Life insurance for seniors

Life insurance for seniors becomes a necessity for you when you are retired from active service

You have worked tirelessly, built a life, raised your family, and now it is time for you to take a break fully. 

This phase of your life is the time to sit back, observe, and watch all you have built in your active years, bloom.

Also, this is the time to take care of yourself, especially your health, so that you can enjoy the rest of your life without worrying again. 

If you have not invested in life insurance during your active years, now is the time to get serious about it.

Do seniors need life insurance? 

Older people in their 60s and 70s may already have life insurance they bought while still working but, countless times you see a senior already retired without life insurance. 

While it is better to have life insurance at your younger age, it is equally necessary that you get it even if you missed buying it when you were younger. 

Having a life insurance plan at a younger age makes it less expensive but doing it at your older age warrants that you factor in more things hence, making it more expensive. 

However, purchasing a life insurance policy at an older age is better than not having it all. You and your family stand to gain from your coverage if you eventually decide to purchase one. 

Why you need life insurance as a senior 

Maybe you missed the opportunity to buy coverage while we are still active at work, it is not yet too late to purchase coverage for yourself now. 

Although you may seem not to need it, purchasing coverage makes old age life easier. 

Firstly, your coverage policy can help you offset your debts and offer you peace of mind. 

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Again, it can help you to cushion any medical emergency bills that may arise as you get older. 

In the event of your passing, life insurance offers your family members a lump sum of money that’ll make them comfortable in your absence. 

Not only that, your partner or spouse will have enough to continue doing life. 

Suitable life insurance coverage for seniors 

The two kinds of life insurance coverage are whole and term life insurance. Although, other coverages can benefit seniors.

Term life insurance

Term life insurance does not cover the entirety of your life. You have to select how many years you want it to run, and it should be between 10 to 30 years. While the whole life insurance covers you for the rest of your life, even though it is more expensive. 

The term life insurance coverage has limited features just like the duration but, it is much cheaper and the most affordable. 

Purchasing this coverage depends on your age, health, and the general reason for wanting to buy one. 

If you’re still alive and the policy comes to an end, you will need to renew it. When you decide to renew it, the premium must have changed or become a bit higher. And if you decide to leave it after its expiration, your family gets nothing in the event of your passing. 

However, if the policy is still on course in the event of your passing, your family gets some amount of money. Also, term life insurance has cheap policies if you decide to run with it. 

Whole life insurance

Whole life insurance, on the other hand, protects you for the rest of your life. With this coverage, your family is sure of a payout so long you keep paying your premium. 

There are many features in this coverage like; helping you to save which is called the cash value

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It allows you to borrow when you come into a money emergency. Here, you can also add more policies as riders to protect you all around and allows you to enjoy your retirement. The only downside to this policy is the expensive premium but, once you can afford it, you will enjoy it for the rest of your life. 

Guaranteed universal life insurance

A guaranteed life insurance plan is another great coverage for seniors. Firstly, you do not go through any medical exam. All you need to do is to declare interest to your preferred insurance company, and it will be done. Also, it has an adjustable policy with flexible payments. 

Final expense insurance coverage 

It is a type of whole insurance coverage policy. Most people decide to add this coverage as a rider on their whole life insurance plan. If not, you can get it as a standalone plan. 

This insurance is quite affordable for anyone and it goes for like 10,000 dollars. It will help your family members prepare for your final rites, should you pass. It pays for all the expenses your family can incur during the process. However, you must answer health questions before you can purchase it. 

This coverage will give you peace of mind knowing that your final rites will not leave your family broke.

How do you decide on coverage as a senior? 

Before you choose life insurance coverage as a senior, you must look at yourself and your needs in the order of preferences or priorities. 

First, you must think of your family and loved ones, especially if they are still dependent on you. 

Put your health into consideration first, and know if you’re well to do and if your family will be okay financially in the event of your passing. 

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Know if you have a debt to pay or a loan you took out and if family members might inherit them.

Check if you want to give back as a charity. 

Know if you might want an heir to an inheritance

Do not forget your age. All these and many more will help you decide on the type of insurance coverage you can buy as a senior.

Best life insurance companies for seniors 

Mutual of Omaha is a great option for seniors seeking a befitting policy. They do not require health exams, and they have a large variety of policies to pick from. 

Additionally, they offer both term and life insurance coverage options to their prospective policyholders.

New York Life is also beneficial for anyone who would like to begin with a term life policy and later convert it to permanent life insurance.

More so, you are on the right path with this company if you love variety and plenty of options on your card, and seniors of 90 years old can get covered.

Guardian Life is a good company for whole-life coverage seekers. Online reviews are so glowing for this company, and seniors in their 90s can get a policy from them.


Not needing coverage is understandable if you have enough money to pay for medical emergencies and bills incurred by them. 

Also, not purchasing is understandable if you have put aside a lump sum of money for your family when you are no longer there. 

Then again, you do not need third-party coverage because you have it all figured out for yourself and your family.

However, individuals that are not in this category may need the help of a good insurance provider to secure coverage that will be beneficial and less pricey.

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