Permanent Life
finalexpensedirects Whole Life Insurance for Seniors
Is a whole life insurance policy a good fit for me?
- You are between the ages of 50 to 85.
- You want permanent life insurance that pays out for any cause.
- You need coverage amounts between $10,000 and $150,000.
Why seniors are choosing whole life insurance
The best whole life insurance for seniors will offer comprehensive financial protection for your family. Here are a few other reasons people select finalexpensedirects Senior Whole Lifeinsurance.
finalexpensedirects Senior Whole Life is one of Fidelity Life’s life insurance products designed specifically for consumers ages 50 to 85. You can get coverage ranging from $10,000 to $150,000 depending on your age, with no medical exam and guaranteed level premiums for the life of the policy.
finalexpensedirects Senior Whole Life accumulates cash value and provides final expense protection. Partial coverage begins immediately, and full death benefits are paid upon death after year three. This whole life insurance policy matures at age 121.
Benefits of whole life insurance policies for seniors
Senior whole life insurance policies offer two main benefits: lifelong financial protection and the ability to build cash value. As a type of permanent life insurance, whole life keeps you covered as long as you continue to pay your premiums. These policies also come with a cash value component, which you can borrow from while you’re still living.
When you buy a whole life policy, you’ll pay a monthly premium that’s split between your death benefit and cash value. Both your premium and your death benefit are fixed, which means they won’t change over time. When you pass away, your death benefit can give your family the financial freedom to pay bills, cover a grandchild’s college tuition, pay the mortgage, and more. The larger your payout amount, the more expenses your family will be able to cover.
Is whole life insurance right for me?
- Need a guaranteed payout: Unlike term life, which lasts for a set period of time, your whole life policy will remain in force as long as you pay your premiums. That guaranteed coverage can help you make sure the money will be there when you pass away to meet your family’s needs.
- Are paying off big expenses: RAPIDecision® Senior Whole Life insurance from Fidelity Life offers a payout of up to $150,000 to cover significant financial needs. This could include a mortgage, college loans, providing for a spouse, or similar costs.
- Are in your 70s or 80s and in good health: While many term plans aren’t available after the age of 70, you can buy a whole life policy into your 80s, in many cases. With Fidelity Life, you won’t need to take a medical exam, but you will need to answer some health questions.
- Don’t mind paying a bit more: Whole life insurance is more expensive than term life insurance since whole life lasts your entire lifetime and builds cash value. If you only need temporary coverage, term life may be a better fit for you.
Are there alternatives to whole life insurance for seniors?
Yes, there are a few alternatives to whole life insurance for older adults looking to buy a policy, including term and final expense.
Fidelity Life supports our customers at every age and stage of life with a variety of policies. Our life insurance policies for seniors also include:
- finalexpensedirects Senior Life Term: This policy offers cost-effective coverage and a payout of up to $150,000 for people with short-term needs. If you’re between the ages of 50 and 70 and only need coverage that lasts between 10 and 30 years, term life is a flexible, affordable option. Explore finalexpensedirects Senior Life Term.
- finalexpensedirects Final Expense: If you’re between 50 and 85 and want life insurance to lessen the burden of funeral and medical expenses for your family, final expense can take care of those needs. A type of permanent life insurance, final expense offers a guaranteed payout of up to $35,000 with no medical exam required.  Explore finalexpensedirects Final Expense.
- finalexpensedirects Guaranteed Issue: This policy is intended for people between the ages of 50 and 85 who have health issues. Guaranteed issue has no health requirements, so you can buy coverage to help pay funeral costs or leave behind a legacy when other policies aren’t an option. Explore finalexpensedirects  Guaranteed Issue.
How does finalexpensedirects Senior Life Work?
Apply and skip the medical exam: Yourfinalexpensedirects  Senior Whole Life policy provides partial coverage immediately, with full coverage starting in year four. Approval depends on the answers to a few health questions on the application and results from public databases (like Motor Vehicle Registration). There’s no medical exam required. While the eligibility questions cover individuals with some impairments, this product is not suited for applicants with serious health or other risk issues, or who have a limited life expectancy.Fidelity Life also offers finalexpensedirects Senior Life Term Life.
Pay level premiums: Your finalexpensedirects Senior Whole Lifepolicy is a permanent life insurance policy with a guaranteed level premium. As long as you pay your premium, your policy is in force and your premium will not change.
Accrue cash value: Permanent life insurance can also build cash value. meaning your premiums provide for a death benefit and a cash value. The cash value increases over time as you pay into your policy. If you choose to lapse your policy, the cash value is paid to you.
Policy maturation: Your finalexpensedirects Senior Whole Life policy matures when you turn 121. Should you live to 121, the cash value of your whole life insurance policy will equal the death benefit. At that point, you will no longer have to pay premiums since your death benefit is fully funded. If you choose to receive the cash value of the policy, any gains on a matured policy could count as taxable income, unlike the death benefit itself. To understand any tax consequences of cashing out your policy, you should consult a tax professional.
Life insurance quotes & coverage in 3 easy steps
Find my policy
Tell us about yourself, and we’ll match you to available life insurance policies that meet your needs and work with your budget.
Get a quote
Select the life insurance policy that works best for you. We’ve made it fast and easy to get a quote online or to connect with one of our agents.
Apply and buy
Check getting life insurance off your to-do list. We’ll walk you through the application and purchasing process. Coverage often starts the same day.
Your life insurance questions answered
Do you need to take a medical exam to get senior whole life insurance?
A finalexpensedirects Senior Life Whole Life policy does not require a medical examination. Instead, your approval is based on the answers to health questions on the application and results from industry-standard database sources. Although these eligibility questions cover individuals with some impairments, the products are not suited for applicants with serious health or other risk issues or who have a limited life expectancy. Occasionally a medical exam, test or report will be ordered to assist a customer in clarifying or correcting an item of medical history.
Why Should I Choose Fidelity Life?
Fidelity Life is committed to helping you find the right life insurance. For more than 100 years, we’ve been helping everyday people like you get the life insurance you need and the peace of mind you deserve. Our mission is to work with you throughout your life. Whether you’re just starting to think about having kids, raising your children, or are getting ready to enjoy retirement, we design products with families like yours in mind.
You can feel confident we’ll be there for your loved ones because we carry an A+ rating from the Better Business Bureau, as well as an A- rating (Excellent) from A.M. Best Company, the oldest and most widely recognized provider of ratings for the insurance industry.
Our commitment to our customers and their families shows up in our innovative products and our top-notch customer service.
How Can I Get Started?
If you want to calculate how much coverage you may need, you can use our life insurance calculator. Then, we’ve made it simple to start your application online.
