Life Insurance for Seniors

If you’re retired or hitting that milestone soon, you’ve got a lot on your plate when it comes to keeping your finances in order. Perhaps you’re thinking about what kind of lifestyle you can afford in retirement. Maybe you plan to buy or sell a home soon, or you’re taking care of a family member or loved one.

In any case, you may have found yourself asking, "What is the right life insurance for seniors?" Let's explore how life insurance can help you plan ahead and ease a potential financial burden on your loved ones. Here's why it may be a good time to consider senior life insurance.

Why should you consider getting life insurance if you’re 50 or over? Ask yourself these questions:

Is anyone dependent on my income?

If you're still working, your spouse and loved ones likely depend on your income.

So, what would happen to your family’s financial well-being if you were no longer around?

Life insurance for seniors, either term or whole, can be a smart addition so that you know your loved ones can be taken care of. Upon your passing, your beneficiary or beneficiaries would receive the payout money—the coverage amount of the insurance policy.

Do I have any debt, and how much?

Some seniors retire with debt, and some accumulate it after they retire. That debt often results from unexpected expenses, such as car repairs, home maintenance, long-term hospitalization, rehab or home nursing care. Medical debt is often a barrier to the economic well-being of seniors.

If you were no longer here, your outstanding bills might pass to your loved ones.

The payout from a life insurance policy can help assure that your loved ones have a financial cushion and don’t have to shoulder that financial burden alone.

Will my final expenses be a burden for my loved ones?

According to statistics released December 2023 from the National Funeral Directors Association, the median funeral cost in the United States was $8,300. If covering that cost would be a burden to your loved ones, you may want to consider whole life insurance. Whole life insurance doesn't expire after a certain amount of time (as long as you keep paying your premiums of course) and the death benefit paid out could cover your final expenses. Our Family Plan Whole Life (underwritten policy) or our Guaranteed Life (no medical exam whole life policy) are two options to consider.

How much will I have in savings to leave to my loved ones?

People are living longer than ever, so there’s a chance that you’ll have to stretch your retirement savings for 20, 25 or maybe even 30 years. You may have hoped to leave some of those savings behind for your loved ones.

How can you try to live comfortably in retirement and be generous to your family?

The answer is simple: life insurance. The payout from a life insurance policy can be left as an inheritance for your loved ones.

Do I have a will or an estate plan?

In addition to life insurance, it's also important to have a will and an estate plan. In your will you can specify your final wishes and indicate how your assets should be distributed after your death. With an estate plan you can guide your loved ones in handling your financial affairs and medical care if you're incapacitated.

Here’s a good rule of thumb: if you want peace of mind regarding your family’s financial future or your estate, you should seriously consider having life insurance a will, and an estate plan.

Life Insurance Policies for Seniors

We offer several policies for those over age 50. Depending upon your health and how much coverage you're looking for, here are some options to consider.

Our Family Plan Term Life Insurance for Seniors

• Coverage available from $100,000 to $500,000 for ages 56+
• Locked in premium rate that will never increase
• Eligible until age 70; with coverage until age 80
• Medical underwriting required over age 55

Our Family Plan Whole Life insurance for Seniors

• Coverage available from $50,000 to $500,000 for those aged 56-80
• Locked in premium rate that will never increase
• Builds cash value
• Medical underwriting required over age 55

Our Guaranteed Life Plan, whole life coverage for Seniors

• No medical exam required - guaranteed acceptance regardless of health
• Coverage available from $5,000 to $25,000 for ages 50 -80
• Locked in premium rate will never increase
• Builds cash value

Which Life Insurance policy is right for me?

It depends what you're looking to achieve.

If you're looking for higher coverage amounts to replace income or pay off an outstanding mortgage for example, you might consider our Family Plan Term Life Insurance. Remember that a term policy lasts for a specific period of time (10 or 20 years for example), which is why Term premium rates are generally lower than they are for Whole life.

If you're looking for coverage for final expenses or that will last your entire life (assuming premiums are paid), consider our Family Plan Whole Life Insurance. Whole life policies also build cash value over time - money that you could access if a need arose. Note that Whole life insurance generally costs more than Term so you may not be able to afford as much coverage.

If you are looking for life insurance coverage for final expenses that doesn't require a medical exam, our Guaranteed Life whole life policy may be right for you.

Senior Life Insurance FAQs

For more information, check out some of our most frequently asked questions about senior life insurance. For even more information on life insurance, our friendly representatives are ready to answer any questions that you might have, or you can view our full FAQ page.