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Cheap Life Insurance Quotes for Senior Citizens

Cheap Life Insurance Quotes for Senior Citizens

The life insurance industry has become more competitive. More insurance companies are willing to make more concessions for the elderly.

When shopping for insurance, it’s important to find a site that offers different products from different insurance companies. This gives you the convenience of shopping from multiple carriers on a single website.

From the site, you will be able to access insurance plans from various agencies, including brands, local and national agencies, etc. The following are some of the tips to consider benefiting from cheap senior insurance.

Cheap Life Insurance Quotes for Senior Citizens

Cheap Life Insurance Quotes for Senior Citizens: Seniors may have limited options for life insurance, depending on their age and health. If you are under 70 and in good health, there are no significant restrictions. If you are under 80 or fairly healthy, you will be able to qualify for a term or guaranteed universal life insurance policy that offers lower rates for elderly individuals.

Cheap Life Insurance Quotes for Senior Citizens
Cheap Life Insurance Quotes for Senior Citizens

However, if you have some pre-existing medical conditions, then sure life insurance coverage may be your best option. Regardless of your age, you should still evaluate life insurance policies according to your goals and your family’s financial needs, as these are important for determining your best coverage. Know more about Cheap Life Insurance Quotes for Senior Citizens.

Life Insurance for Seniors over 60

If you are in your 60s, and still have good health, then you are easily eligible for the Term and Permanent Life insurance for seniors. If you still have huge expenses like a mortgage then buying a bigger policy can be a smart decision. If you can’t eligible for permanent or term life insurance then you can rely on your final expense insurance that can provide enough coverage to pay your funeral expenses.

Life Insurance for Seniors Over 70

There are very limited types of cheap life insurance quotes for senior citizens policies available for you if you are a senior over 70. The sad news is that seniors over 70 can’t able to get any term life insurance policy that offers coverage for more than 20 years.

So, what cheap life insurance quotes for senior citizens are best for you in your 70 is completely dependent on your cost of coverage and financial objectives. Term life insurance is the best and most affordable option for you if you need coverage for a limited and fixed period. You can also buy thousands of dollars in coverage.

If you need coverage to replace your income until retirement then term life insurance also will be the best option for you. Make sure the term policy covers the full length of a financial obligation, as you will have a harder time finding coverage and will pay a higher rate if you still need life insurance at age 80 or 90.

Life Insurance for Seniors Over 80

Seniors over 80 basically won’t qualify for any term life insurance, but luckily they can still be eligible for whole life coverage. At your 80 it is still possible to get a permanent policy and it’s also a better choice, but it is very difficult to purchase any coverage after age 90. Depending on your financial conditions and health, the most affordable permanent life insurance would be the following.

If you are fairly healthy and have no serious medical problems then Guaranteed Universal Life Insurance plans are best for you. If you have some health issues and can’t pass any medical exam then simplifying the issue guaranteed universal or whole life insurance is the best option for you. These policies are more explosive because there are no medical exams. Lastly, if you are not healthy and have a high risk of illness then choose Guaranteed acceptance whole life insurance. Check out the best cheap life insurance without medical exam.

Best Life Insurance for Seniors 2022

Insurance CompanyRatingsMaximum issue age
Guardian Life5 StarWhole: 90.
Term: 75.
AARP5 StarWhole: 80.
Term: 74.
New York Life5 StarWhole: 90.
Term: 75.
MassMutual4.5 StarWhole: 90.
Term: 75.
State Farm4.5 StarWhole: 80.
Term: 75.
Best Life Insurance for Seniors 2022

Term Life Insurance Rates for Seniors

Term life insurance for seniors is available for 10, 15, and 20 years time periods. The period of the term life decides your death benefits and premium costs. Life insurance rate is also affected by your age, and the rates go up as you got older. You can get cheap life insurance quotes for senior citizens if you are healthy and your age is not more than 80. Below we discuss age limits and coverage cost of term life insurance:

  • Age 80 to purchase a 10-year term plan
  • Age 75 to purchase a 15-year level term plan
  • 70 years to select a 20-year level term plan
  • Age 55 to purchase a 25- or 30-year term plan

Living Benefits for Life Insurance for Seniors

Some life insurance companies offer living benefits or offer you the option to add these benefits. Living benefits are policy features that offer financial benefits when you are alive. Some common living benefits include accidental death and dismemberment, accelerated death benefit, and Waiver of premium.

If you have accelerated death benefits then you can able to get a portion of your death benefits if you face some specific illness. These benefits of cheap life insurance quotes for senior citizens are extremely beneficial for seniors who are not able to pay their medical expenses. Just check out that your insurer will have the death benefits for a wide range of illnesses.

Accidental death and dismemberment benefit are also very important living benefits that your insurance must-have. This benefit provides coverage if you are injured due to an accident. You will be able to get a portion of your death benefits as recompense.

Wavier of premium options especially for those who are completely disabled or usually expire when they reach a specific age. Wavier of premium options offer you the option to stop paying premiums but your coverage will continue.

Best Term Life Insurance Companies for Seniors

For term life insurance each insurer has its own age limits, that’s why you have to check out multiple companies to determine your eligibility. Depending on your coverage amount and health, you may also face difficulties in getting approved for your chosen coverage.

Cheapest Life Insurance for Seniors
Cheapest Life Insurance for Seniors

If your age was 75 then you can choose a banner term life insurance, that has some best rates for you. If you have some medical conditions then also banner life will accept some medical issues like sleep apnea and asthma. If you regularly perform your health maintenance activities or do annual physical checkups then you can also get a discount.

Foresters also offer some best term life insurance for seniors. They offer living benefits like you can accelerate your death benefit if you have some chronic illness. You can cover your medical care through this coverage if you have a stroke or heart attack. If you still need a life insurance policy then you can turn any Foresters coverage into a permanent life insurance policy.

Best Guaranteed Universal Life Insurance for Seniors

Seniors who need permanent life insurance coverage can choose Guaranteed universal life insurance. Guaranteed universal life insurance has the cheapest coverage and the policies basically have no cash value component. In terms of buying a guaranteed universal life insurance policy, you have to decide for how long you need coverage.

You can buy guaranteed universal life insurance coverage up to age 85 and these policies have the very lowest rates, and you can extend coverage up to age 120. They also provide living benefits like accelerated death benefit if you face some illness and need medical care coverage.

If you need very low rates for your guaranteed universal life insurance then Symetra can be a good option for you. You can also be eligible for accelerating the death benefit if you face some chronic illness. Guaranteed universal life insurance from Symetra also offers cash value with a 2% annual interest rate. For discounted premiums, you have to show a healthy lifestyle, and you can buy their coverage until age 85.

Best Guaranteed Acceptance Whole Life Insurance for Seniors

Guaranteed acceptance whole life insurance is always a good option if you are failed to qualify for a simplified issue life insurance plan. But always remember that these plans have a waiting period and your beneficiaries can’t get the full death benefits if you die soon. If you die soon after buying the coverage then your beneficiaries will receive a portion of your death benefits. All guaranteed acceptance whole life insurance policies are limited in terms of coverage options and more expensive than other policies.

AIG’s guaranteed acceptance cheap life insurance quotes for senior citizens offer death benefits of $5,000 to $25,000. Seniors between the ages of 50 and 85 can be eligible to receive this coverage. For guaranteed issue whole life insurance AIG is the best option, they have 2 years a waiting period and also offer to accelerate the death benefit.

FAQs about Cheap life insurance quotes for senior citizens

Can a 75-year-old get life insurance?

If you’re over 75, you may be wondering not only if you can get coverage, but also if you should get it. The answer to the first question is a resounding yes. You can often buy life insurance well into your 80s.

Can a 72 year old get life insurance?

Just because you’re older doesn’t mean you can’t find a life insurance policy that meets your needs. The cost of coverage can increase with age, but many insurers accept older adults, even if they are not in the best of health.

Can a 65 year old get life insurance?

Even if you’re a man or woman age 65 or older, it’s possible to get Cheap Life Insurance Quotes for Senior Citizens coverage and it can still be affordable. Depending on your health and lifestyle, you may be able to get low-cost rates on a whole or term life insurance policy.

Cheap Life Insurance Quotes for Senior Citizens.