Senior Life Insurance Options

Senior Life Insurance In Minutes

Twenty years ago, many seniors approached retirement with most major expenses like raising children, paying off a mortgage, and funding college education behind them. The purpose for senior life insurance is to cover these costs.

But today’s economic realities have shifted. Many seniors find themselves supporting adult children. They are managing mortgage payments well into their 80s. Many are facing increased medical costs. Life insurance is now a necessary part of your financial plan.

Senior Life insurance provides a safety net for older adults when your family needs it most. There are many options available. These include Term Life and Whole Life Insurance. Guaranteed Universal Life and Final Expense plans are also available. Vestisure only works with top-rated carriers. There’s a plan to fit almost every budget, lifestyle, and health history.

Types of Senior Life Insurance Plans

If you're an older adult, you might think life insurance is beyond your grasp, simply too expensive or difficult to qualify for. It turns out seniors have lots of options because of the variety of life insurance policies that accommodate seniors

Whole Life Insurance

Also called permanent life insurance, pays benefits when the policyholder dies, as long as the policy is in force. Premiums are guaranteed level for the life of the policy. Whole life policies also accumulate cash value.

Guaranteed Universal Life

Another permanent life insurance product, normally has lower premiums than whole life, lower cash value, and higher death benefits. A great option for older adults needing permanent insurance with more coverage at a lower premium

Term Life Insurance

Term life insurance is best for older adults up to age 70 who need to cover big expenses for a few more years. It covers you for a set period of time, typically 10 to 20 years. It's the most affordable life insurance, but coverage ends after the 10 or 20 year term.

Simplified Issue

Simplified issue policies only require a few medical questions instead of a full medical exam. Approvals are quick and easy, and coverage often starts within a matter of days. If you have some chronic issues or a history of medical conditions, a simplified issue policy may be your best choice.

Final Expense Insurance

Final expense insurance is permanent insurance that offers a lower death benefit when you die. The death benefit is used to cover funeral, burial, and other expenses. The lower death benefit typically comes with lower premiums than other permanent life insurance policies.

Guaranteed Issue

For older adults in poor health, a guaranteed issue policy may be the best option. With guaranteed issue, there are no medical exams or health questions, and the insurance company can’t decline coverage because of your health. You can typically qualify for up to $25,000 in guaranteed coverage up to 85.