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Life Insurance for Seniors

Having some type of life insurance plan is a wonderful way to help provide support and solace for your loved ones after you pass. Finding the right life insurance can help your family cover funeral costs and new bills that occur after losing a relative. Having this form of financial support can allow your family to focus on the grieving process, rather than stressing about end-of-life costs.1

There are a variety of senior life insurance plans to choose from at price points that make sense for your lifestyle. Life insurance for senior citizens works the same way it does for any other age. However, most companies have age restrictions that impact which plans are available.2 We can help you find a plan that may provide the coverage you are looking for.

Once you find a senior life insurance plan that suits your needs, you will pay regular premiums to keep the policy active. Some plans have a cash value aspect that can be accessed early, and most plans have a death benefit that your beneficiary receives when the plan ends (subject to limitations and exclusions).

What is Life Insurance for Seniors?

Life insurance for seniors is similar to regular life insurance but can have different coverage and price points based on seniors’ age and needs. Those who are younger may have more life insurance options than those who are older.3 If you only need life insurance for a certain amount of time, term life insurance may be a good option for you. However, whole life insurance will provide coverage for the entirety of your life, regardless of when you pass.

Some plans offer a cash value component that can be used to help pay off large expenses, like mortgages and medical expenses. Additionally, most plans provide a death benefit, which is the portion of money that will be paid to your beneficiary when you pass.

Depending on how much you spend on premiums, the cash value and death benefit of your plan can vary. Choosing a life insurance plan for seniors can help your family prepare for the future and focus on healing.

Types of Life Insurance Plans

Term Life Insurance

Term life insurance is a great option for seniors if you have an idea of how long you may desire to have coverage for because you can choose the specific length of your plan. Typically, term life insurance plans can be 10, 20, or 30 years long. In this type of plan, the policyholders must pass away within the chosen period of years in order for beneficiaries to receive benefits.

The older you are, the less variety there may be in term lengths. It is also possible that the fees will rise as you age.4 However, this is still a popular choice for those that are looking for a policy that can still provide benefits for their loved ones.

Whole Life Insurance

As you age, providing security for your loved ones can become a more pressing sentiment. Whole life insurance is another great option for seniors that will provide coverage for the entire life cycle of a policyholder.

Unlike term life insurance, the benefits of whole life insurance will typically be payable to your beneficiary, no matter the timing of your passing. Whole life insurance can be a good option if you want to be certain that your family will receive benefits upon your death.

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How to Find the Best Life Insurance for Seniors

When you are searching for a plan, we recommend you consider how much coverage you need and how much money you’d like to spend. We can help you merge these two factors and find a life insurance plan that may work for you.

Finding the right life insurance company is just as important as finding the right plan. As mentioned earlier, there are a variety of plans available to help best meet seniors’ specific needs. Whether your goals are to spend less or secure more, you have options that will help you determine the best life insurance for you and your loved ones. With over 50 years of experience, Aflac may be able to help you find the coverage that you are seeking.

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