Fortunately, there's life insurance for senior citizens, including life insurance for seniors over 75, with no medical exam required. You're likely to have different financial commitments than you did as a young working professional, so let's look at your options to determine the best life insurance for seniors.
Life insurance comes in two basic categories. Term insurance covers you for a limited period of years—usually 10, 20, or 30. It's the most inexpensive type of life insurance, and it's often purchased by breadwinners who want to protect their families.
Whole life insurance is the second category. It lasts throughout your lifetime, as long as you pay the premiums. Unlike term, it features a savings component: a portion of your premium will be placed in an investment vehicle, and once it's had a chance to build up, you can draw from it if you need cash.
When you're shopping for life insurance quotes over the age of 50, you'll probably find that term is more affordable. However, permanent policies, like whole life, offer the additional benefit of the cash value.
Term life insurance
Term life insurance for seniors is available at Ethos Life up to the age of 65. Term life insurance rates for seniors may be higher than those for younger individuals. However, it can still be the most affordable life insurance for seniors if you need coverage for a period of 10 or 20 years.
Term life insurance from Ethos Life features guaranteed level premiums in the initial term period, meaning the price you pay won't increase during that time. It's also guaranteed to be renewable, so if you're issued a policy at a younger age, you'll be able to renew it upon expiration of the policy's initial term (premium costs will likely increase after the initial term period). No medical exams will be required; you'll merely need to answer a few questions about your health.
Whole life insurance
There are several different types of permanent insurance. Two of the best senior plan life insurance policies are simplified issue life insurance and guaranteed issue life insurance for seniors.
Simplified issue life insurance policies from Ethos are available to seniors, contingent about their answers to the health history questions. If a senior doesn't qualify for simplified issue life insurance based on their health condition, they are still able to buy whole life insurance.
Guaranteed or simplified whole life insurance for seniors at Ethos offers benefit amounts ranging from $1,000-$30,000 for those ages 66-85. It's an excellent choice for anyone who wants to leave a nest egg for their loved ones to cover final debts or funeral costs. It features guaranteed level premiums, and you can be approved in a matter of minutes, regardless of your medical history.
This type of senior life insurance is ideal for older individuals. Your policy will last the rest of your life, and there's an additional perk: once you turn 100, you no longer need to make payments, though coverage remains active.
So, which senior life insurance is right for you? Let's break it down a little more to help you make the best choice. Here are our top life insurance tips:
Before gathering quotes, consider how much coverage you need. Factor in any debts that would need to be paid out of your estate, funeral costs, and costs involved in caring for a partner or other dependents.
To give you a hand in figuring that out, you can calculate the coverage you may need and check your price at Ethos. Since each person's situation is different, getting a personalized quote that answers your own needs makes sense. Only then can you get a clear picture of your financial horizon.