Life Insurance for Seniors

LIfe Insurance for Seniors Term and Whole Life PlansThis article will apply to those that are 50 and above and those that are looking for final expense plans. Although most people would say life insurance for seniors should be considered at a later age, say 65 and above, I disagree and this helpful article will explain my reasoning.

Ages 50 – 60

As you near retirement, consider your current financial situation. That Term Life Policy you may have taken out 20 or so years ago may be getting ready to expire. Have you paid off a home? Are your kids out of college and/or out on their own? Do you have enough saved and/or do you have a solid financial stream,  so you are financially secure/independent?

If your financial situation shows that you no longer need that big lump sum of cash, it might be time to consider closing out that policy and moving into a permanent Whole Life plan that takes care of  Burial Insurance and/or  Final Expenses

Ages 60 – 65

The same basic advice applies. Some financial gurus , such as Dave Ramsey, say to also consider a Long Term Care Plan plan starting at about 60-62.

65+ – At this point you need to consider a small whole life policy . Again, these policies, often referred to as Burial insurance or Pre Need , are designed to take care of future funeral costs and to pay off small debts.

Life Insurance for seniors over 80 – Read about plans by clicking HERE

About Whole Life / Permanent Plans for Seniors

Whole Life / Permanent insurance burial insurance plans,  are generally, lower face amount plans. Most burial insurance plans have a maximum face amount of between $30K and $50K. Plans are available for those that are 50+ and those in good health can get an immediate issue ( no waiting period before the full face amounts are in force) plans.

No Medical Exam plans for Seniors

Life Insurance for Seniros Term and Whole Life Insurance Plans

All Life insurance plans for seniors, that are specifically for final expense costs , are all No Medical Exam plans. If you are in poor health your only choice may be a no medical exam guaranteed issue graded life insurance plan. Graded plans only pay a portion of the death benefit for the first 2- 3 years and then the full face amount would be in place by the 3rd-4th year.

 

In Conclusion – Life Insurance for Seniors

As with most things, everyone’s situation is different. No one solution fits everyone’s needs. This is why you need to speak to an experienced advisor , such as myself, who can help you navigate through the vast amount of options of  –  Life Insurance for Seniors.

Call me today for a free no hassle, no pressure consultation. My Number is 512-963-5000. You can also fill out my M2 Insurance Contact Request form and I will give you a call.

Related Articles:

Life Insurance for Seniors over 65
Life Insurance for Seniors over 80

Age Group and Considerations for Senior Life Insurance