Seniors are looking for life insurance that covers them for their lifetimes.
As a result, term life insurance is not appropriate because will expire and seniors will never get the benefit.
Instead seniors should consider a permanent life insurance policy such as whole life insurance or universal life insurance.
These policies should be shopped for price and in most cases you should focus primarily on price – leave other policy features such as cash values or investments a distant second or ignore them entirely.
Burial or Final Expenses Insurance is a type of Whole Life Insurance.
These policies do not expire as long as you pay the premiums, and it’s issued without a medical examination.
Burial or Final Expenses policies typically offer enough money to cover funeral expenses and pay off a few debts (between $3,000 and $50,000).
Your premium will not increase and policies are often available to seniors well into their 70s and 80s.
There are two types of Life Insurance that do not require Medical Exams.
This type of non-medical insurance does not require a medical exam but you will still be required to complete a medical questionnaire. This policy is more expensive and makes sense to consider if your current health condition(s) would make it hard to get standard life insurance.
This policy makes sense if you’ve been denied life insurance for health reasons. The catch to these policies is that they feature a two-year, graded, or limited benefit period. During this time, you only get a payout if your death is accidental. If you die from an illness, the company refunds your premium plus interest.