[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.easyquotes4you.com\/best-life-insurance-for-seniors-over-55\/#BlogPosting","mainEntityOfPage":"https:\/\/www.easyquotes4you.com\/best-life-insurance-for-seniors-over-55\/","headline":"Best Life Insurance for Seniors Over 55","name":"Best Life Insurance for Seniors Over 55","description":"Quick Navigation Links Show 1 Life Insurance for Seniors Over 55 2 You Have Options 3 Types of Life Insurance for Seniors over 55 4 Term Life Insurance for Seniors over 55 5 Permanent Life Insurance for Seniors over 55 6 Types of Permanent Life Insurance for Seniors over 55 7 Guaranteed Universal Life Insurance.. <a class=\"moretag\" href=\"https:\/\/www.easyquotes4you.com\/best-life-insurance-for-seniors-over-55\/\">More<\/a>","datePublished":"2019-06-07","dateModified":"2020-02-09","author":{"@type":"Person","@id":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/#Person","name":"Rob Pinner","url":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Rob Pinner","logo":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2019\/02\/shopping-life-insurance.jpg","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2019\/02\/shopping-life-insurance.jpg","height":408,"width":612},"url":"https:\/\/www.easyquotes4you.com\/best-life-insurance-for-seniors-over-55\/","about":["Life Insurance"],"wordCount":1514,"keywords":["life insurance for seniors","life insurance for seniors over 55"],"articleBody":"            Quick Navigation Links                                    Show                                                    1                Life Insurance for Seniors Over 55                                2                You Have Options                                3                Types of Life Insurance for Seniors over 55                                4                Term Life Insurance for Seniors over 55                                5                Permanent Life Insurance for Seniors over 55                                6                Types of Permanent Life Insurance for Seniors over 55                                7                Guaranteed Universal Life Insurance for Seniors over 55                                8                Final Expense Life Insurance for Seniors over 55                                9                Guaranteed Issue Life Insurance for Seniors over 55                                10                Life Insurance for Seniors over 55 Compared                                11                What types of life insurance can seniors over 55 buy?                                12                Can I still buy term life insurance at age 55?                                13                What are my options for life insurance at age 55?                                14                Should I buy life insurance at age 55?        Life Insurance for Seniors Over 55Life insurance is cheap and simple when you\u2019re in your twenties or thirties and in good health. In fact, nowadays a thirty-year-old healthy male non-smoker can get a $1 million term policy for about $30 a month. That\u2019s less than two large pizzas!But what about those folks who are past that monumentalfiftieth birthday? They celebrated like crazy when they turned 50 and are nowthey\u2019re facing the next big hurdle and all the while they find their life andhealth insurance is costing more and more.If you are in this age group and find yourself needing life insurance because you don\u2019t have any or you don\u2019t have enough, we want you to know that you still have options and you can find affordable life insurance for seniors over 55. By the way, if you find the word \u201csenior\u201d offensive, just pretend it\u2019s not in this article.You Have OptionsBelieve it or not, you still have options when you\u2019re shopping for life insurance for seniors over 55. You can still purchase affordable term life insurance, universal life insurance, and final expense whole life insurance. Which kind of insurance you choose depends on your individual circumstances and your monthly budget.Since all life insurance quotes are based on your age, yourhealth, and the amount of coverage you want, we should take a moment andaddress each of these underwriting issues:Age \u2013 On this one you\u2019re stuck. You cannot lower your age on your application. However, you can shop with all of the major insurance companies and get a quote back instantly which allows you to choose a company that we\u2019ll call \u201cage-friendly.\u201d Here\u2019s an example: Joe Jones is a 57-year old male non-smoker in very good health. Joe wants a quote for a 20-year term policy that will pay a $250,000 death benefit to his spouse. Here are the top 5 quotes for Joe to consider:Based on these actual life insurancequotes, if Joe\u2019s main concern is the monthly premium, he would likely chooseBanner Life with a $91.91 monthly premium. That\u2019s certainly more than 2 largepizzas but at least it\u2019s less than a room at the Holiday Inn.Health \u2013 It\u2019scertainly not unusual for people who work hard to put their career ahead oftheir health. Working very hard and working long hours typically takes a tollon our health. For those of us who are not committed to exercise and healthyeating, we usually end up paying the piper with high blood pressure, highcholesterol, and even diabetes. If you\u2019re in this category, this is when yourindependent insurance agent really earns his or her stripes.Most independent agents with some years of experience represent many insurance companies and over time they have learned which ones are \u201chealth issue friendly.\u201d What we mean by this is that there are insurance companies that have sweet spots for different health issues and you will likely get a better rate if your agent chooses the right company. By the way, this isn\u2019t true for company or captured agents who represent only one company with very strict underwriting guidelines.DeathBenefit \u2013 Believe it or not, the \u201chow much insurance do you needquestion\u201d is usually answered with a guess when we first speak with aprospective client. How much insurance you need depends on why you\u2019re buyingthe insurance and what you want it to do for you? If you tell your agent\u201cI just want to make sure my family will be okay,\u201d then your agent willhelp you calculate that using an insurance calculator. Frequently this isreferred to as an \u201cinsurance needs analysis.\u201dIf you have a specific purpose for buy life insurance like paying off a mortgage if you die, or paying for final expenses, then your agent can help you with that as well. As long as we establish why you need life insurance, we can calculate how much you will need and the best kind to buy.Types of Life Insurance for Seniors over 55There are two types of life insurance for seniors over 55; Term Life Insurance for SeniorsPermanent Life Insurance for SeniorsEach type has several sub-types that most people might be familiar with. For example, term life insurance for seniors and whole life insurance for seniors or universal life insurance for seniors. Term Life Insurance for Seniors over 55Term life insurance for seniors over 55 only lasts for a specified number of years but permanent insurance for seniors lasts for a lifetime. Term life insurance for seniors also does not build cash value because the policyholder is only charged for the cost of the death benefit and riders plus the associated fees.Since term life insurance for seniors only covers for a specified amount of time like 5, 10, 20, 25, or 30-years, it costs much less than permanent life, that has coverage for a lifetime. Permanent Life Insurance for Seniors over 55Permanent life insurance for seniors over 55 has more options to choose from than term life especially if you have had health issues in the past.Types of Permanent Life Insurance for Seniors over 55Depending on your health, you will have 3 options to choose from for permanent life insurance for seniors over 55Guaranteed Universal Life Insurance for Seniors over 55If you have not had any major health issues such as heart attack, stroke, cancer, or uncontrollable diabetes, then guaranteed universal life insurance is going to be the cheapest option for permanent life insurance for seniors over 55.These policies come with a guaranteed premium and death benefit to age 120. They do build up some cash value, but are used more as a death benefit policy rather a cash accumulation policy.Final Expense Life Insurance for Seniors over 55Final Expense insurance is used for seniors looking to cover their end of life expenses, such as funeral costs. These policies are more lenient with their underwriting process, which means some pre-existing conditions are approved.Final expense life insurance for seniors over 55 limit death benefits to a maximum of $50K, but could be less depending on age and health issues.Check out our top Final Expense Insurance companies for 2019Guaranteed Issue Life Insurance for Seniors over 55Guaranteed issue life insurance for seniors over 55 is used when the consumer has no other options. In other words you have been declined for traditional life insurance and final expense life insurance. When you purchase a guaranteed issue life insurance policy you are actually buying a whole life policy. The coverage will last forever and premiums are usually guaranteed. There are no health questions at all.The major downfalls to guaranteed issue life insurance for seniors over 55 are:Premiums can very highA two year waiting period on claims if death is naturalLife Insurance for Seniors over 55 ComparedHere is a chart that shows the different life insurance quotes for seniors over 55. For this comparison, we\u2019ll use a male non-smoker in average (good) health and a death benefit of $100,000:When you review these actual life insurance quotes forseniors over 55, you can certainly see how your age affects your cost of lifeinsurance and how much higher the price is from one type of insurance toanother. It\u2019s also important to mention that if you are a smoker, yourinsurance rates will be at least 50% higher than the quotes we\u2019ve listed here.So by all means, if you are a smoker you should certainly consider the cost ofyour habit; not just for life and health insurance rates, but also the cost onyour health. \t\t\t\t\t\t\t\t\tWhat types of life insurance can seniors over 55 buy?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tSeniors over 55 can qualify for term life, universal life, and whole life insurance policies. Which one you would qualify for depends on your health and the amount of coverage needed. \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tCan I still buy term life insurance at age 55?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tYes, you can buy term life insurance at age 55 and some companies don\u2019t require an exam depending on the amount of coverage.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat are my options for life insurance at age 55?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tBelieve it or not, you still have options when you\u2019re shopping for life insurance for seniors over 55. You can still purchase affordable term life insurance, universal life insurance, and final expense whole life insurance. \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tShould I buy life insurance at age 55?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tYes, If you don\u2019t already own life insurance you should look at purchasing a policy, at least to cover burial expenses. \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t{\t\t\"@context\": \"https:\/\/schema.org\",\t\t\"@type\": \"FAQPage\",\t\t\"mainEntity\": [\t\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What types of life insurance can seniors over 55 buy?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"Seniors over 55 can qualify for term life, universal life, and whole life insurance policies. 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