Having some type of life insurance is a great way to help provide support and comfort to your loved ones after you are gone. Finding the right life insurance policy can help your family cover the funeral costs and new bills that come with the loss of a loved one. 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 ranges that make sense for your lifestyle. Life insurance for seniors works just like any other age. However, most companies have age restrictions that affect the plans available.1 We can help you find a plan that can provide the coverage you’re looking for.
Once you find a senior life insurance plan that suits your needs, you’ll 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 after the plan ends (subject to limitations and exclusions).
What Is Senior Life Insurance?
Senior life insurance is similar to regular life insurance, but can have different coverage and price points depending on the age and needs of the senior. Younger people may have more life insurance options than older people.1 If you only need life insurance for a certain period of time, term life insurance may be a good choice for you. However, whole life insurance will give you coverage for your entire life, regardless of when you pass.
Some plans offer a cash value component that can be used to pay for major expenses such as mortgages and medical expenses. Additionally, most plans provide a death benefit, which is a portion of the money that will be paid to your beneficiary when you pass.
Depending on how much you spend on premiums, the cash value and mortality rate of your plan may vary. Choosing a senior life insurance plan can help your family prepare for the future and focus on healing.
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 want to have coverage because you can choose the specific length of your plan. Typical life insurance plans can be 10, 20 or 30 years long. With this type of plan, policyholders must die within the chosen period of years for the beneficiaries to receive benefits.
The older you are, the smaller the differences may be in the length of terms. It’s also possible that premiums will increase as you age.4 However, term life insurance is still a popular choice for those looking for a policy that can provide benefits to 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 provides coverage throughout the life cycle of the policyholder.
Unlike term life insurance, whole life insurance benefits will usually be paid to your beneficiary, regardless of the timing of your death. Whole life insurance can be a good choice if you want to be sure that your family will receive benefits after your death.
Final Expense Insurance
Final expense permanent life insurance that offers a small death benefit when you die. 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 usually comes with lower premiums than other permanent life policies. Aflac offers whole life final expense insurance that can give seniors the coverage they need.
Benefits of Senior Life Insurance
Here are some benefits of life insurance for seniors:
Reasonable Premiums
While the rates you pay for life insurance depends on the type of plan you get and other factors, many policies offer reasonable premiums that fit your budget.
Coverage Tailored to Your Needs
From term life insurance to permanent policies, there are many life insurance options available to you. Based on your needs and budget, you can find a policy that is right for you.
Peace of Mind
Taking out senior life insurance can give you peace of mind knowing that your loved ones will have financial support in your absence. They can use the death benefit payment to cover any expenses after your death.
How to Find the Best Life Insurance for Seniors
When looking for the best type of life insurance for seniors, we recommend considering what coverage you need and how much money you want to spend. We can help you combine these two factors to find a life insurance plan that can 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 the specific needs of seniors. Whether your goal is to spend less or to insure more, you have options to help you determine the best life insurance for you and your loved ones. With more than 50 years of experience, Aflac can help you find the coverage you’re looking for.
Get Senior Life Insurance from Aflac
Senior life insurance can provide your loved ones with a financial safety net if you die. Aflac offers term life insurance, whole life insurance and final expense insurance for seniors to consider. These plans come with reasonable premiums and coverage that can be customized to suit your needs. Start chatting with an agent today to find out which life insurance plan is best for you.
Why Should Seniors Have Life Insurance?
There are several reasons why you can use life insurance as a senior. A death benefit can provide financial security to beneficiaries and help them cover various expenses such as funeral costs, medical bills and remaining debts such as mortgage, credit card bills and car payments.
Life insurance can also be useful if you are a married senior who has a pension without survivor benefits. In addition, it can be useful if you are caring for 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 cover needs and financial obligations, the type of life insurance you would like and how much you can afford.
If you’d like your policy to cover a funeral service, for example, you’re likely to require less coverage than a senior who wants their policy to pay off a substantial mortgage balance.
How to Get the Best Life Insurance for Seniors
Use these tips to get the best senior life insurance for your financial situation and needs:
Find out your coverage needs
First, think about the reasons why you want senior life insurance
