Whole & universal life insurance for seniors
When to consider: Whole life and universal life are both forms of permanent life insurance, meaning they last for your entire life and offer a guaranteed payout. Permanent life insurance is a good option for those who want to leave something behind for their family besides paying for funeral expenses or other financial obligations.
Things to keep in mind: Permanent life insurance is more expensive than term life, so you should ensure the premiums fit your budget, especially if you’re retired or will be soon. Both whole and universal life insurance include a cash value feature that — while it’ll take time to grow — you may use to take out a loan, pay your premiums, and more. You may also need to complete a health questionnaire and get a medical exam.
Burial life insurance for seniors
When to consider: Also known as final expense insurance, burial life insurance is a type of whole life that’s designed to cover funeral expenses. It’s a good option if you’re looking for a low-cost policy and are only concerned with paying for the cost of your funeral.
Things to keep in mind: Burial life insurance offers much smaller coverage amounts, ranging anywhere from $2,500 to $40,000. But the policy will remain active for your entire life, so you don’t have to worry about your coverage expiring.
Simplified & guaranteed issue life insurance for seniors
When to consider: Simplified and guaranteed issue life insurance have fewer or no health restrictions, so they’re worth looking at if you have a health condition that might disqualify you from conventional life insurance and need coverage fast. With simplified issue term life insurance, you typically need to fill out a health questionnaire. With guaranteed issue permanent life insurance, you don’t need a health questionnaire or medical exam. Learn more about non-medical exam life insurance.
Things to keep in mind: Both simplified and guaranteed life insurance generally cost more than conventional life insurance. The amount of coverage you can buy is also typically less in comparison. But the application process is quick, allowing you to get coverage faster.
How to get life insurance for seniors
You can quote life insurance online. All you have to do is answer some questions and fill in the details of your desired policy, including your coverage amount and policy type. You can also call 1-866-912-2477 to speak with a licensed Progressive Life by eFinancial representative who can help you find the right policy for your needs.
