A final expense policy or burial insurance, which are small, whole life policies designed to cover end-of-life expenses, is the most common type of senior life insurance.
Senior life insurance can refer to any policy issued to a senior applicant. These include guaranteed issue policies, which are more expensive than policies that ask health questions or require an exam but don’t require a medical exam or answers to health questions.
However, senior citizens may be eligible for more benefits than just final expense insurance.
Additionally, the companies we selected provide seniors with traditional term, whole, and universal life insurance. With term life coverage, remember that the accessible terms will get more limited as you age.
The maximum term you will likely be able to purchase is ten years if you are over the age of 75. In addition, as with any policy, the longer you wait to apply, the more expensive it will be.
Guaranteed issue life insurance is a type of whole life insurance with flat premiums that guarantees a small death benefit, typically $35,000 or less, depending on the company. Anyone can purchase a policy as long as they meet the age requirements (typically, you must be at least 45 years old).
There are no health questions to answer or medical exams to take. Because of this, guaranteed issue life insurance costs a lot more than simplified issue life insurance, which only requires you to answer a few questions about your health.
