[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.easyquotes4you.com\/life-insurance-for-seniors\/#BlogPosting","mainEntityOfPage":"https:\/\/www.easyquotes4you.com\/life-insurance-for-seniors\/","headline":"Life Insurance for Seniors","name":"Life Insurance for Seniors","description":"Quick Navigation Links Show 1 Life Insurance for Seniors 2 As of 2017 there were 47.8 million Americans over the age of 65 3 Why should seniors have life insurance? 4 Funeral Costs 5 Medical Bills 6 Mortgage\/Home Loan 7 Credit Card Debt 8 Personal or Business Loans 9 Pension or Social Security Replacement 10.. More<\/a>","datePublished":"2018-12-06","dateModified":"2020-02-20","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\/2018\/12\/Life-Insurance-Seniors-3.jpg","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/12\/Life-Insurance-Seniors-3.jpg","height":801,"width":1200},"url":"https:\/\/www.easyquotes4you.com\/life-insurance-for-seniors\/","about":["Life Insurance"],"wordCount":1452,"keywords":["aarp","aarp insurance","aarp life insurance","aarp life insurance review","aarp permanent life insurance","aig","aig-american general","gerber life","guaranteed universal life","independent agent","insurance","life insurance","life insurance for seniors","senior insurance","senior life","senior life insurance","term insurance for seniors","term life","vantis life","whole life","whole life for seniors"],"articleBody":" Quick Navigation Links Show 1 Life Insurance for Seniors 2 As of 2017 there were 47.8 million Americans over the age of 65 3 Why should seniors have life insurance? 4 Funeral Costs 5 Medical Bills 6 Mortgage\/Home Loan 7 Credit Card Debt 8 Personal or Business Loans 9 Pension or Social Security Replacement 10 Best Life Insurance for Seniors 11 Term Life Insurance for Seniors 12 Final Expense Life Insurance for Seniors 13 Graded Benefit Whole Life Insurance for Seniors 14 Guaranteed Issue Whole Life Insurance for Seniors 15 Guaranteed Universal Life Insurance for Seniors (GUL) 16 Our Thoughts 17 Frequently Asked Questions 18 Why should senior's own life insurance? 19 What's the best life insurance for senior's? 20 Should senior's buy guaranteed universal life insurance? Life Insurance for SeniorsAs you get older, and more wiser you start to look back when you were younger and wish you had done things a little bit differently.\u00a0 This is especially true when it comes to Life Insurance.When we are young and healthy we don\u2019t feel we need life insurance. So we wait to buy or you may have not been financially stable enough to purchase anything but term life insurance that has since expired.Whatever the reason may be, you are never to old to purchase life insurance. Life insurance for seniors is a great way to ensure your legacy carries on and that your hard work is preserved for years to come.As of 2017 there were 47.8 million Americans over the age of 65Why should seniors have life insurance?When you pass away, especially unexpectedly, your loved ones could be responsible for some major expenses.\u00a0 Life insurance for seniors can help with the financial burden caused by your death. Here are some factors\/expenses to consider.Funeral CostsMedical BillsMortgageCredit Card DebtPersonal or Business LoansPension or Social Security ReplacementFuneral CostsThe average funeral costs are hovering around $10,000, it\u2019s important to have a plan in place to pay for burial expenses. If you don\u2019t this could be a burden to loved ones.Medical BillsThe majority of us, when dying, tend to rack up some hefty medical bills. Guess who is responsible for paying those medical bills after you are gone? Yes, your loved ones! Life insurance can solve this dilemma if planned correctly.Mortgage\/Home LoanBelieve it or not, a lot of seniors still have a mortgage on their home. Whether they refinanced to save money or have a home equity loan, this has to be paid once the borrower dies. With life insurance, a lump sum death benefit is paid out which could be used to pay off a mortgage.Credit Card DebtWe find this dilemma in many homes of seniors that we visit. It\u2019s very easy to pile up credit card debt, young or old. It\u2019s important to have a game plan on how these debts will be paid off when you die. If not your loved ones will be on the hook for your expenditures.Personal or Business LoansIf you still own a business especially with a partner, it\u2019s very important to have life insurance in place to ensure your loved ones are protected. Buy-Sell agreements work best in these types of situation, and are legal binding documents.Pension or Social Security ReplacementPensions and social security are vital to many seniors retirement income. Social security income amounts to almost $3,000\/month for households with two retirees, while a pension could be significantly more.Unfortunately with many pensions if the right option is not chosen at retirement, your spouse could be left with nothing when you die.With social security income we know that when a spouse dies, the remaining spouse keeps the highest benefit. This means that you will lose the lowest paid benefit, which causes a financial burden if the right planning hasn\u2019t been done.Best Life Insurance for SeniorsNow that we have gone over why seniors need life insurance, lets look at what types best fit:Term Life Insurance for SeniorsTerm life is always a great choice and will be the most affordable coverage, but comes with limitations for seniors. First off you will have to pass a paramed exam to qualify for coverage.Also you will be limited in how many years you can have the coverage for. Most policies will only allow for a 10 and 15 year term.Term life insurance is a very good way to make sure mortgages, credit cards, and medical expenses are paid off when you die.Companies with favorable term life for seniors:North American Life and HealthAmerican General LifeProtective LifeAssurity LifeForesters LifeFinal Expense Life Insurance for SeniorsIf all you are looking for is small policy to cover funeral expenses then a whole life policy is your best option.Face amounts range from $5,000-$25,000 and the premiums are guaranteed for life.Underwriting on these types of policies is very liberal and will cover many pre-existing medical conditions provided they are under control.Whole life policies do build up cash value that can be borrowed from if a need should arise.Companies with the best rates are:Assurity LifeForesters LifeAmerican National (Anico)Mutual of OmahaTransamericaGraded Benefit Whole Life Insurance for SeniorsA graded benefit whole life fits seniors with serious health problems. This coverage can be confusing if not explained properly for this reason:All the death benefits are graded, which means if you die from something other than accident the first two years, then this is how a payout would look.If you die in the first year, your beneficiaries will receive premium plus interestIf death occurs in the second year, the payout would be usually 50% of the death benefit (varies by company)After second year full death benefit is paid for sickness and accident.Guaranteed Issue Whole Life Insurance for SeniorsA guaranteed issue whole life is for seniors whose health is so bad they cannot qualify for any life insurance, even graded benefit whole life. These policies ask no health questions. The major downside is:The first two years, a guaranteed whole life policy only pays the death benefit if the death is an accident. They do pay premiums plus interest to your beneficiaries, but no death benefit is death is not from an accident the first two years.After two years they will pay on any deathCompanies with the best guaranteed issue life policiesAARPAIGGerberVantis LifeGuaranteed Universal Life Insurance for Seniors (GUL)With a universal life policy there comes a lot of variation with how they function. We are only going to concentrate on guaranteed universal life insurance (GUL) because we feel this is the best option for seniors. It\u2019s the easiest to comprehend which is crucial to ensure all clients have a good understanding of what they are purchasing.Here are some of the features:Guaranteed PremiumGuaranteed Death BenefitSome Cash Value AccumulationGreat for Face Amounts of $25K and AboveMust Have Good to Fair Health Status to QualifyCheaper than Whole LifeProtection till Age 120It\u2019s always a good idea for any senior looking to purchase life insurance to make sure all premiums are guaranteed for the life of the policy.Best companies for GULSagicor LifeAmerican NationalNorth American Life and HealthAmerican GeneralLincoln Financial GroupOur ThoughtsIf you thought getting life insurance was out of the question because of your age, you couldn\u2019t be more wrong. The key is making sure to shop around and find the best company that fits your objectives. It always advised to consult with an experienced agent to help guide you through the process. If we can help or you have any questions, please give us a call.Frequently Asked Questions\t\t\t\t\t\t\t\t\tWhy should senior's own life insurance?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLife insurance for seniors can help with the financial burden caused by your death. Here are some factors\/expenses to consider. -Funeral Costs -Medical Bills \u2013Mortgage -Credit Card Debt -Personal or Business Loans -Pension or Social Security Replacement \u00a0 \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's the best life insurance for senior's?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tIf you are looking for a policy to just cover your final expenses, such as burial costs and minor debt, then a final expense life insurance policy is best.If you need a larger amount of life insurance, then term life or guaranteed universal life might fit you best.\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 senior's buy guaranteed universal life insurance?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tGuaranteed universal life insurance is permanent life insurance that comes with the following features: -Guaranteed Premium -Guaranteed Death Benefit -Some Cash Value Accumulation -Great for Face Amounts of $25K and Above -Must Have Good to Fair Health Status to Qualify -Cheaper than Whole Life -Protection till Age 120 \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\": \"Why should senior's own life insurance?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"Life insurance for seniors can help with the financial burden caused by your death. Here are some factors\/expenses to consider. -Funeral Costs -Medical Bills -Mortgage -Credit Card Debt -Personal or Business Loans -Pension or Social Security Replacement \u00a0\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What's the best life insurance for senior's?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"If you are looking for a policy to just cover your final expenses, such as burial costs and minor debt, then a final expense life insurance policy is best.If you need a larger amount of life insurance, then term life or guaranteed universal life might fit you best.\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"Should senior's buy guaranteed universal life insurance?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"Guaranteed universal life insurance is permanent life insurance that comes with the following features: -Guaranteed Premium -Guaranteed Death Benefit -Some Cash Value Accumulation -Great for Face Amounts of $25K and Above -Must Have Good to Fair Health Status to Qualify -Cheaper than Whole Life -Protection till Age 120\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t\t\t\t]\t}"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Life Insurance for Seniors","item":"https:\/\/www.easyquotes4you.com\/life-insurance-for-seniors\/#breadcrumbitem"}]}]