For seniors, there are still many choices, such as term life, whole life insurance, and even final expense coverage. But what is the right life insurance for seniors, in particular? Together, let’s walk through determining if you need life insurance, learning what’s available to you after 65, figuring out how much you need, and finding someone who can help you choose life insurance for seniors.
Do Seniors Need Life Insurance?
Some seniors may have plenty of assets to lean on instead of life insurance. If this is the case for you, you may not need life insurance. If you fall into one of the categories below, though, you should consider getting at least some coverage, such as a small whole life insurance policy for seniors.
People depend on your income. If the head of household has a spouse or dependent child who would be in trouble without the income, life insurance can support them. This is especially true for any disabled dependents who will need continued care.
You need help covering funeral expenses. Funeral expenses average into the thousands in the United States, including cremation and burial. If a family cannot afford the costs, a life insurance plan can offer enough coverage to pay the costs for them.
You have debt your spouse will be responsible for. While there are many kinds of debt that will not end up in the lap of a spouse, there are types such as co-signed loans like a mortgage or vehicle. Life insurance helps spouses continue to make those payments.
You want to leave an inheritance. If there are few assets to leave, or the assets left will cover final expenses only, a life insurance plan can give loved ones a pillow to rest against. This type of inheritance is also often tax-free.
You want to cover final medical expenses. One of the debts that may also end falling to a spouse is any end-of-life medical care needed. Whether that is hospital or at-home care, the costs can be exorbitant. Senior life insurance will help cover those costs.
What Life Insurance is Available After Age 65?
Now that you have decided that you need life insurance, the next step is figuring out what kind of coverage offers the most appropriate life insurance for seniors. While it is true that life insurance gets more expensive as you age, there are senior citizen life insurance options available to those older than 65 years young.
No Medical Exam Life Insurance
Health often declines with age. If you are experiencing medical issues, a no-medical exam life insurance policy may be the best option for you. This type of insurance is typically a whole life insurance plan, meaning it will never expire. As the name suggests, there is no medical exam required as part of the approval process.
Final Expense Insurance
Sometimes the only coverage you may want is just enough to help your loved ones with final expenses. These expenses include funeral costs and small debts. You can learn more about final expense insurance, but it’s a great option for those looking for a smaller whole life insurance policy.
Other Types of Life Insurance
Besides whole life insurance, there are two other options available that may be the best life insurance option for seniors; term life insurance and universal life insurance. While some of these may seem less affordable the older you are, it can still apply to you depending on the total amount of coverage you need. Use this guide to help you figure out how to make life insurance more cost efficient.
How Much Life Insurance Do You Need?
Determining how much life insurance you need – and finding the best life insurance for seniors in general – starts by answering a few simple questions. Consider your annual income, any dependents or a spouse who needs coverage, total debts and most importantly, what you can afford in deciding the amount of coverage needed.
After you consider those questions, it’s time to shop around. Get quotes from multiple providers with varying coverage options to get the best idea of your needs versus affordability. If that feels like too daunting a task – that is okay. It leads us into the final topic: who can you reach out to for help?
Who Can Help You Find Life Insurance for Seniors?
Navigating the world of life insurance can be tricky, with all the industry jargon and senior life insurance plans available. Finding a trusted insurance agent who can help you determine your needs and find you the best life insurance for seniors is a great route to take. You can access insurance agents through a quick online search or get a recommendation from a friend. You can also work with an Americo Senior Life insurance agent to get your free quote today. Americo agents are well-trained in all facets of life insurance and are more than able to help you find a policy that fits your needs and budget. Just reach out online or by phone at 855-969-3952 to speak to an Americo Senior Life insurance agent today.