While the seniors in your life may be ineligible for or priced out of certain term life and universal life policies, there are still coverage options available called senior life insurance.
Life Insurance for Seniors
Life insurance for seniors is designed for the unique needs seniors have at the later stage of life. Senior life insurance comes with the perks of a whole life policy, without the hefty price tag. Senior life insurance also boasts its own set of benefits. It is reliable, fixed, and accessible. Most importantly, it is affordable.
Use these benefits as a guide to finding the best life insurance for the seniors you love!
Benefits of Senior Life Insurance
Senior Life Insurance Protects the Elderly. Life insurance for elderly parents or loved ones best protects those between 50 and 80 years old. Senior life insurance policies may offer protection on basic end-of-life expenses like those related to funerals. These are smaller policies that typically offer $50,000 or less in coverage. This type of insurance can be carried by itself or act as support to a larger life insurance policy. It’s a good policy to have for unexpected medical costs that might deplete assets or max out other insurance policies. Coverage terms and beneficiary pay-outs are simple and clear the clutter of insurance jargon and confusing fine print.
Senior Life Insurance is Affordable. Most Americans who are able to retire do so on a fixed budget. Major deviations to monthly costs can take a huge toll on quality of life. The best life insurance for seniors keeps premiums low by capping the coverage. For example, a $500,000 policy could easily cost thousands a month for someone older than 65, especially if they don’t live a healthy lifestyle. A smaller policy significantly lowers the costs, sometimes to as little as a couple dollars a day. What’s more, rates will never increase. Once a policy has begun, no amount of time, inflation, or cost-of-living changes will cause the premium to increase. It’s a budget-friendly form of life insurance for elderly parents who make every cent count.
Senior Life Insurance Has Guaranteed Coverage. Just as monthly premiums are fixed with senior life insurance policies, so, too are the coverage terms. While some forms of insurance are only usable during certain periods of time, life insurance for seniors offers guaranteed payouts that don’t expire as long as premiums are paid. This lifelong coverage stays with the policyholder as they age, regardless of any changes to their health. Because of its reliability, seniors can use their savings and other insurance policies throughout their golden years with confidence, knowing they have senior life insurance in their back pocket.
Senior Life Insurance Is Accessible. One of the most frustrating aspects of trying to find life insurance for seniors is the wall of ineligibility that many run up against. Age, health, and other factors may prevent your loved one from being approved for coverage. These issues are often discovered during the medical exam required by many life insurance companies. Senior life insurance policies rarely require a medical exam, and only ask a few health-related questions as part of the approval process. This can be a big relief to those who aren’t used to sharing such personal information with strangers.
Senior Life Insurance Is Our Specialty
Americo Senior Life insurance policies have every benefit of senior life insurance – plus more! We have been supporting seniors for decades with our best-in-class 30-day Satisfaction Guarantee that puts the happiness of policyholders first. There are no medical exams required and only a few health related questions during the application process, making it quick and simple to apply. Americo also makes it easy to know what the costs of life insurance for elderly parents will be with our online quick quote tool. If you and your loved one are ready to find some of the best life insurance for seniors, reach out to one of our trusted agents today!