Senior Life Insurance: Protecting Your Legacy and Your Loved Ones

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Senior life insurance refers to insurance policies that seniors purchase that are intended for one’s final expenses such as burial and funeral expenses.

There are many insurance policies out there that are intended for seniors. However, knowing what specific policies to buy can be quite challenging. That’s why in this article, I will share useful information regarding senior life insurance as well as several insurance companies you can include in your list of choices.

Kinds of Senior Life Insurance

The best kinds of Life Insurance for seniors to look out for are:

  1. Simplified issue policy - This is one of the most common policies that seniors choose especially for those who have chronic conditions. You don’t need to go through a thorough medical examination, and you’ll only be asked several questions before being qualified. However, expect to pay higher premiums compared to traditional policies.
  2. Traditional life insurance - This option is best for seniors who are in good health condition and are financially capable of paying premium payments. However, some companies have high standards when it comes to qualifications. That’s the reason why applications are usually declined especially for seniors with health conditions and at an age too old for their limit.
  3. Guaranteed issue policy - The best thing about a guaranteed issue policy is that your application will not be turned down regardless of your current health condition, source of income, or age. The only disadvantage of this policy is that you might pay high premiums and get a low death benefit.

You Should Also Consider Policies Like:

  • Guaranteed level premiums - This term refers to a fixed monthly premium amount. This means that the monthly premiums you pay are fixed price and they will not increase even if you get older.
  • Policy rider - If you purchased an insurance policy and you unexpectedly got ill or needed estate protection and long-term care, you can avail of add-on coverage in your insurance to cover expenses during these unprecedented events.
  • Waiver-of-premium option - This is another good feature you should look out for in life insurance. This becomes effective when you unexpectedly got ill or are injured in a way that you are unable to work. When this happens, the insurance company itself will pay for your premium payments while you are unable to work. This can be effective for less or more than 6 months depending on the company and policy.

Qualification for the Life Insurance

Most advisors recommend opting for a simplified issue policy or guaranteed issue policy You’ll only have to be asked several questions to determine if you’re qualified for the policy. There are no medical exams to go through unlike other life insurance policies out there.

Who Needs Senior Life Insurance?

Senior life insurance is a good thing to consider especially if you don’t want to burden your family when you die. However, it’s still a major decision that must be thought about thoroughly. Senior life insurance is for older adults who are:

  • Capable of paying premium payments for the insurance policy
  • Have enough funds saved for final expenses
  • Have already arranged initial payments with a funeral home
  • Concern about loved ones’ expenses when s/he meets his/her demise

Choosing an Insurance Policy

Choosing a life insurance policy and company can be a tricky decision. Wrong choices might lead you to overbuying policies or limiting the budget for your final expenses.

To make sure that the coverage you are buying and paying for is just enough for your final expenses, it’s best to consult a life insurance calculator. Opting for an insurance policy that lets you pay a fixed premium amount is a good choice as well since it is easier to set an allotted budget for it every month.

What are The Best Choices?

There are many insurance companies out there all promising good services and coverage. This makes it harder to find the right choice. Some of the things to look out for when finding a reputable insurance company are the rating, years of service, and customer reviews. To help you with that, I made a short list of the most recommended life insurance companies for seniors.

New York Life

This is one of the most recommended insurance companies for seniors. It accepts applicants up to 85 to 90 years old, and since it has been serving people for over 170 years, the company guarantees insurance quotes and policies that fits seniors’ budget and needs.

  • Advantages: Some of the best advantages of New York Life is that it has a wide selection of policy riders. This means that you can add a variety of additional coverage when the need arises. It also has high ratings from different sites and customers.
  • Disadvantages: The only disadvantage of New York Life is that you need an agent to apply and talk about policy quotes and coverage

State Farm

If you’re looking for term life insurance, one of the most recommended is State Farm.

Term life insurance is a type of insurance for seniors wherein the policyholder promises to pay monthly premium payments in exchange for death benefits when the holder reaches his/her demise. The term period that State Farm offers ranges from 10, 20, to 30 years depending on your preference.

  • Advantages: The best thing about State Farm is that it offers a wide range of policy term choices and some of its policies don’t require a medical exam to be qualified.
  • Disadvantages: However, the no-exam term policy may restrict you from other benefits.

Mutual of Omaha

When it comes to guaranteed acceptance you don’t need to go through a medical examination to get qualified. You can choose from a range of policy options including a guaranteed issue policy that best suits people aged 45-85.

  • Advantages: There are many rider options available. Also regardless of health and age, a senior can apply for a policy.
  • Disadvantages: The only disadvantage of the company is that it has limited information sources online.


This company offers policies that cover funerals, burials, and other final expenses. It also offers guaranteed acceptance, especially for seniors aged 50-80 years.

  • Advantages: You can get insurance coverage up to $25,000. The company also offers a wide range of policies from guaranteed issue, and term life insurance, to accidental death policies.
  • Disadvantages: You need an agent to apply for a policy.

Northwestern Mutual

Established in 1872, Northwestern Mutual has been a trustworthy insurance company that offers yearly dividend payments to policyholders.

  • Advantages: It can offer up to $50,000 to $100,000 depending on the type of policy you purchase.
  • Disadvantages: The only disadvantage of Northwestern Mutual is that it offers limited riders and that online sources are quite scarce.

Before Choosing One, Ask Yourself The Following Questions:

  1. Is the company financially stable?
  2. Does it provide excellent customer service?
  3. Is the application process difficult or easy?
  4. Can the company offer the features and policies you’re looking for?

Final Thoughts

There are a lot of insurance policies to choose from, but choosing the right policy and insurance company can be tricky and challenging. If you do find yourself confused, the first step to do is to determine if you need life insurance. If you do then list the insurance coverage you need. After that, it’s time to brainstorm about life insurance companies that offer your needs.

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