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Having some type of life insurance plan is a wonderful way to help provide support and solace for your loved ones after you pass. Finding the right life insurance can help your family cover funeral costs and new bills that occur after losing a relative. Having this form of financial support can allow your family to focus on the grieving process, rather than stressing about end-of-life costs.1
There are a variety of senior life insurance plans to choose from at price points that make sense for your lifestyle. Life insurance for senior citizens works the same way it does for any other age. However, most companies have age restrictions that impact which plans are available.1 We can help you find a plan that may provide the coverage you are looking for.
Once you find a senior life insurance plan that suits your needs, you will pay regular premiums to keep the policy active. Some plans have a cash value aspect that can be accessed early, and most plans have a death benefit that your beneficiary receives when the plan ends (subject to limitations and exclusions).
What is senior life insurance?
Life insurance for seniors is similar to regular life insurance but can have different coverage and price points based on seniors’ age and needs. Those who are younger may have more life insurance options than those who are older.1 If you only need life insurance for a certain amount of time, term life insurance may be a good option for you. However, whole life insurance will provide coverage for the entirety of your life, regardless of when you pass.
Some plans offer a cash value component that can be used to help pay off large expenses, like mortgages and medical expenses. Additionally, most plans provide a death benefit, which is the portion of money that will be paid to your beneficiary when you pass.
Depending on how much you spend on premiums, the cash value and death benefit of your plan can vary. Choosing a life insurance plan for seniors can help your family prepare for the future and focus on healing.
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Types of Senior Life Insurance Plans
Here are some types of life insurance plans for seniors:
Term Life Insurance
Term life insurance is a great option for seniors if you have an idea of how long you may desire to have coverage for because you can choose the specific length of your plan. Typically, term life insurance plans can be 10, 20, or 30 years long. With this type of plan, the policyholders must pass away within the chosen period of years in order for beneficiaries to receive benefits.
The older you are, the less variety there may be in term lengths. It is also possible that the fees will rise as you age.4 However, term life insurance is still a popular choice for those that are looking for a policy that can still provide benefits for their loved ones.
Whole Life Insurance
As you age, providing security for your loved ones can become a more pressing sentiment. Whole life insurance is another great option for seniors that will provide coverage for the entire life cycle of a policyholder.
Unlike term life insurance, the benefits of whole life insurance will typically be payable to your beneficiary, no matter the timing of your passing. Whole life insurance can be a good option if you want to be certain that your family will receive benefits upon your death.
Final expense insurance
Final expense insurance a permanent life insurance policy that offers a small death benefit when you pass away. Your beneficiaries can use the payout to cover your funeral, burial costs, and other end-of-life expenses. Since final expense insurance is a smaller type of plan, it typically comes with lower premiums than other permanent life insurance policies. Aflac offers final expense whole life insurance that can give seniors the coverage they need.
Benefits of senior life insurance
Here are some advantages of getting life insurance for seniors:
Reasonable premiums
While the rates you’ll pay for life insurance depend on the type of plan you get and other factors, many policies offer reasonable premiums that can fit your budget.
Coverage tailored to your needs
From term life insurance to permanent policies, there are plenty of life insurance options at your disposal. Based on your needs and budget, you can find a policy that is right for you.
Peace of mind
Having a senior life insurance policy can give you peace of mind knowing your loved ones will have financial support in your absence. They can use the death benefit payout to cover any expenses after your passing.
How to Find the Best Life Insurance for Seniors
When you are searching for the best kind of life insurance for seniors, we recommend you consider how much coverage you need and how much money you’d like to spend. We can help you merge these two factors and find a life insurance plan that may work for you.
Finding the right life insurance company is just as important as finding the right plan. As mentioned earlier, there are a variety of plans available to help best meet seniors’ specific needs. Whether your goals are to spend less or secure more, you have options that will help you determine the best life insurance for you and your loved ones. With over 50 years of experience, Aflac may be able to help you find the coverage that you are seeking.
Get senior life insurance from Aflac
Life insurance for seniors can give your loved ones a financial safety net if you pass away. Aflac offers term life insurance, whole life insurance, and final expense insurance that seniors can consider. These plans come with reasonable premiums and coverage that can be customized to meet your needs. Start chatting with an agent today to figure out which life insurance plan is best for you.
Why Should Seniors Get Life Insurance?
There are several reasons why you may benefit from a life insurance policy as a senior. The death benefit can provide financial security for beneficiaries and help them cover a variety of expenses, such as burial costs, medical bills, and remaining debts, like a mortgage, credit card bills, and auto loan payments.
A life insurance policy can also come in handy if you’re a married senior that has a pension without survivor benefits. In addition, it can be useful if you’re parenting one or more grandchildren.
How Much Life Insurance Should Seniors Get?
The amount of life insurance you should invest in as a senior depends on several factors. These include your coverage needs and financial obligations, the type of life insurance policy you’d like, and how much you can afford.
If you would like your policy to cover a burial service, for example, you’ll likely require less coverage than a senior that wants their policy to pay off a significant mortgage balance.
Senior Life Insurance Costs by Age
Here’s a look at how much seniors might pay for life insurance by age.2
Seniors Over 60
Term Life Insurance
| Gender | $100,000 coverage amount | $250,000 coverage amount |
|---|---|---|
| Male | $42.51 | $79.31 |
| Female | $34.20 | $58.53 |
Whole Life Insurance
| Gender | $50,000 coverage amount | $100,000 coverage amount |
|---|---|---|
| Male | $198.00 | $373.00 |
| Female | $163.00 | $313.00 |
Seniors Over 70
Term Life Insurance
| Gender | $100,000 coverage amount | $250,000 coverage amount |
|---|---|---|
| Male | $112.01 | $235.76 |
| Female | $85.89 | $164.61 |
Whole Life Insurance
| Gender | $50,000 coverage amount | $100,000 coverage amount |
|---|---|---|
| Male | $321.00 | $629.00 |
| Female | $290.00 | $565.00 |
Seniors Over 80
Term Life Insurance
| Gender | $100,000 coverage amount | $250,000 coverage amount |
|---|---|---|
| Male | $488.01 | $917.12 |
| Female | $389.44 | $697.03 |
How to Get the Best Senior Life Insurance Policy
With these tips, you can lock in the best senior life insurance policy for your financial situation and needs:
Figure Out Your Coverage Needs
First, think about the reasons you’d like senior life insurance in the first place. Maybe your goal is to cover your burial and funeral costs. Or perhaps you’d like to continue income for a partner when your pension no longer applies, fund a Special Needs Trust, or provide funds for your family to cover large debts.
Compare Policy Types
Once you understand your coverage needs, it’s time to shop around and compare policy types. The two most common life insurance policy types are term and whole life insurance. Term life insurance is temporary and will cover you for a set period of time, while whole life insurance typically lasts a lifetime.
Work with a Life Insurance Advisor
A life insurance advisor can educate you on your options and help you find the ideal policy for your unique circ*mstances. While you can navigate senior life insurance on your own, a life insurance advisor is worth considering as they can simplify the process at no additional cost.
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