Comprehensive guide to Life Insurance for Seniors Over 60. We explore affordable options, whole vs term insurance. Our no medical exam policy. And expenses:
Life insurance is a useful tool for helping your loved ones pay your final expenses. Although many people buy a policy in their younger years, there are many senior life insurance options for people over 60. Comparing different plans is a great way to find affordable life insurance for seniors.
AgeWhole: $10,000 - $1,000,000 BenefitTerm: $250,000 - $1,000,000Universal: $250,000 - $1,000,000 BenefitGuaranteed Universal: $50,000 - $250,000 BenefitFinal Expense: $5,000 BenefitFinal Expense: $10,000 Benefit60$516 - $35,807$840 - $4,651$7,524 - $29,856$1,416 - $4,596$336$78665$672 and up$1,316 and upTalk to your insurance provider for rates.$1,908 - $6,240$426$894
AgeWhole: $10,000 - $1,000,000 BenefitTerm: $250,000 - $1,000,000Universal: $250,000 - $1,000,000 BenefitGuaranteed Universal: $50,000 - $250,000 BenefitFinal Expense: $5,000 BenefitFinal Expense: $10,000 Benefit60$396 - $29,546$676 - $3,198$6,552 - $25,944$105 - $324$270$66065$492 and up$1,316 and upTalk to your insurance provider for rates.$140 - $429$330$708
Also called burial or funeral insurance, this is a type of permanent insurance that’s usually used along with traditional whole and term life policies to pay funeral costs. You only have to answer a few health questions on the application, and you don’t have to take a health test to get it. The rates are much lower than other insurance plans, but the payouts are also smaller, usually between $5,000 and $15,000.
Whole life insurance is sometimes called permanent life insurance, because it doesn’t expire. It stays in effect as long as you make your payments. The cost of the policy is more expensive the older you are, so locking in an affordable rate is key. These plans usually require a health exam, but certain types of whole life insurance (like final expense insurance) can be issued without a medical exam. A final expense whole life plan can be issued based on answers to health questions on the application.
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