Senior life insurance – everything you need to know about it

Life is nothing but a pit of unlikely events that happens at times that are most unlikely. We never know what might happen to us in the coming days, and we have no idea what we might have to face on the next morning. It may even get worse when considering that we do not know whether we might be alive to face the next day – or even the next minute. Life is such. It is unpredictable. It is unavoidable. Most importantly it is not immortal. Hence, we have to consider each passing day as a step we take closer to the end. But there are instances when we have to consider how our lives are going to affect those of our loved ones. One such unavoidable instance is our death. Not a single person wants to leave our family or to be a burden to those we love after we are gone. That is why most elders are concerned about getting a senior life insurance.

Though you cannot assure the permanency of your life there are ways to assure that yours is not a burden to anyone else. When we grow old, we are bound to unavoidable circumstances which are originated from the temporary nature of every living being. We are prone to more sicknesses than ever and we are at a huge risk of being trouble to those that we love. We are also incompetent to make the financial earnings that we used to do while we were young. Hence growing old is not a simple case.

Standing at the edge of life and death, no matter what the age is, there are decisions that we have to make today. Not a single person knows whether tomorrow might be too late for it. Hence it is important that we consider ourselves non-immortal and actually seek for methods to carry on when we are old, when we are sick and definitely gone.

This article shall discuss about what life insurance for seniors means, about the options that are available, and the easiest method to get one.

If you have no idea what these means, there is nothing to worry about because this shall guide you from A – Z on what is there to know about it.

There is nothing to worry about because there are options that suit all of us, no matter what the health condition is, the financial status is, and the age is.

So, read on to find out more information about one of the most important decisions that you will be making in your life.

What is a senior life insurance?

It is a life insurance for seniors which is especially dedicated for those who are above 45 or 50 years of age. These life insurances are purchased by the elderly people in order to cover their expenses when they pass away. The prime requirement that needs to be covered by these policies is to provide a funeral fund so that the family members of the deceased policyholder will not be under financial trouble when holding the funeral.

These life insurance policies come in different sizes with different premium values and different final expense rates. There are also different types of life insurance for seniors whereas the features and the services rendered are high or low with regard to the type and the value (this shall be discussed later in this article). 

The purchasing of life insurance policies for elders has become very popular among the society since the use of life insurances started.

But the main reason that people are more interested in obtaining these is the death benefit. With a death benefit, you are able to allow your friends and family to complete your funeral at ease. The amount of your death benefit will be granted to the beneficiaries that you name with no taxes added.

There are also other features like the ability to withdraw cash in case of a severe illness so that your hospital charges will also be covered by them.

If you are aware of what a life insurance is, then this is the same concept that is dedicated completely for the elderly community.

Many of the younger generations are extremely aware of the necessity of purchasing a life insurance considering the amount of responsibility they have upon their families. People might think that growing old makes you free of these responsibilities. But they are completely wrong. Even the elderly members of the families have dependant spouses, children and grandchildren to take care of as well as home mortgages when it comes to some families. Hence it is important to understand that those who are above 45 or 50 need similar assurance in the lives of their loved ones, in order to spend the remaining years of their lives happily and free of stress.

Well, is I were to provide a very simple answer to this question I will put it in this way; A senior life insurance is a policy that provides all the older citizens to enjoy the journey they had while they were young and reminisce on the happier past days they had when they were younger. It allows them to not worry about who bears their cost of the funeral because after all the insurance company will be providing the money to the beneficiary with no additional charges. It allows them to become legendary among the children and family members, even after they have passed away.

Who can apply for a senior life insurance?

To apply for a senior life insurance policy the most basic and the most predictable requirement is you being a senior. 

But there are certain qualification requirements when it comes to being approved to get one. Your health would definitely be one of the primary concerns when receiving one.

These requirements, however, changes with the type of insurance that you are trying to obtain. For example, if you are going to get a simplified issue policy you will be required to provide answers to a set of questions concerned with your medical condition. There will be no medical examinations. 

But if you are looking forward to receiving a guaranteed insurance, you will not get more than three or four questions regarding your health.

There are companies that tolerate many health conditions but there are also companies that do not offer full coverage to those who are smoking and have smoked in the recent past. Drugs are also a main concern among some companies. 

It is important that you be honest with yourself and then you should have to decide on what areas you need to be considerate about when applying for the insurance. If you are bound to fail the drug test, then it is better to select a company that does not require a drug test, right? 

There are so many companies that provide senior life insurances and you will definitely be able to find a better company with a little bit of searching. 

Anyways, there are some points that you need to understand regarding the companies that do not consider your medical conditions. Their premium rates are considerably lower than those of the normal ones. This is mainly because they are offering you insurance regardless of your status at the time of applying.

Therefore, if you are confident enough to perform medical underwriting and is willing to wait until all the tests are cleared, you could actually receive a higher premium rate.

If you are going to purchase a life insurance it is better for you to compare the requirements, and the premium values as well as the installment values before deciding on which is the best.

Can I get a life insurance at the age of 65 or am I too old for it?

There are many people who think that life insurances are for people who are of younger age. But is this really true? Or is it affordable to people who also are in the older ages? This is actually a problem.

Well, when we talk about life insurances for seniors, there are many ages classes that we need to consider. For example, you can be a senior above age 45, a senior above age 55, an older person who is above age 65 or even you might be a citizen who is above the age of 75.

Whatever your age is, you must not worry. There are life insurances to people of all ages. Hence it is undeniably applicable to those who are age 65 and even 75 as well.

There are certain restrictions as well as certain things that you might receive as well as not receive due to your age. But the answer to the question is quite simple. You can definitely get a life insurance at the age of 65.

There is nothing as too old when receiving a life insurance as a senior citizen. If you are a person who is around your 80s, you are definitely lucky because some companies offer insurances to those who are up to 85 years of age as well.

So, I would definitely say that someone of age 65 is actually younger when considering the age ranges that these companies use.

Are the insurances to elders over 60 years of age more costly?

Sometimes there are things in life that we desperately need, but are more afraid to receive because we are unable to say for certain whether we will be able to afford it or not.

When we think about the senior citizens of our families, they are always more concerned about the human values that we use more than the technological advancements that we show. No matter how technologically developed, grandparents always love to share a bedtime story with the grandkids.

It is true for all cultures, for all countries, and for all families. Such is the nature of humankind.

Hence when planting seeds of a better population the seniors are always concerned about how they will be leaving a legacy to their families. This is actually a simple notion of love, caring, and responsibility as well. 

Understanding this simple yet important requirement among all humans, many companies have begun the task of supplying better life insurance policies to senior citizens who are over 55 or 60 years of age, in order to provide them with the required benefits at the time of their death.

But if there is anything that holds the senior population on receiving these benefits, it is the price or the cost of these insurances.

People are afraid that these senior life insurances are going to cost them a fortune or so. The reason for these ideas is a simple fact that it is a special insurance.

But let me make it very clear. There are life insurances for seniors over 60 years that come at all levels. There are some companies that provide lie insurances that start from as low as one dollar. There are also companies that have higher initial costs. Hence it is very clear that they have been made in order to suit the financial strength of each and every one.

You do not have to be left behind simple because you are not doing financially well. There is no reason for you to avoid getting a senior life insurance as well.

They have been specially made for people who need financial health, so why worry about the price? It is definitely affordable and all you have to do is select the one with the best price for you.

What are the available types when it comes to life insurance for seniors?

There are many types of people in the world and we cannot even state how different each of their requirements is from each other. If there was anything that was common to all, it is the fact that we all have unique requirements.

No two people are alike, and this is completely applicable when talking about the requirements of seniors as well. As a senior looking for a life insurance policy, I might need something that is extremely different from what you offer.

Therefore, to at least fulfil requirements of some of the people in the world, the insurance companies have introduced several types of insurances. 

Given below are the two main types of life insurances that are suitable for elderly people. Well, they have been specially made to satisfy the necessities of the seniors.

1. Term life insurance

If you are looking for a full coverage but are on a budget, then this is the most suitable type for you.

They offer the most coverage and no worries because their prices are actually affordable.

If you are someone who is in good health, you get even more benefits with a term life insurance.

These policies offer coverage over a set period of time; generally, these periods differ from ten to thirty years. But there are certain disadvantages of obtaining such a policy at a higher age.

Seniors of age 50 to 55 are only eligible to obtain plans that are up to thirty years. For those who are in between 60 to 65 years can receive twenty-year plans while elders who are above 70 years of age cannot get a plan that is more than ten years.

Once you outlive these plans you will have to increase the time period, but the extensions are offered in shorter time ranges. For example, if you are 80 years old you will be able to increase the policy for another 3 years and then go on.

Also, there are types of term life insurance from which you can choose from.

They are;

– Level term life insurance

– Convertible term life insurance

– Annual renewable term insurance

2. Guaranteed universal life insurance

This is a permanent coverage that is offered to you with some guarantees – just as the name implies. Most of these have been made to provide positive effects on the seniors and to allow them to enjoy their elderly days in peace.

For a Guaranteed Universal Life Insurance policy, the value of the premiums will never change. No matter what happens in the financial world and regardless of the market fluctuations, your premiums stay in a fixed value. Hence, it is considered to be more of a safe investment for the future. They guarantee that you will not have any surprises.

Another main positive feature of obtaining insurance in this type is that they offer premiums for a longer period of time. They definitely do not end at the age of 80 or so. There are companies that have plans that go until 121 years.

With that, you will not have to worry about outliving your premium plan. This is actually a major problem among the seniors because once you outlive the age that was set in the premium plan you will have to purchase a new one and they are definitely more costly.

But with a GUL there is no such risk.

The only requirement when it comes to these plans is that you complete the payments according to the plan that you agree upon. 

Why should I have a senior life insurance?

People are not willing to simply be gone from the world. We definitely do not want to become an extra burden to our families once we die. Not a single person should be worried about how to perform the funeral function. No one should be worried about the cost that they will have to cover.

If this is not the main reason and the best reason to obtain a senior life insurance regardless of your age, then there will be no other reasons as well. 

But funding the funeral is not the only reason for elders to be receiving life insurances that have been specifically provided for them. Some of the most common reasons that you definitely should consider to identify whether you need insurance has been stated below:

– To cover the debts

– To leave money for the family in order to cover unpaid bills and outstanding debts that were taken under your name

– If you have dependents that live through the pension or the salary you receive

– To leave back a good legacy in the names of your loved ones in order to spend once you are gone.

– To provide financial assistance to your spouse even when you are gone – this is actually a significant reason given that many parents are afraid that their children will not look after the parents when one of them dies.

– You can even dedicate some amount to a charity organization in your name

– To take care of all the funeral expenses 

– A death benefit that will completely cover the costs that your family will have to spend for your funeral

There are some other concerns that you need to consider when receiving this. Well, you should surely think about the coverage you need, the company that you are going to join with, and the time frame of the policy.

The best insurance companies that you should definitely know.

Since we have been talking about so much of details regarding senior life insurance you must definitely be wondering on where to get a one that suits you the best.

Well, for a starter, life insurance has become a topic that is so dreaded to be discussed given how many companies make it nothing but a business. It is actually a service that is rendered to society considering how uncertain our lives are. However, there are certain companies that have understood the importance of considering insurance as a service and not as a business. 

Given below is a list of companies that can be considered as the members that claim the top ten positions when it comes to senior life insurance.

When considering the top ten members there were some important facts that were noted. The trustworthiness of each of the companies that are available, their reputations as a game-changer in the field as well as the affordability of the products that are available was considered.

Here is the top-ten list!

1. Mutual of Omaha

2. Transamerica

3. Protective

4. Banner

5. Sagicor

6. Fidelity life

7. Security

8. 5 – star

9. Northwestern mutual


All these companies are reputed for the following things:

– Wide age range when applying for a life insurance

– Wide age range when considering the Universal Life Insurance Policies

– Availability of affordable packages

– Availability of flexible packages that suits everyone

– Complete trustworthiness and transparency in their financial deals

Well, you do not have to stick to these ten companies as long as you are able to trust the insurance partner. However, make sure that they qualify with the above – mentioned features. They do not have to have them all. At least being trustworthy and transparent about their policies is enough.

Some final words regarding receiving a senior life insurance policy

Well, in this article we have talked a lot about life insurances for seniors and why you should get one. If there is anything that is fundamentally important as an elder person it would definitely be a life insurance that has been especially dedicated to those who are matured in age. They come with all sizes and all prices, so the affordability should never be a concern to anyone who is willing to get one.

Life insurance is actually an interesting investment when it comes to people. There is a very low risk of investing in these organizations and given the circumstances it will also be of much use than you can actually imagine. 

It is actually better if you were able to receive full life coverage at a very early age, but regardless a senior life insurance is suitable to those who are a bit late on investing the money as well. 

Though you might not see the need to purchase a policy there are times in life that things that we never expected happens. And at times like these, we are bound to be desperate for money. 

Senior life insurances help you cover your expenses in case of a severe medical illness. Some policies even allow you cash withdrawals after a certain amount of time. These withdrawals will then be deducted from the final amount that is given to the beneficiaries. Hence it is important to understand that this is not an investment of the future but it is an investment made for the benefit of the future generation.

You are actually taking a huge burden off the shoulders of your loved ones by providing them a financial help even when you are very old or passed away. You are on the other hand setting an example to the other family members on how a responsible elder should work and on how people should maintain their financial activities in order to benefit the future.

Therefore, it is important that every senior citizen take time to consider the importance of a life insurance more seriously and thereby decide on the best option that they have which will undeniably provide answers to many of their requirements.