After spending your whole life running after financial security, you deserve to live your old age days in contentment and financial security. Therefore, getting insurance for senior-aged people is a wise thing to do. Life insurance for seniors means that you secure an insurance policy for people who have gotten old. The age varies from company to company, but most commonly, people after 60 can acquire life insurance for seniors. Life insurance for seniors aims to tie all the financial loose ends that may include paying off a loan or funeral expenses.
Best Life Insurance For Seniors
Old age can make your temperament fragile, and any minor inconvenience can annoy them really quickly. Therefore, insurance policies that seniors can acquire are kept very simple and straightforward.
Life Insurance For Seniors
Get Seniors Life Insurance Policy Online
Find and get a quote on life insurance for seniors at any age. Simple and easy way to cover the final expenses of elders at very affordable rates.
Final Expense Life Insurance
Final Expense life insurance provides coverage for every kind of final expense. It is the best type of life insurance for seniors. There is no lengthy procedure to get it. On top of that, final expense life insurance usually requires no medical examination, which makes its acceptance guaranteed. The coverage provided by Final Expense Life Insurance usually lies in the range of $5,000-$20,000.
There is a waiting period of two years. The death benefit is used for various purposes; paying off the loan, filling the hospital bills, and managing the funeral expenses. Final expense life insurance falls under whole life insurance, which means that the premiums are to be paid for a lifetime. However, the premium rates are incredibly affordable. Therefore, final expense life insurance is usually not too heavy on the pocket.
Guaranteed Issue Life insurance:
As the name indicates, guaranteed issue life insurance has a guaranteed acceptance. Old age can get you disqualified for other traditional life insurances. Many people are reluctant to undergo a medical examination. With no medical examination and early age requirement, guaranteed issue life insurance is the best pick for seniors. The coverage range offered in this type of insurance is $10,000 – $20,000.
The death benefit is provided to the claimed beneficiaries after the death of the insurer. The death benefits can be used to return a loan or pay for the final expenses. The coverage is enough to cover up for the financial loopholes left by senior people. Being whole life insurance, the premiums are to be paid for a lifetime. There is a waiting period of two years with this policy after which, the death benefit gets active.
No Medical Exam Life insurance
No medical exam life insurance requires no medical examination at all. Elderly people are usually not comfortable with needle pricking or any sort of medical test. Sometimes they do not want to undergo medical examination because they have a disease that can more likely lead to their disqualification. No medical exam life insurance is the ideal choice to manage both situations.
With a fixed premium rate for the whole life, no medical life insurance provides coverage of up to $50,000. The application process is straightforward. However, although there is no medical examination, a medical survey requires you to answer basic health questions.
Life insurance for seniors over 70
Most of the companies provide life insurance for seniors after the age of 50. Hence, it is possible to get insurance for those over 70. However, the insurance gets more expensive as you age. The older you get, the more costly the premiums become. The best pick of life insurance for seniors over 70 is no medical life insurance that guarantees the issuance of the policy.
Life insurance for seniors over 80
Life insurance policies are for seniors over the age of 80 are available. However, it makes very little sense to buy insurance at such a late stage of life. Not only does the insurance get more expensive, but life becomes more uncertain. The possibilities of developing a chronic illness increase. This would mean that you would require more coverage to pay hospital bills and manage other expenses. Most insurance companies do not recommend it to buy an insurance policy at the age of 80 due to the problems mentioned above; however, it is possible to acquire a policy for seniors over 80.
Best Term Life Insurance For Seniors
For elderly people, it is complicated to find term life insurance. Most of the time, the best-picked life insurance covering elderly people is whole life insurance. The premiums are to be paid for a lifetime. However, few companies issue term life insurance till the age of 80. The complexity of term life insurance for seniors is to decide the term length. If you get insurance after 50, the term lengths can make you pay for the premiums for up to the 10, 15, 20, or 30 terms. The chances of outliving the term length are very bleak at an old age. Therefore, term life insurance is only recommended for those who acquired the policy early and reached their old age while paying for the premium.
Seniors Life Insurance Companies
Best Life Insurance Companies
March, Mutual of Omaha
Mutual of Omaha
Founded in 1909, Mutual of Omaha is one of the renowned insurance companies offering a wide range of insurance policies. Mutual of Omaha provides whole life insurance policies to elderly people, usually aged between 45 to 85. The policies for senior citizens offer coverage of up to $25,000. The policy process is very simple and straight forward with no medical examination required.
AAA life insurance company was founded in 1969. It offers life insurance to individuals who lie in the age bracket of 45 to 85. With affordable premium rates, the coverage amount is $ 25,000.
AIG is the biggest chain of insurance companies which was founded in 1919. People aged 50 to 85 can acquire an insurance policy proving the coverage range of $5,000 to $25,000. The application process is easy and straightforward, and there is no medical examination that guarantees the acceptance of the application.
Americo insurance company, founded in 1946, is one of the best picks for insurance policies. It offers policies to seniors aged 50 to 70. The coverage range offered by Americo is $2,000 to $10,000. With easy application and no medical examination, the insurance policies by Americo for seniors are a preference.
Met Life insurance company was founded in 1868. It is an ideal insurance company for elderly people aged 45 to 75. The application process is simple and requires no medical examination. The coverage range for these policies is $2,500 to $50,000. Most of the insurance policies are whole life insurance. Therefore, premiums are to be paid for a lifetime.