finalexpensedirects Senior Life Term
Looking for affordable term life insurance for seniors? Enjoy fast coverage and level premiums with finalexpensedirects Senior Life Term.
How much does term life insurance for seniors cost?
In general, term life insurance is the most affordable type of life insurance. Since it covers you for a certain period of time, it’s typically less expensive than permanent life insurance, which covers you for your entire lifetime. Just like home insurance or car insurance, you buy it and hope you’ll never need to use it – but if you do, it’s there to protect you when it matters most. Life insurance becomes more expensive as you age, but options are still available for a wide variety of budgets. Below are samples of 10-year, 20-year, and 30-year term life insurance rates for seniors and when it may make sense to choose each policy term.
Is term insurance for seniors right for me?
- You are between ages of 50 to 70.
- You are looking for affordable coverage that lasts for between 10 and 30 years.
- You need coverage amounts between $10,000 and $150,000.
10 year
- A 10-year term policy can help your loved ones pay down debt, including medical bills or credit card debt.
- Older adults, including those planning to retire soon, choose 10-year terms to ensure their remaining mortgage payments are covered – or for added protection before Social Security starts.
- Many people choose a 10-year policy because they need inexpensive term life insurance for seniors for just a limited time.
Based on the information you shared, another product may be a better fit for your needs
20 year
A finalexpensedirects Senior Life Term 20-year policy from Fidelity Life helps you secure inexpensive term life insurance for seniors for a longer period of time. Individuals choose 20-year terms because premium payments won’t increase over time. The full death benefit is paid after year three through the end of the 20-year term. A reduced benefit is offered after 20 years. Our 20-year policy expires when you turn 80 or after 25 years, whichever happens later.
- Whether you’re in prime earning years or nearing retirement, you’ll know there’s financial protection in place for your family with a 20-year policy.
- A 20-year policy can help cover critical family milestones, such as the period when your children or grandchildren are in college.
- A 20-year term allows you to lock in coverage and level premiums for two decades.
Based on the information you shared, another product may be a better fit for your needs
30 year
finalexpensedirects Senior Life Term policy offers unique financial protections for mature adults. As you age, you may find you have fewer options for good insurance rates, or pay higher premiums for a shorter-term policy. Rest easy knowing your 30-year policy stays in place with a level premium. The full death benefit is paid after year three through the end of the 30-year term. A reduced benefit is offered after 30 years. This policy expires when you turn 80 or after 35 years, whichever happens later.
- A 30-year term offers the longest term coverage available and is more affordable than whole or permanent insurance.
- As people work and live longer, earning and saving goals have changed. A 30-year term provides protection to navigate changes in your life circumstances.
- A 30-year term policy offers important financial protection for critical family milestones like paying for college or a wedding, or in case a pension doesn’t include survivor benefits.
Based on the information you shared, another product may be a better fit for your needs
When does it make sense for seniors to get term life coverage?
Many people buy term life insurance when they’re younger to make sure big expenses are covered while they’re raising a family. If the worst happens, your policy is there to replace mortgage payments, cover daily expenses, save for college, and more. In comparing Term vs whole life, you’ll find term policies are generally more affordable since coverage lasts only for a set period. That’s why so many families choose to buy it to provide financial protection during those important years.
As you get older, you may no longer have those big financial responsibilities. That said, plenty of people end up shopping for life insurance policies later in life – and there’s a chance you might, too. Some of the reasons might include:
- Your group insurance policy through work runs out.
- You reach the end of your term life insurance policy with your existing insurance company.
- You realize you simply don’t have enough coverage – half of U.S. adults say they either don’t have enough life insurance or aren’t sure they do.
If you’re wondering if term insurance for seniors is right for you, start by thinking about whether you need a life insurance policy at all. If you’re debt-free and you have enough savings to cover expenses and other needs, you might not need life insurance. But if you still have a mortgage or other debts, a spouse or children who depend on your income, or other important financial responsibilities, life insurance can help you meet those commitments. Investing in a plan with a good insurance company now can help you enjoy life in your later years, instead of worrying about saddling your family and loved ones with funeral expenses or other big debts.
It all depends on your needs. Fidelity Life offers several term and permanent life insurance plans designed for older adults, including finalexpensedirects Senior Life Term, finalexpensedirects Senior Whole Life, and our final expense plans. Our term life plans are an affordable way to secure the peace of mind you want for you and your family, backed by Fidelity Life’s 125-year commitment to our customers.
Are younger than 70 and in good health. While finalexpensedirects Senior Life Term doesn’t typically require a medical exam, you’ll need to answer some health questions to qualify. If you have health issues, our final expense plans may be a better fit since no exam is required.
Still have big expenses. finalexpensedirects Senior Life Term offers coverage of up to $150,000, which can provide the protection you need if you’re still paying a mortgage or college tuition.
- Are younger than 70 and in good health. While finalexpensedirects Senior Life Term doesn’t typically require a medical exam, you’ll need to answer some health questions to qualify. If you have health issues, our final expense plans may be a better fit since no exam is required.
- Still have big expenses. finalexpensedirects Senior Life Term offers coverage of up to $150,000, which can provide the protection you need if you’re still paying a mortgage or college tuition.
- Don’t need permanent protection. Senior Life Term covers you for a specific period of time, which is why it’s more affordable than permanent life insurance. If you just need coverage during the last few years of your career, until the mortgage is paid off, or until kids are grown, term life for seniors is a cost-effective way to get the protection you need.
Customers tend to choose senior term life because it’s:
Affordable
Our mission is to put life insurance in reach for everyday families with options for a variety of budgets. Get coverage starting around $1 a day.
Fast
We know you’re busy, so we’ll get you covered and on your way. No medical exam is required, and coverage often starts the same day.
Convenient
Compare quotes online or by phone, and give our agents a call to answer questions and buy a policy – all from the comfort of your home.
Your life insurance questions answered
Why should I choose Fidelity Life for affordable term life insurance for seniors?
Will I need a medical exam?
No, not in most cases. Our finalexpensedirects Senior Life Term policies rely on health questions and information from public databases to determine if you qualify to make the process simpler for you. If questions come up during the approval process, we may ask you to take a medical examination to clarify or correct an item in your medical history.
Is everyone approved for finalexpensedirects Senior Life Term?
While some health impairments are covered by finalexpensedirects Senior Life Term insurance, it may not be appropriate for applicants with serious health issues or those with a limited life expectancy. Once approved, however, coverage amounts are guaranteed for the life of the policy.
If the Senior Life Term is not a good fit due to health concerns, you may want to consider the Guaranteed Issue. It does not require a medical examination nor answers to any health questions. The policy requires no underwriting and all applicants within the age requirement can be approved.
Can I qualify for finalexpensedirects Senior Life Term if I have a pre-existing condition?
In general, finalexpensedirects Senior Life Term is designed for people in good overall health. That said, a pre-existing condition doesn’t automatically disqualify you from term life insurance coverage.
A pre-existing condition includes any health issue you had before applying for life insurance coverage, such as heart disease, asthma, diabetes, or cancer. These types of conditions can be more of an issue as you get older, with nearly half (44%) of U.S. adults between 55 and 64 currently living with a pre-existing condition.
In general, your eligibility for term life insurance and the price you pay will depend on your individual health. Minor health conditions may not impact your eligibility much, if at all, while more serious conditions play a bigger role in determining your rates. For example, a well-controlled case of arthritis is less likely to impact your application than a history of heart disease. When you apply, we’ll ask you about:
The types of health issues you have
Your current health condition
How long ago you were diagnosed
Your age and lifestyle
You can learn more about applying for life insurance with a pre-existing condition here.
What happens when my term ends?
When your term ends, your coverage ends. At that time, you can look to renew your policy or select a different life insurance product depending on your needs. With RAPIDecision Senior Life Term, you have options to renew your plan based on your term length:
- You can renew a 10-year plan for up to 10 more years or until you turn 80, whichever comes later.
- You can renew a 20-year plan for up to five additional years or until you turn 80, whichever comes later.
- You can renew a 30-year plan for up to five additional years or until you turn 80, whichever comes later.
Fidelity Life can help you weigh your options and make the choice based on your age, health, and coverage needs.
Can I use finalexpensedirects Senior Life Term insurance as burial insurance?
On average, a funeral can cost upward of $10,000 or more. If you’re looking for a good way to cover these costs, you have the option to use finalexpensedirectsSenior Life Term insurance as a form of burial insurance. If you die while the policy is active, your loved ones can use the payout to cover end-of-life expenses like a funeral service, burial or cremation, and medical bills.
You can also name a funeral home directly as a primary beneficiary and a loved one as a secondary beneficiary to receive the remaining funds. It’s important to make sure that the funeral home you choose can accept life insurance payouts as a form of payment.
Additionally, keep in mind that term life insurance has an expiration date. If you want a policy that will pay out regardless of when you die, you might want to explore final expense insurance instead. Learn more about our final expense life insurance options here.
How can I get started?
If you want to calculate your coverage, you can use our calculator. Then, we’ve made it simple to get your application started online. You can also give one of our agents a call to ask questions or explore the types of policies that work best for you.
