can be helpful at any age to ensure that your loved ones are taken care of when you die and to provide you with much needed help in many cases while I’m still alive.
For seniors, however, life insurance options may be limited. Many companies have age restrictions on certain plans, and those offering senior-eligible policies tend to charge higher prices. Are these worth the investment?
If you’re a senior looking for life insurance – or looking to add to the coverage you already have – contact a life insurance expert now who can help you get started with a free quote.
Here’s what seniors need to know about their life insurance options.
This is how life insurance works
There are different types of life insurance:, simplified output, guaranteed output and .
This is how they each work:
- Duration covers you for a certain number of years, possibly five, 10 or 20 depending on your age. If you pass within that period, your insurer will pay you a death benefit .
- Whole life The insurance covers you for the rest of your life. Like term life insurance, they offer a guaranteed death benefit for your beneficiaries and a fixed premium. You have one too that accumulates over time, from which you can withdraw, borrow, or reduce or eliminate your premium payments.
- simplified problem Insurance is a type of life insurance for seniors who are generally in good health but may have some chronic health problems or medical conditions. They only ask for a health questionnaire – none – although they tend to carry lower death benefits than traditional full or term life insurance policies.
- Guaranteed Edition Guidelines are for older seniors or those who are in poor health. They do not require a medical examination and guarantee your beneficiaries a small death benefit.
- Universal life insurance is a type of permanent life insurance that protects you until death. It provides a lifetime benefit for your beneficiaries and a cash value account, but you can adjust the size of your death benefit – and your premiums – over time as needed. There is also no guaranteed death benefit. If your policy loses its full cash value, your heirs will no longer receive any benefits.
Not all insurance companies offer all types of policies. So if you’re looking for a specific one, you might need to do a little research. Use the table below to explore your options, or call a life insurance expert now who can help you find a plan that’s right for your situation.
How much does life insurance cost
Life insurance tends to cost more for seniors because they are viewed as a higher risk than younger policyholders. The exact costs depend on your age, health, gender, type of insurance and the insurance provider you have chosen.
According to Progressive, the average 60-year-old man pays about $174 a month for a $35,000 life insurance policy, while the average womanis $135 monthly. At age 70, the premium would increase to $263, or $209 per month.
You can now easily get a quote by answering a few simple questions.
What Old Age Life Insurance Covers
Seniors can get upalthough it matters You choose your health and the budget you work with.
With all types of policies, your coverage goes towards the death benefit your beneficiaries receive if you die. With a whole life or universal life policy, your coverage includes both a death benefit and a cash value account that you can withdraw, borrow or use to cover future premiums.
Who benefits from taking out old-age life insurance?
The main purpose of life insurance – also for seniors – is to protect the surviving dependents and relatives after death. It can also(such as a mortgage) that can stay in your wake.
With capital life insurance, the seniors themselves can also benefit.
Lifetime money accounts earn interest and grow over time. You can even borrow money from the account, withdraw cash when needed, or use the money towards your policy premiums. This can free up monthly cash flow and be helpful for fixed-income households.
Do you need old age life insurance? Consider your options
Senior life insurance can be expensive, so make sure you consider a few options before deciding on an insurance company to buy a policy from.
Explore your options today and find a policy that works for you and your loved ones.