Life Insurance for Seniors
Key takeaways
- There are life insurance options for seniors and mature adults, including term and permanent life policies.
- Life insurance does get more expensive as you age, but there are still policies available in your 60s and beyond for a variety of budgets.
- If you’re concerned about a medical exam, simplified issue or guaranteed issue policies can help you get covered without having to take a medical exam.
Why do seniors need life insurance?
You’ve successfully raised your family. Your retirement is secure. Perhaps the term life insurance policy you purchased to replace income during critical years recently matured. How do you decide if you need to buy a new life insurance policy? And if you decide to purchase one, are term or whole life insurance better life insurance options for seniors?
Seniors who are approaching retirement or have already retired may think they don’t need life insurance at this stage in their lives. Many of your financial responsibilities may be behind you, like raising kids, paying a mortgage, or paying for college for your kids. If you don’t have any debt, have enough savings for you and your partner to live well into the future, and have money set aside to cover funeral expenses and other unexpected expenses, you may not need life insurance in your 60s or 70s. So, why do seniors need life insurance? For many older adults, life insurance can provide an important safety net when your family needs it most.
There are quite a few reasons to consider life insurance for senior citizens:
- A payout from your policy can help ensure quality care for your partner or spouse as they age or as their medical expenses grow.
- Final expense policies can help cover medical bills and funeral expenses. An average funeral costs $10,000 or more today, and healthcare expenses can create an additional burden at a time your family is already grieving. Life insurance helps provide financial protection from these expenses.
- Life insurance can cover credit cards or other leftover debts to avoid saddling your family with these costs after you’re gone. Surveys show that older adults between 66 and 71 years old have an average of $22,951 in non-mortgage debt.
- If you’re still in relatively good health, life insurance policies and riders can be an affordable way to provide financial support if you are later diagnosed with a serious illness or need other care.
- A policy can also provide an inheritance for your loved ones, whether you want to leave something behind for your kids or grandkids.
Find a policy that works for you
What types of life insurance are available for seniors?
The best type of life insurance for elderly people depends on age, health, and financial goals. Term or permanent life insurance may still be an option into your 60s and beyond, although you may need to take a medical exam as part of the buying process. If you’re older or have health issues, there are still options available that don’t require a medical exam. Learn more about your options here.
Term life insurance for seniors
Best for: Older adults in their 60s, who need to cover big expenses for a few more years.
Looking for life insurance for seniors over 60? A term life insurance policy is often still an option, depending on your age. Term life insurance is a kind of life insurance policy that covers you for a set period of time, typically 10 to 30 years. It also happens to be the most affordable kind of life insurance, which makes it a good fit for people at all stages of life.
Term life insurance can typically provide higher coverage amounts than no-medical exam option life insurance for older people. If you die during the policy term, term life insurance can provide a significant death benefit for your beneficiaries that will help them achieve their goals and fulfill their dreams.
Here are a few things to keep in mind if you’re considering term life insurance policies for seniors:
- Term life insurance provides temporary coverage, so it’s best for people who have financial responsibilities with a deadline, like providing income for a spouse if they die during the policy term, or covering the last few years of a mortgage. If you want a guaranteed source of income to cover final expenses, look at permanent life insurance or final expense policies instead.
- Many insurance companies require a medical exam to qualify for term life. With Fidelity Life, we’ve simplified the process to make getting covered easier. Our finalexpensedirects Senior Life Term policy relies on a few health questions, so you don’t need to take an exam (unless we need to clarify something in your medical history).
At Fidelity Life, our finalexpensedirects Senior Life Term insurance offers affordable term coverage for seniors between 50 and 70. With this kind of policy, you can purchase up to $150,000 in coverage for between 10 and 30 years – without the need for a medical exam.
Need even more coverage? If you’re younger than 65, you may be eligible for finalexpensedirects Life insurance, which offers up to $2 million in life insurance coverage. This policy does include a medical exam, but you have the option to get covered right away and delay your medical exam for up to six months.
Permanent life insurance for seniors
Best for: Seniors in relatively good health who want lifelong protection for big expenses.
Permanent life insurance provides coverage that lasts a lifetime. It comes in several varieties, including whole life insurance and universal insurance. It’s more expensive than term life, but the benefit to permanent life insurance is that it offers a guaranteed payout. That’s important for seniors who want to make sure life insurance is there to pay for their funeral expenses, make sure a partner or a child with disabilities has money to live on after they die, or have other permanent financial responsibilities.
Permanent life insurance also builds cash value over time. You can borrow that money, or use it as collateral for a loan. If you’re buying permanent insurance later in life, though, keep in mind that it can take several years for cash value to build.
Permanent life insurance often requires a medical exam, but not with Fidelity Life. Our finalexpensedirects Senior Whole Life policy is:
- Designed for people between 50-85
- Available in coverage amounts up to $150,000
- Offers lifelong protection that never expires
- Doesn’t typically require a medical exam – you’ll answer a few health questions, and you’ll only need to take an exam if we need to clarify something in your medical history
Simplified issue insurance for seniors
Best for: Seniors over 70 or with some health issues who want to pay final expenses.
If you’re looking for life insurance options for seniors over 70 and you’re still fairly healthy, a simplified issue policy like a final expense policy may be your best choice. Simplified issue policies require you to complete a full health questionnaire, instead of taking a full medical exam. It makes approval quick and easy, with coverage often starting within a matter of days. If you’re fairly healthy but have some chronic issues or history of medical conditions, simplified issue can help you get the coverage you need from your insurance company.
Keep in mind that death benefits are typically smaller with simplified issue than with term or permanent policies. You can use this kind of policy to provide a small inheritance, or pay for final expenses. With Fidelity Life, you buy up to $35,000 in coverage up to age 85.
Guaranteed issue insurance for seniors
Best for: Seniors over 80 or with serious medical conditions.
Wondering if it’s still possible to find life insurance options for seniors over 80? If you’re in your late 70s or early 80s, in poor health, or both, a guaranteed issue policy may be your best option. With guaranteed issue, there are no medical exams or health questions. You can’t be turned down – no matter what.
While coverage amounts are lower and rates are higher than other types of life insurance, guaranteed issue can be the right choice for people whose health or age has prevented them from buying other plans. At Fidelity Life, you can qualify for up to $25,000 in guaranteed coverage up to the age of 85. If you’ve been denied other types of life insurance, guaranteed issue can provide the coverage you need to make sure your loved ones are protected.
Life insurance options by age
As you get older, life insurance options for seniors and prices will change. Our agents can help you understand your choices and pick the coverage that fits your needs and budget.
Life insurance for seniors over 50
If you’re in your 50s, you may not be quite ready to call yourself a senior. However, when it comes to finding the right financial protection for loved ones, you become eligible for different types of life insurance after 50.
During your 50s, you may still be paying off a mortgage, getting your youngest children off to college, and thinking about retirement. Fidelity Life’s finalexpensedirects Senior Life Term and finalexpensedirects Senior Whole Life can provide sufficient coverage to meet those goals with policies up to $150,000.
Life insurance for seniors in their 60s
In your 60s, there are still term and permanent life insurance options available, if you’re in good health. With Fidelity Life, you can qualify for finalexpensedirects Life up to age 65, with coverage amounts of up to $1 million. Buying a bigger policy can be a smart move if you still have big expenses, like college or a mortgage, to cover.
In your later 60s, you can explore finalexpensedirects Senior Life Term and finalexpensedirects Senior Whole Life, which both offer up to $150,000 in coverage. If you don’t qualify for term or permanent life insurance, final expense insurance can provide enough coverage to pay funeral expenses.
Life insurance for seniors in their 70s
Once you’re in your 70s, there may be more limitations on the types of policies available to you. but you can still get life insurance over 70. If you need a lot of financial protection, you can still qualify finalexpensedirects Senior Life Term up to the age of 70, which offers up to $150,000 in coverage.
If you’re a senior over 75 looking for life insurance to cover a funeral or other expenses, finalexpensedirects Senior Whole Life and final expense plans are available to people up to the age of 85. These policies last a lifetime, so your family can count on them for protection once you’re gone.
Life insurance for seniors in their 80s and beyond
It’s still possible to get covered with life insurance, even in your 80s. At this stage of life, policies will provide financial support to cover any necessary final expenses you may have. With Fidelity Life, you can purchase two types of final expense life insurance over 80, including finalexpensedirects Final Expense and finalexpensedirects Guaranteed Issue Life, with coverage amounts of up to $35,000.
Why choose Fidelity Life for senior life insurance?
Quick and easy
With Fidelity Life, you can compare prices, shop, get questions answered by an agent, and buy a policy – all without leaving the comfort of your home. Our licensed agents are here to help and make you feel confident in your choices. Most of our products for seniors don’t require a medical exam, so you can get coverage the same day in many cases without even waiting on an exam.
Affordable
We think life insurance protection should be affordable for all families, even as you get older. Fidelity Life works to design term, permanent, and final expense plans that provide coverage you need, at prices that make sense for your budget. For example, with our finalexpensedirects Senior Life Term policy, you can buy a 10-year plan starting at around just $1 a day.
Built around your needs
How much life insurance do seniors need?
Your financial situation may change as you get older, but the need to protect your family doesn’t. A senior life insurance policy can provide for those you leave behind, just like you did throughout your life.
Even if you’ve retired or no longer have responsibilities like a mortgage, it’s still important to plan for the expenses that come at the end of life. A funeral is one expense that can quickly add up, so it’s important to plan so as not to burden your family financially during an already difficult time. In fact, the average cost of a funeral is roughly $10,000.
Life insurance can help your loved ones avoid out-of-pocket costs for things like:
- Funeral or burial costs
- Cremation costs
- Service arrangements
- Trips to scatter ashes
Beyond funeral costs, a number of other expenses can crop up at the end of life. Life insurance can help pay for:
- Medical bills, hospice, nursing home care, or other healthcare expenses
- Money for your partner’s or family’s daily living expenses
- Paying down credit cards, car loans, or other debts
- Housing payments for your partner or family, including mortgage payments or assisted living costs
- An inheritance for your children or other relatives to make a down payment on a house, pay down debts, or travel
How much will life insurance for seniors cost?
Life insurance rates for seniors, as with other types of life insurance, get more expensive as you get older, but there are still options available for a variety of budgets. Beyond your age, some of the biggest factors that impact your rates include:
- The type of life insurance. Term life insurance is the most affordable type of life insurance, so it can be a good choice if you’re on a tight budget. For example, you can buy a 10-year finalexpensedirects Senior Life Term policy starting around $1.26 a day. Permanent life insurance is more expensive, because it offers lifelong protection. If you just need a policy to cover end-of-life expenses, final expense insurance is a type of permanent life insurance that’s more affordable because of the smaller policy size.
- The coverage amount. The more life insurance you buy, the higher your premiums will typically be. With that said, even a policy with a relatively small death benefit can make a big difference to those you leave behind. Try our calculator to find the ideal amount of coverage that might be right for you and your family.
- Your health. One other big personal factor that influences your policy’s price is your health. That’s why it makes sense to shop sooner rather than later, especially if you’re healthy now. That way, you can lock in the best rates and get the best deal for you and your family.
Wondering how much you might pay for coverage? Answer five simple questions to get a quote online with Fidelity Life or talk to one of our agents to compare life insurance quotes and coverage options.
FAQs about senior life insurance
Do I need to take a medical exam to qualify for senior life insurance?
Fidelity Life offers a range of life insurance policies for seniors that don’t require a medical exam. Both finalexpensedirects Senior Life Term and finalexpensedirects Senior Whole Life offer up to $150,000 in coverage with no medical exam – you’ll just need to answer some relevant health questions. Our finalexpensedirects Guaranteed Issue Life policy doesn’t have any health questions to answer at all, so it’s a good option for people with serious or chronic health issues.
What if I have a pre-existing condition?
It’s common to develop health conditions later in life, which can affect your life insurance rates – but pre-existing conditions don’t need to hold you back from getting covered. What you’re able to qualify for depends on the severity of the condition, how long you’ve had it, and its overall impact on your life expectancy. For example, a well-controlled case of arthritis has less of an effect on eligibility than a history of heart disease does. Learn more about life insurance for people with pre-existing conditions.
Can I buy insurance for my aging parent?
In their later years, many of your parents’ financial responsibilities may be behind them, but final expense insurance can help them cover funeral costs or any other needs. Ask your parents about their life insurance and whether they have coverage in place. To buy life insurance for elderly parents, you’ll need their consent and some basic information, like their Social Security number. Our agents can help answer any questions and get the process started.
Can I use my life insurance as funeral insurance?
When buying life insurance, most people will name a spouse, child, family member, or friend as the beneficiary. In some cases, however, you may want to name a funeral home directly as your beneficiary to cover funeral expenses. You can also name a loved one as a secondary beneficiary to get leftover money, once the funeral is paid for.
It’s important to make sure your funeral home of choice accepts life insurance as a form of payment. Also, if you’re counting on your policy to cover the funeral, keep in mind that term life insurance expires. Final expense and permanent life insurance can help you ensure that you have the necessary funds to cover those kinds of costs.
What are my options if my term life policy expires once I’m a senior?
If you have a policy that expires, you have a few options:
- Renew your policy. With finalexpensedirects Senior Life Term life insurance, you can renew up to age 80 or beyond, based on the length of your policy. Keep in mind rates will go up based on your current age.
- Buy a different policy, like final expense insurance.
- Let the policy expire if you don’t need coverage anymore.
Should I add a rider to my senior life policy?
Riders are optional add-ons you can use to customize your life insurance coverage to best meet your unique needs. For older adults, one rider worth considering is terminal illness coverage, or an accelerated benefit rider. This allows you to access a portion of your funds provided by your life insurance policy if you’re diagnosed with a terminal illness. It can allow you to put affairs in order, travel, pay for end-of-life care, or anything else you might need. You can add it to our Our finalexpensedirects Final Expense or finalexpensedirects Guaranteed Issue plans at no additional cost to you.
What age is too late to get life insurance?
You’re never too old to get life insurance. With policies offering coverage up to age 85, Fidelity Life can connect you with the right policy to meet your needs, budget, and unique financial situation, no matter your age.
At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible. We encourage you to speak with your insurance representative if you have additional questions and make sure you read your policy contract to fully understand your coverage.
