Life Insurance for Seniors

No matter your age or financial status, there’s nothing more important in life than taking care of those you love. However, once you’re over the age of 50, it can be difficult finding an insurance policy that’s both affordable and comprehensive enough to cover your needs. 

With a life insurance policy, you can get the coverage and peace of mind you need to know what your loved ones will be provided for, no matter what. 

If you’re a senior shopping for affordable life insurance, Americo Senior Life is here to help. We’ll start by looking at the basics of senior life insurance plans and how you can determine what policy works best for you. 

What is Senior Life Insurance?

Life insurance for seniors is designed to cover expenses that arise at the end of life, from medical bills to funeral expenses or other existing debts you may have. At the end of your life, a death payout will be made to the beneficiaries of your choice, and that payout can be used for any outstanding expenses. 

Americo offers whole life insurance policies for seniors, meaning they provide coverage for your whole lifetime as long as you’re making your premium payments. Whole life insurance offers a cash value that accumulates over time. Subject to terms of the policy, you can take a loan on the accumulated cash values and pay it off over time. This could be useful if medical expenses pop up or unexpected financial obligations arise. If you should pass before paying it off, it will be taken out of your death benefit payout. 

Term vs. Whole Life Insurance Explained 

Now that you know the basics of how a whole life insurance policy works, you may be wondering how this type of policy compares to term life insurance. Let’s look at the details!

Term life insurance provides coverage for a set period of time, typically anywhere from 5 to 30 years. However, if you are over the age of 70, some insurance providers will not allow you to purchase a term longer than 20 years. Even if you’re not quite at the age of 70 yet, the older you are and the more medical issues you have, the more expensive and difficult it may be to acquire term life insurance. Similar to whole life insurance, a term life policy does guarantee a death payout if the policyholder dies within the coverage period. 

Choosing the Best Senior Life Insurance

When you’re looking to purchase a whole life insurance policy, there are a number of factors you need to consider. 

• Premium costs. Unfortunately, the older you are, the more expensive life insurance policies get. A longstanding provider like Americo ensures you get an affordable rate along with great coverage.  

• Coverage amount. Take a look at your current financial status and see what expenses will remain after you pass. If you carry minimal debt and only need funeral and other end of life expenses covered, you won’t need to have as high of a death payout. If you have a mortgage or other debts that will need to be paid off, choose a higher death payout so that your loved ones aren’t stuck with burdensome costs. 

• Reputation of the insurance provider. An insurance policy is only as trustworthy as its provider. That’s why it’s critical to select an insurance provider that is well-established, financially secure and trustworthy. This will ensure that your loved ones get the care they need after you’re gone, and you’ll have peace of mind knowing they’re in good hands. 

Get in Touch with Americo Senior Life

Still have questions, or just need help getting started? Americo Senior Life is here to help you find the best insurance for your needs. With benefit amounts ranging from $5,000 to $30,000, Americo offers a wide range of coverage along with cash value benefits and premiums that don’t increase as you age. Speak with an Americo representative today to get started, or use our easy online application process and ensure the future you want for your loved ones.