Term Life Insurance Quotes For Seniors

In this article, we will be considering “Term Life Insurance Quotes For Seniors“.

Term Life Insurance Quotes For Seniors

What to Look for in a Senior Life Insurance Policy

Your need for life insurance will go down as you get older. Life insurance is most important if you plan to support someone who is financially dependent on you. Your need for life insurance may be eliminated if the assets you leave to your heirs will be sufficient upon your death.

Here are reasons seniors might require life insurance:

  • Final costs. Pay for the funeral and other costs associated with closing an estate.
  • Outside of the assets of your estate, pay for an inheritance.
  • An estate that primarily consists of illiquid assets like real estate can be provided for.
  • Replacement of income. When your primary source of income is a pension or annuity with few or no survivorship benefits, continue providing income for a spouse or other dependent.
  • Debts: Give survivors money to pay off large debts.
  • Taxes on estates. Contribute funds to cover heirs’ potential estate tax obligations.
  • Child with special needs. Set up a special needs trust for a loved one who has a lifetime need for money.
  • A benevolent bequest. Make a single amount gift to supplant your on-going monetary help for a non-benefit.

Alternatives to Term Life Insurance for Seniors

Seniors may have limited options to term life insurance. You probably won’t be able to find a life insurance company that will give you a policy with a term of 20 or 30 years.

Here are some options if you’re having trouble finding a policy.

A guaranteed life

A dependable issue security policy doesn’t need a clinical test or any wellbeing related questions. A policy is guaranteed. As a result, these are an option for those who are elderly or in poor health.

The high cost of guaranteed life insurance is one disadvantage. Another factor is that it offers low death benefit amounts, ranging from $10,000 to $25,000. Yet, in the event that you’re experiencing difficulty finding a policy, the dependable issue choice may be ideal for you.

Pay attention to the fact that guaranteed issue life insurance comes with a graded death benefit. This means that, unless the death was caused by an accident, the policy must have been in effect for at least two or three years before you die for your beneficiaries to receive the entire payout.


Simplified life

Simplified issue life insurance does not require a medical exam.

However, you will be asked a few health-related questions. The answers to these questions have an impact on the insurance company’s decision to cover you or not.

Although simplified issue policies are more expensive than standard fully underwritten policies, they do not require a medical exam, making them a convenient option for life insurance.

READ: Group Life Insurance Eligibility Requirements

How to choose the right length of term for your life insurance

Choose a term that is long enough to cover all of your financial obligations but short enough that you won’t have to pay for coverage you don’t need.

If you have a mortgage with a term of at least 20 years, you will need to cover your mortgage payments. At the point when your inclusion terminates, you should have an adequate number of reserve funds and resources for self-guarantee, including for end-of-life care.

Assuming that you have small kids, consider how long you’ll need to help them until they’re monetarily independent and how much cash you’ll have to cover their costs including schooling cost when they’re more seasoned.

A minimum of a 20-year policy might be the solution for some families. However, due to the length of a conventional mortgage, a 30-year policy might be a good choice for new homebuyers or parents of young children.


Calculate your life insurance coverage length

The best term length for your policy depends on the reason you bought it in the first place. Learn more about what happens if you die without it. Most people purchase life insurance to protect their income in the event of an unexpected death. Therefore, reaching retirement age is a reasonable target for the term length of your policy.

However, there are additional factors to take into account when deciding how long your life insurance should last. They are:

  • A credit line: A 30-year term is a good option for first-time homeowners because that is probably how long your mortgage will last. Even if you have a mortgage with a term of 20 years, the cushion can help you if your circumstances change and you need to refinance.
  • Loans co-signed: Your life insurance policy should last longer than the debts, whether they are a private student loan for your child or a small business loan with a partner, so that your co-signers can keep up with payments.
  • Youngsters: You need coverage for as long as your children are financially dependent on you as a new parent. If you intend to provide for them after they turn 18 years old, that could be anywhere from 20 to 30 years.
  • Costs until the age of retirement: The ideal duration of your life insurance policy would be until you no longer have any significant financial obligations. When their children have graduated from college and their mortgage has been paid off, many people achieve this level of financial independence when they reach retirement age. The amount of coverage you get can also be affected by policy length limits. After the age of 85, most older people are unable to obtain term life insurance coverage. Ask a life insurance agent about your particular situation because each company has its own limits.

Due to its cost and adaptability, term life insurance is the most convenient option for many families. Then again, assuming you have wards who’ll require deep rooted care or long monetary commitments, your family may be in an ideal situation with a sort of life coverage that doesn’t terminate, like entire life insurance.

However, term and permanent life insurance policies cost significantly more.



Life Insurance for Seniors – Best options

State Farm: State Farm has a wide selection of term life insurance policies that can be renewed until the age of 95. It also offers no-exam term insurance policies.

Cons: No-exam policies have age and benefit restrictions.

State Farm offers three different kinds of term policies with terms of 10, 20, or 30 years at prices that are affordable. Most of its policies can be renewed until age 95.

Description of the firm: State Farm, offers policies with terms of 10, 20, or 30 years. Select Term, Return of Premium Term, and Instant Answer Term are the three types of term life insurance policies offered by the company.

With the Select term life insurance policy, you can decide to get inclusion for either a 10-, 20-or 30-year term, contingent upon how long you really want it for. After the policy’s term ends, you can keep it active by renewing it annually at your current age until you turn 95.

Also available from State Farm is a Return of Premium Term policy. If the death benefit is not claimed within the 20- or 30-year term of this policy, you can get your premiums back. You can also renew this policy until you are 95 years old, and the company lets you borrow against its cash value.

You can get a $50,000 death benefit from the Instant Answer Term life insurance policy for a maximum of 10 years or until you are 50 years old, whichever comes first. You can get this policy for a reasonable price and can apply for it and get approved for it the same day.

READ: How Does Decreasing Term Life Insurance Work?

Types of policies:

  • Choose a Term
  • Get an Instant Response Term

Best for seniors over the age of 70


  • Policies with no exam are offered by AARP
  • Low-cost policies for minors.
  • Online quotes with clear pricing


  • Requires membership in AARP COMPANY HIGHLIGHTS
  • AARP is the best option for seniors over 70 because it offers a variety of policies that are guaranteed to be accepted and do not require a medical exam.
  • The company provides life insurance policies without requiring a medical exam and with guaranteed acceptance. One of the oldest and most reputable providers in the life insurance industry.
  • Level benefit term, permanent, and guaranteed acceptance are the three types of life insurance plans that AARP offers. The fact that you don’t have to take a medical exam to get insurance from AARP is the best part. You are also not required to answer questions about your health for the company’s guaranteed acceptance life insurance.
  • You can get coverage up to $100,000 with the level benefit term life plan. However, you are unable to select a term, and the policy ends when you reach age 80. You can get whole-life coverage worth up to $50,000 with the Permanent Life plan, and your premiums will never go up.
  • You won’t have to answer any medical questions or pass a medical exam if you choose the guaranteed acceptance plan, but your coverage will be limited to $25,000.

All AARP life insurance policies are underwritten by New York Life, which provided these scores.

Policy Types:

  • Guaranteed Acceptance Life
  • Young Start Life
  • Level Benefit Term Life
  • Permanent Life


External Reference

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