The trick will be finding a policy that provides you with the coverage you want at an affordable price.
That’s where we come in. At Americo Senior Life, we want to help you find the most affordable and comprehensive protection so you can rest easy knowing your loved ones are financially secure.
If you’re over 50 and considering purchasing life insurance to cover funeral expenses or other costs after your death, this guide is for you. Read on to learn exactly what options are available to you and how to choose the policy that best suits your situation.
What Types of Life Insurance Are Available for Seniors?
The first step in finding the best fit is to evaluate why you need senior life insurance. Maybe you want to send your kids or grandkids to college and leave a little bit of an inheritance. Or perhaps you would like to pay off a mortgage or other debt. Assessing your needs can help determine how much coverage you will need.
Now, let’s look at the life insurance options that are available to you once you’re over 50.
Most insurance providers still offer the same insurance types to seniors, namely term life insurance or whole life insurance. If you’re unfamiliar with the differences between these policies, we’ll give you a quick rundown.
Term life insurance provides coverage for a set period of time, typically anywhere from 5 to 30 years. This type of insurance guarantees a death benefit payout if the policyholder dies within the coverage period. The monthly premium on term life insurance varies depending on the amount you select as a death benefit payout – the higher the payout, the higher the premium.
With whole life insurance, there is no term period. Your coverage stays in effect as long as you’re maintaining monthly premium payments, which is one of the reasons that whole life insurance is also referred to as “permanent life insurance.”
But which option provides the best life insurance for seniors? Let’s take a closer look at how these policies may change depending on your age.
Best Life Insurance for Seniors
After you reach the age of 50, life insurance premiums may be higher as a general rule. However, there are some other aspects to keep in mind as well.
If you’re over the age of 70 and looking at term life insurance, you may be limited on the length of term you can purchase. For example, some life insurance companies won’t allow you to purchase anything beyond a 20-year term policy. If you’re over 70 and have a pre-existing medical condition, you may also experience some restrictions on term life insurance.
Whole life insurance, on the other hand, has more expensive premiums but since its coverage term is permanent, it may be the wise option for you if you’re over 70 or have medical issues.
To decide which type of policy is best for you, you’ll need to factor in your age and health, but more importantly, you’ll want to assess your needs. What are you looking to cover in the event of your death?
If you are fairly financially stable and have few outstanding debts, a term policy with a lower death benefit may be the ideal choice. And, if you outlive the term, many companies will give you the option to switch your policy over to a permanent policy.
However, if you need to cover funeral expenses and a mortgage or other debts, you’ll need a higher death benefit payout which will mean a higher premium. It’s all about weighing what you need in the event of your death with the amount that you can afford to pay month-to-month.
If you’re still unsure about what you may need and what policy is best for you given your age and financial circumstances, talk to a financial advisor. They’ll assess your finances on a granular level and help you choose a policy that offers sufficient coverage at the most affordable cost.
Explore Americo Senior Life Insurance Options
If you’re looking for the best life insurance companies for senior citizens, Americo Senior Life is here to help. We offer a wide range of coverage options that are affordable and tailored to your needs. Our whole life insurance policies are specifically designed to give seniors peace of mind, with termless policies, no medical exam required, and coverage up to $30,000. Apply online today, visit our FAQ center, or contact one of our representatives to get started with life insurance that works for you and your family.