Life Insurance for Seniors

These are some of the choices for different age ranges that you may find when you obtain life insurance for seniors:

Life Insurance for Seniors Over Age 50

Middle-aged people in their 50s and even into their early 60s might still look for term life. Term rates for seniors who are relatively healthy will be cheaper, and this younger group may need to purchase more coverage because they still need to protect an income, a mortgage, or even kids who are still in school.

Life Insurance for Seniors Over Age 60

This is a transitional point where term, whole, or universal life insurance may all be available. The best choice may depend upon health and the amount of coverage needed.

Life Insurance for Seniors Over Age 70

At this point, most older folks are looking for a smaller life insurance policy that will help their families with different final expenses. Some older people may still find a need for a whole life policy with a death benefit over $50,000, and they may qualify if they are in relatively good health.

Seniors over age 80: For people in their 80s are usually limited to small “burial” policies that can pay for a funeral and handle other final expenses.

Life Insurance for Seniors by Rate Classes

Small, burial plans may not even have different rate classes. They just rate by age and in some cases, by use of tobacco. For larger amounts of coverage, you will probably find that life insurance companies will offer cheaper rates to people that they believe are lower risks because of answers to health questions.

This is a list of rating classes that life insurance companies might have. They are listed in order of most affordable to more expensive:

• Preferred Plus quotes: Insurers may offer this rating for applicants who are in excellent health, healthy lifestyle habits, and no red flags on their medical history.
• Preferred quotes: This is generally reserved for people who are in excellent health and with good health habits. Some companies may offer this rate to people who have some minor medical conditions that they manage well.
• Select quotes: The select rating is still for healthy applicants, but insurers may offer a rate like this to people who weigh a bit more than they should or otherwise can’t be rated in a preferred class.
• Standard quotes: It’s offered to people in average health, who may weigh too much for a select rate, or who might have a family history of serious illnesses.
• Substandard quotes: Some underwritten life insurance policies may still offer to insurer people who are managing serious health issues, like diabetes or high blood pressure. This rate might also be provided to those who have recovered from a serious illness that could sometimes recur.

You will also almost always find that quotes for smokers will be higher than for people who don’t use tobacco. When you obtain your life insurance quotes for seniors, you may see these different rating classes listed. You can estimate your class; however, the life insurance company will have the last word upon the class you are assigned to.

Term Life Insurance for Seniors

To make higher amounts of coverage more affordable, you might compare term policies. For instance, if you still need to pay off your mortgage, support other people, or have other large financial obligations, you may need a six-figure death benefit.

Disclaimer: These are sample quotes only.

These are samples for a Texas woman who qualifies for preferred plus rates and wants $250,000 in 10-year term coverage:

• Age 50: $37.05
• Age 60: $64.37
• Age 70: $108.26

As you can see, after age 70, term grows expensive and difficult to obtain. It’s possible that to find life insurance for seniors over 80 years old in great health that might find it worth it to pay the life insurance premiums in order to obtain financing for a business or for some other financial reason, but it’s not that typical.

Whole Life Insurance for Seniors

Whole life policies don’t end like term policies do. You can be assured of coverage for your entire life at the same rate as long as the premiums get paid. Another benefit to whole life is that eventually, you can even build up a cash value, so you may make use of your policy while you are still alive in some cases. You may even be able to sell your life insurance policy at some percentage of the face value.

Whole life insurance costs more than term; so most people shop for more modest face values than they do for term.

These are sample rates for the same female Texan for $50,000 in whole life at different ages:

• 50: $93
• 60: $150.50
• 70: $250
• 80: N/A

Universal Life Insurance for Seniors

Universal life is similar to whole life because they are both permanent life insurance policies that don’t expire after a term. Universal life is more transparent about how the cash value can grow, so people tend to buy it when they want both coverage on their lives and a sort of savings product.

If you’re interested in universal life, these sample rates for the same woman and for $250,000 with a preferred plus rate might be helpful:

• Age 50: $192.11
• Age 60: $330.84
• Age 70: $733
• Age 80: $1,432.31

No Exam Life Insurance for Seniors

Insurers often also offer no exam life insurance policies that only ask a few questions on the health application. Typically, you’ll get offered the best rates if you’re healthy and have the exam; however, if you’re not likely to qualify for preferred rates, you may just prefer to skip the exam and get standard quotes.

These are some examples of what you might expect to find:

• Term: Depending on the insurance company, age, and other factors, you might be able to buy from $50,000 to $400,000 death benefits without having an exam.
• Permanent: In comparison, you can usually only buy whole life insurance without an exam for amounts that range from $5,000 to $25,000. These small policies may be referred to as burial policies.

Note that insurers will still do some health underwriting even if they don’t require a medical example.

These are sample quotes on life insurance for a senior woman in Texas who wants $100,000 in coverage:

• Age 50: $20
• Age 60: $32.45
• Age 70: $161.55

For some high-net-worth elderly people, the rates make sense. For most people, it’s better to lock in lower rates at a younger age.

Quotes on Life Insurance for Seniors

You can personalize these online, instant quotes for your state, age, and many other factors, so you don’t have to guess what your own premiums may be. This quick comparison can help you decide what kind of life insurance will best suit your needs and budget.

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