How much does life insurance cost for seniors? What are affordable life insurance options for seniors?

The cost of life insurance for seniors can vary widely based on factors such as the individual's age, health, and the type of policy they choose. In general, term life insurance policies tend to be more affordable than permanent life insurance policies, such as whole life or universal life.

For a senior who is in good health, a term life insurance policy can be relatively affordable. For example, a healthy 65-year-old woman might be able to purchase a 20-year term life insurance policy with a $250,000 death benefit for around $200-$300 per year. However, for seniors who are in poor health or have pre-existing medical conditions, life insurance may be more expensive or more difficult to obtain.

For seniors on budget, term life insurance policies can be a good option. The premiums are lower than permanent life insurance policies and offer coverage for a specific time period. Some of the options are Guaranteed Issue life insurance and Final Expense insurance. Guaranteed Issue policies do not require a medical exam or ask health-related questions to approve coverage. This makes it a good option for seniors who may have difficulty qualifying for a traditional life insurance policy because of health problems. Final expense insurance also known as Burial insurance is a type of term insurance policy that is designed to cover end-of-life expenses, such as funeral costs.

It is always best to shop around and compare quotes from different insurance companies to find the most affordable option that fits your needs. And it is also important to work with an insurance agent who can provide advice and guidance.

Last updated: January 11, 2023