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What are the best life insurance options for seniors?

What are the best life insurance options for seniors?

It’s no secret that obtaining life insurance gets more expensive as you get older. Unfortunately, many seniors incorrectly think that means they’re not eligible for a policy past a certain age. With eFinancial, there are multiple carriers and policy options available for seniors. Here are some of the best life insurance options for seniors.

Best life insurance policies for people nearing retirement

As you near retirement, you may seek a policy that can support your surviving spouse or cover a significant debt, like a mortgage, that you don’t plan to pay off before leaving the workforce.

A standard term life insurance policy can make sense for seniors approaching retirement age. These policies tend to be affordable and offer coverage for a set term, often 10 to 30 years, so you can keep the policy in place only as long as your financial obligations require it.

Best life insurance policies for retirees

Final expense insurance policies can be a great option for retirees over 50 who are living on a fixed income. 

Final expense policies have affordable premiums, fast approval, and often don’t require a medical exam. In addition, carriers that offer final expense insurance will often present a guaranteed premium rate, meaning you won’t need to adjust your budget for as long as you have the policy.

Best life insurance policies for working seniors

Seniors who are still working may have small employer-sponsored life insurance policies through their company. If not, it may make sense to look at options for a term life insurance policy to replace your income if something happens to you. 

For example, Fidelity Life offers a RAPIDecision® Senior Life Term policy with coverage amounts from $10,000 up to $150,000 depending on age.

Best life insurance policies for seniors over 70

guaranteed issue life insurance plan can be a good option for seniors over 70, especially those who may be struggling with health issues. There is no underwriting for guaranteed issue life insurance, so no medical exam is required. As long as you can pay the premium, you can typically qualify for guaranteed issue life insurance.

Best life insurance policies for seniors over 80

Seniors over 80 may find that whole life insurance or final expense insurance are the best options available. While not all insurers will offer policies to those over 80, some will offer products like Fidelity Life’s RAPIDecision® Senior Whole Life, which is designed for consumers from 50 to 85. Seniors can receive partial coverage immediately and full death benefits after a three-year waiting period.

eFinancial can help you explore options, keeping in mind that policies available to those over 80 will generally have higher premium rates and lower coverage limits.

Find the best life insurance for you

eFinancial can help you select the best life insurance for you. The eFinancial quote tool considers your age, budget, and health to find the policy that may work for you. Get your life insurance quote for free today.

Get your quote online, or talk to one of our agents at 866-388-3996800-957-9525.