As an overall demographic, seniors are the group most likely to need life insurance in the next decade, yet those without coverage may find limited options when they start to shop around. Many life insurers only offer policies to younger age groups — up to age 65, or in some cases only up to age 55 — and those who do offer life insurance for seniors charge much higher premiums to account for the increased risk.
Life insurance can get a bad reputation. Many people write off the benefit as something unattainable, whether it be cost-wise or initial qualifications. The reality is that it is easier than ever to get life insurance in 2022, even for seniors. Armed with a little bit of information, every senior can make the life insurance choice that is best for them.
Compare Life Insurance Providers
It’s true that shopping for life insurance as a senior does present additional obstacles, but it is not impossible. The key to securing a plan is to take the time to research and compare life insurance providers.
By shopping around, a senior can find the plan that works best for their unique life circumstances. Some life insurance companies are happy to work with seniors or those with other risks such as health ailments, but others can be resistant.
Type of Life Insurance Policy for Seniors
Term or permanent life insurance may still be an option into your 60s and beyond, although you may need to take a medical exam as part of the buying process. If you’re older or have health issues, there are still options available that don’t require a medical exam. Learn more about your options here.
- Term Life Insurance for Seniors – Best for: Older adults in their 60s, who need to cover big expenses for a few more years.
- Permanent Life Insurance for Seniors – Best for: Seniors in relatively good health who want lifelong protection for big expenses.
- Simplified Life Insurance for Seniors – Best for: Seniors over 70 or with some health issues or those who don’t want to take a medical exam .
- Guaranteed Issue Insurance for Seniors – Best for: Seniors over 80 or with serious medical conditions.
Choosing a Policy Type
The right type of life insurance for older people depends on age, health, and financial goals. Term or permanent life insurance may still be an option into your 60s and beyond, although you may need to take a medical exam as part of the buying process. If you’re older or have health issues, there are still options available that don’t require a medical exam.
No exam life insurance for seniors includes guaranteed issue coverage for seniors. You’ll be able to secure life insurance regardless of your health, but you’ll only be able to get a small amount of coverage, and you’ll pay higher premiums as a result.
A policy can also provide an inheritance for your loved ones, whether you want to leave something behind for your kids or grand kids.
Take the Exam
If you’re still in relatively good health, life insurance policies and riders can be an affordable way to provide financial support if you are later diagnosed with a serious illness or need other care.
If a life insurance company requires a medical exam in order for policy approval, it can be worthwhile. A preapproved medical examiner will perform the medical exam, and the results will either lead to policy coverage or denial of coverage. For seniors in good health, opting in for the medical exam may mean acceptance and more affordable policies. If a person were not in good health, they might still be able to gain coverage, but they can expect higher premiums in the end.
Term life insurance can typically provide higher coverage amounts than no-medical exam life insurance for older people. If you die during the policy term, term life insurance can provide a significant death benefit for your beneficiaries that will help them achieve their goals and fulfill their dreams.
The Bottom Line
Long gone are the days of worrying endlessly about life insurance policies upon becoming a senior. There are more options than ever to help accommodate every lifestyle. For seniors trying to understand what is best for them, it’s important to consider the wants, needs, and health of the applicant in order to find a policy that works best for them.
Fidelity Life offers senior life insurance policies and makes it easier for people to obtain coverage. Applicants can provide information to help match them with a life insurance policy that meets their needs, select the policy and then get a quote online or, a licensed agent can guide the applicant through the application and purchasing process.
Name: Michael Bertini
Job Title: Consultant