Life Insurance for Seniors

Life insurance can serve as an alternative investment and protect specific financial and health needs of seniors.

Life Insurance for Seniors

Protect the Finances of Your Loved Ones

Why would a senior need life insurance? Life Insurance plans can help pay for health and death expense and transfer funds to your loved ones.

Protect the Finances of Your Loved Ones

Frequently Asked Questions About Life Insurance

There are several reasons why life insurance could be a good option for seniors. Certain types of life insurance plans such as Whole Life and Universal Life hold value as an asset and can serve as an alternative type of investment. Also, life insurance could be a good option for estate planning. There may be tax advantages for a senior’s family members or beneficiaries if they receive money through the senior’s life insurance policy versus receiving money through an estate after death. As always, we recommend speaking with a financial or insurance professional before purchasing an insurance policy or making estate planning decisions.

As mentioned, Whole Life insurance plans may be a good option for seniors because these plans retain value as an asset. Also, it is worth noting that Final Expense Insurance (funeral insurance) and Long Term Care insurance (LTC) are technically types of life insurance plans. These type of plans can be combined with regular life insurance plans. For example, some insurance companies offer combo LTC-Whole Life plans, which may be a good option for seniors.

Some life insurance companies have age limits for issuing a new policy to seniors. This is especially true for Term Life insurance. For example, insurance companies may refuse to issue a new Term plan to seniors over 70 or 80 years old. On the other hand, usually there are not age limits for Whole Life insurance plans, but Whole Life plans are more expensive and monthly rates are higher the older you are when purchasing the plan. While there may not be age limits, Whole Life plans become less and less affordable the older a senior becomes.

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