What is the best life insurance for seniors?

There is no single "best" life insurance policy for seniors, as the needs and preferences of older individuals can vary widely. Some popular options for seniors include:

Whole life insurance: This type of policy provides coverage for the entirety of the policyholder's life, as long as premiums are paid. Whole life policies typically accumulate cash value over time, which can be borrowed against or used to pay premiums later in life.

Term life insurance: This type of policy provides coverage for a fixed period of time (e.g., 20 years), and is typically less expensive than whole life insurance. Term life policies do not accumulate cash value.

Universal life insurance: This type of policy combines features of whole life and term life insurance. Like whole life insurance, universal life policies accumulate cash value and can be in force for the entire life of the policyholder. However, unlike whole life insurance, universal life policies allow the policyholder to adjust the death benefit and premium payments.

Guaranteed acceptance life insurance: This type of policy does not require a medical exam, so it is often available to seniors with health problems. However, these policies may have higher premiums and/or lower death benefits than policies that do require a medical exam.

It's important to note that the best life insurance policy for a senior will depend on their individual needs and circumstances. It's recommended to work with a financial advisor or insurance agent to determine the best policy to fit those needs.

Last updated: January 11, 2023