordable type is term life insurance is essential. However, term life insurance for seniors is often tough to get, and the reason is within the policy's definition.

What Is Term Life Insurance?

Term insurance is a type of policy that covers a specific period (a term). For example, many young people can purchase a 20 or 30-year term policy of $500,000 for less than a whole-life policy of $100,000. This is because a 25-year-old in fair health is not likely to pass away at 55, so it’s expected that they’ll accumulate wealth over time to replace the inexpensive policy. However, the more expensive whole-life policy of $100,000 will be paid out eventually.

Many companies are unwilling to offer term life insurance for seniors because they fail to recognize that people live longer than they used to. Many seniors are healthier than ever, as was discussed by Dr. Robert Pascale in his 2012 hit book, The Retirement Maze.

Can Seniors Get Term Life Insurance?

We offer senior term life insurance for those who are in good health. While the premiums will exceed those for a 25-year-old, more insurance coverage can be purchased at a great price.

This is an attractive option for children who care for their elderly parents, considering that the cost of care only increases. A good policy can help offset the years of care, especially funeral expenses.

While an appealing coverage type, the challenge is that the underwriting process for term insurance is much more stringent. One can be denied for height, weight, cholesterol, or blood pressure.

One should not be discouraged from getting a quote, incredibly when convenient.

How To Get A Quote

Getting a quote for insurance is simple. Our website has a quote tool for you to enter your zip code.

What to Do If You Don’t Qualify

For those who do not qualify for a term policy, there are other options like whole life or burial insurance. These minor policies cost more per coverage, but the reassurance of having a policy in place is worth it.

Whether the premiums are for $5,000, $10,000, or even $25,000, there is a policy that is right for you or your loved one, and having this policy in place is an essential part of one’s financial planning.

As term life insurance is the most affordable for the cost of the premiums, it is built with an expiry date in mind. Prices fluctuate based on the policy amount and the term length, so a 65-year-old woman’s 5-year policy of $50,000 will be less expensive than a 10-year policy of $75,000.

Whole life and burial insurance does not expire, but the premiums per dollar will be more expensive than a term policy. So, for example, a $20,000 whole-life policy for that woman noted above will cost more than a typical $20,000 term.

Although the cost of insurance can be daunting, it’s important to remember that having life insurance is not a luxury; it is an integral part of one’s financial planning. While no one ever plans to fail, many fail to plan, and not having a life insurance policy in place – be it term, whole, or burial – is a disaster waiting to happen and a plan that will most certainly fail.

Reach out to our experienced professionals today, who are ready and willing to help you find an insurance plan that works for you!