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.
Keep in mind that the terms on term life insurance will get shorter as you get older. The maximum term you will likely be able to purchase is ten years if you are over the age of 75. And as with any policy, the longer you wait to apply, the more expensive it will be.
Guaranteed issue life insurance typically has a graded benefit period of two to three years.
Your beneficiaries will receive the premiums you have paid up to this point, plus an additional percentage above that amount, if you pass away naturally during that time. However, they will not receive the entire death benefit.
If you choose a policy that asks you questions about your health or requires you to take an exam, you will save money unless you have health issues that prevent you from qualifying. However, a guaranteed issue policy may be your only choice if you experience any of the following:
