Senior Life Insurance 101
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Contact: Amanda Edmunds
I & E Insurance Agency
What is Senior Life Insurance aka Burial Insurance or Final Expense Insurance?
It is a common misconception that adults over the age of 50 are too old for a life insurance plan or that life insurance may be too expensive or impossible to obtain. That is not the case. Purchasing an affordable senior life insurance plan can be easier than you think and potentially make or break the livelihood of your family and loved ones after you pass on.
What is Senior Life Insurance?
Senior life insurance is whole life insurance purchased by seniors. Generally, senior life insurance covers the cost of funeral expenses and other expenses that may come along after death. If there are no other expenses then the proceeds can also be paid out to a beneficiary. The nice thing about these policies is there are available up to the age of 90 years old in some cases , so whatever your age you can still do some planning , make provisions for your death and leave funds to a loved one if you like— A typical policy runs between $10,000 to $50,000— though smaller coverage amounts may be used to cover cremation services. Senior Life also can be issued without any medical examinations , and in most case just a one page application is all that is needed.
Whole Life vs Senior Life Insurance
A whole life insurance policy is typically purchased at a young age and kept for the entirety of someone’s life. Conversely, a senior life insurance plan can be either term or whole life, a term life insurance because you only receive coverage for as long as you pay the premium. Upon the date of death your insurance company pays the death benefit to your beneficiary. But there are several forms of whole life , NOW NEW SENIOR POLICIES will bypass the usual medial requirements and examinations provide a one page application and provide on the spot acceptance. These policies can also build cash value and typically will terminate at a certain date or age specific date. For example some of these can pay out the face value in cash at age 90-100. The unique feature with many of these policies are if you had a preexisting condition like cancer heart attack diabetes, some of these polices will give you a grade death benefit, meaning the first 2-3 year of the policy if you died from that condition the Insurance company would pay all the money you paid in plus 10% return. So for example if your payment was lets say 100 per month, and in the 23 month you passed away your estate would get $2300 plus the 10% interest on that money, that may not be a BIG Deal but then you have a death benefit tax free, plus interest and in this example if had a 2 year waiting period and you died in the 25th month, your family would get the face value, if it was $25000, your family would get that paid to your beneficiaries.
How Much Does Senior Life Insurance Cost?
Senior life insurance is more affordable if you purchase it while you’re young and in good health, though it still can be very affordable. Generally, the cost of a senior term plan or policy is less than that of regular whole life insurance. But we can find a policy available for every budget
Who Qualifies for Senior Life Insurance?
As with all life insurance plans, you must qualify in order to be issued a policy. Senior life insurance is marketed for those 60 and over generally, though there may be some exceptions. Likewise, your insurance company will ask for your age and weight in order to determine if you will be granted coverage – though they won’t ask for much more detail than that. It isn’t hard to qualify as most companies want this type of insurance to be available to a multitude of individuals.
Looking into a senior life insurance plan? Reach out to I & E’s experts. Give us a call at 732-295-5584 or email us We will make sure to provide you with a plan that suits all of your needs and meets your budget.