Finding a life insurance policy that suits your life situation can be challenging, especially if you’re a senior citizen. But thankfully, Americo Senior Life has been providing outstanding coverage and resources to seniors for years, so we know the business pretty well.
This article will outline how to choose the best life insurance for seniors, so you can feel confident that you are getting the coverage you need at an affordable price.
But first and foremost, you may be asking yourself: Do I even need life insurance?
Why Do I Need Senior Life Insurance?
Not every senior has or needs life insurance. If you have children that are now grown and don’t rely on your income, or if you already have money set aside to pay for funeral costs, a life insurance policy may not be beneficial to you.
However, many seniors opt for the safety net of a life insurance policy, often for one of these reasons:
- Cover final expenses. If you don’t already have a plan in place for your final expenses, a small whole life insurance policy helps cover those expenses so your family and loved ones don’t have to bear that burden.
- Pay off debts. The amount of debt carried by seniors has skyrocketed over the past 20 years. If you have significant debts to your name, a life insurance policy is a wise decision to ensure that those debts can be paid off quickly without your loved ones having to foot the bill.
- Provide additional money for beneficiaries. Even if all other debts and expenses are paid for, some seniors still opt to carry a life insurance policy as a “just in case.” Life insurance can be a fantastic benefit for your loved ones if you unexpectedly fall ill and incur medical debt towards the end of your life, or if you just want to leave a little something extra for your family to enjoy.
Considerations When Choosing a Policy
Shopping for a life insurance policy but not sure where to start? Take a look at the following considerations to help you determine what kind of policy is best for your situation.
- Premium costs: Premium costs tend to be more expensive if you are advanced in age or have health issues. Weigh the worth of your coverage and the peace of mind it offers against the monthly premium, but always shop around for quotes to see who can provide you the most coverage at the best rate.
- Financial situation: Are you financially secure and carrying limited debt? If so, you can opt for a lower coverage policy and save yourself the cost of high monthly premiums.
- Health status: If you have ongoing health problems or are high-risk for disease due to your family history, this can greatly impact the type of insurance you can get, along with the premiums and amount of coverage.
Whole Vs. Term Life Insurance Explained
We’ve covered the differences between whole and term life insurance a number of times, but in case you’re still unclear on the details, take a look at this helpful chart:
| FEATURES | TERM LIFE INSURANCE | WHOLE LIFE INSURANCE |
| Never expires | X | |
| Has cash benefit | X | X |
| Provides coverage tailored to your needs | X | X |
| Requires medical exam | ||
| Has set term limits | X |
At a glance you can see some of the main benefits of each type of insurance, along with the disparities between the two. Keep in mind that these are the two major categories of life insurance, but there are a number of subcategories under each that we’ll explore elsewhere.
Talk to an Expert at Americo Senior Life
If you still have questions on the best life insurance companies for seniors, or you’re curious about what life insurance options are available to you, reach out to an Americo Senior Life representative.
Americo Senior Life offers policies specifically designed to meet the needs of today’s senior citizens, with whole life insurance policies that provide a range of coverage up to $30,000. And you don’t even need a medical exam for approval!*
Start your online application now, or contact us directly to learn more.
*Issuance of policy may depend on answers to medical questions.