Life Insurance For Seniors

Many term life insurance policies stipulate that you must be under a certain age, usually 50 or 55, in order to purchase a policy. This is because the probability of the insurance company paying out under the policy increases as you age - not exactly rocket science. Unfortunately, that means that seniors are left with limited choices for finding affordable life insurance - a problem that is compounded by the fact that many seniors are living on a smaller income than during their working years.

So, if you are a senior, how do you go about finding affordable life insurance?
It depends on why you need the life insurance policy in the first place. If you are simply looking for a way to leave an inheritance to family members or allow them to pay your bills, several insurance companies offer whole life policies specifically designed for seniors. The limit on these policies is usually under $25,000 or so, but this allows you to leave something for your family.

The low limit allows you to purchase an affordable life insurance policy, even if you are in your 60s or beyond.

If you are looking for a way for your family to pay for your funeral and burial costs, look into a final expense policy.
The limit on these policies ranges from $2,500 to about $10,000 - certainly not enough for an elaborate funeral, but enough for a respectable service and burial. The premiums on these policies are quite low compared to whole life policies, especially if you have the foresight to purchase a final expense policy in your 50s or 60s.

Without a doubt, finding affordable life insurance as a senior can be a challenging task. Don’t expect the level of coverage that you could have obtained in your 30s or 40s. However, if a low level of coverage is sufficient to meet your needs, a senior whole life policy or final expense policy can be obtained without a great deal of difficulty.