As you enjoy your golden years with loved ones, you might start thinking more practically about how to care for them in the future. Life insurance is one of the most reliable ways to provide your family with financial support after you\u2019re gone.<\/p>\n
However, finding the best life insurance for seniors<\/a> can seem daunting. So many factors, like age, family, budget, and health, could shape your decision. You might even worry that options are slim for older adults. Fortunately, whether you\u2019re in your 60s, 70s, or 80s, several policies could provide the coverage you want. Read on for a thorough guide to help you find the best life insurance policy for you and your family.<\/p>\n There are life insurance options for older adults with a wide range of lifestyles, budgets, family situations, and coverage needs. Eligibility requirements vary across policies, so it\u2019s crucial to find a plan that fits your unique situation and budget.<\/p>\n Term life insurance policies provide coverage for a fixed period, usually between 10 and 30 years. If you pass away within a term life policy\u2019s coverage period, your beneficiaries receive a death benefit payment. Because term life insurance has consistent, relatively low premiums, it can be a good option for people with limited budgets.<\/p>\n If you want to offer your family extra financial security as your children or grandchildren grow up or if you need coverage through the end of your career, a term life policy could meet your needs. However, term policies typically have age restrictions, so if you\u2019re older than 70, you might not qualify. If you\u2019re interested in a term policy but worry you may not be eligible, it\u2019s best to speak with a licensed insurance agent who can help you understand which policy suits your situation.<\/p>\n Permanent life insurance policies don\u2019t expire as long as you continue paying premiums. Premiums for permanent policies typically go toward both the death benefit and the cash value<\/a>, so permanent policies accumulate value over time. You can borrow against that value during your life as needed in the form of a loan or, in some cases, a withdrawal.<\/p>\n Permanent policies\u2019 lifetime security makes them a good choice for many seniors. If you plan to leave behind debts or if any loved ones will continue depending on a portion of your income for a long time, a permanent policy could be the best fit for you. Permanent life insurance can also help you leave a financial legacy.<\/p>\n Final expense life insurance, also known as burial or funeral insurance, is a type of permanent policy designed to cover end-of-life expenses. Funerals cost, on average, around $9000 in the United States<\/a>, which can rattle families in the wake of a devastating loss. Final expense insurance helps you protect your loved ones from scrambling to pay. These policies typically have straightforward applications with limited questions about health and no medical exam. Seniors can qualify for final expense insurance through age 85.<\/p>\n Guaranteed issue life insurance provides modest coverage, typically up to $25,000, for individuals who may not otherwise qualify for life insurance due to health conditions. Health issues can\u2019t disqualify you from guaranteed issue policies.The application doesn\u2019t even include a health questionnaire. While these policies are often more expensive than others with a medical questionnaire or exam, older adults with health concerns often find the security they offer worth the added cost.<\/p>\n What should seniors consider when choosing the best life insurance for their needs?<\/b><\/p>\n Navigating your life insurance options can be confusing and stressful. Fortunately, there are a few factors to keep in mind that can guide your decision-making process. Before committing to a life insurance policy, consider the following.<\/p>\n Some life insurance policies might align more closely with your priorities than others. A licensed life insurance agent can help you find the best policy for your specific situation, but the following suggestions can help you decide where to start looking.<\/p>\n You might worry that health issues could disqualify you from coverage, or maybe insurers have previously rejected you due to your health history. In that case, you could still receive life insurance through a guaranteed issue policy. Fidelity Life offers RAPID<\/i><\/b>ecision\u00ae Guaranteed Issue<\/a> policies worth up to $25,000. You won\u2019t need to provide any health information in the streamlined application. As long as you\u2019re between 50 and 85, you can receive coverage quickly. Guaranteed issue policies are somewhat costly, but the peace of mind might be worth the expense for older adults with complicated health histories.<\/p>\n On the other hand, if you\u2019re looking for substantial coverage at a low cost, you could consider senior term life insurance. Fidelity Life offers RAPID<\/i><\/b>ecision\u00ae Senior Life Term<\/a> insurance to adults between 50 and 70. The possible terms are ten years, 20 years, and 30 years, with up to $150,000 in coverage. The same death benefit typically costs less with a term plan than with a permanent plan.<\/p>\n Older adults who want lifelong coverage have a couple of permanent options, depending on the amount of coverage they need. Fidelity Life offers RAPID<\/i><\/b>ecision\u00ae Senior Whole Life<\/a> policies for older adults from age 50 to 85, so it\u2019s a viable option for people who have aged out of qualification for term life insurance and need longer-lasting coverage. Seniors can also borrow against policies\u2019 cash value, which can help with unanticipated health and care costs.<\/p>\n If you\u2019d like permanent coverage but don\u2019t need a considerable death benefit, consider Fidelity Life\u2019s RAPID<\/i><\/b>ecision\u00ae Final Expense<\/a> insurance. This policy offers between $5,000 and $40,000 in coverage to account for end-of-life expenses. However, beneficiaries can use the death benefit for other costs, too. So if you need a smaller amount to cover debts or leave an inheritance, the final expense plan could also be a good fit.<\/p>\n There are several options for life insurance in your 60s<\/a> that could help during this dynamic period in people\u2019s lives. While Fidelity Life offers several options specifically for seniors, you could qualify for the standard RAPID<\/i><\/b>ecision\u00ae Life term policies through age 65. You could choose from 10-year, 15-year, 20-year, and 30-year plans that provide between $50,000 and $2 million in coverage. If you\u2019re interested in this plan and are in your early 60s, apply immediately to ensure you remain eligible.<\/p>\n If you\u2019re between 65 and 70, you might want to apply for RAPID<\/i><\/b>ecision\u00ae Senior Life Term insurance to receive up to $150,000 in coverage. The application process does not require a medical exam, so you could be approved quickly. Some term life policies include a waiting period. If you pass away within the policies\u2019 waiting period, beneficiaries receive a reduced benefit.<\/p>\n Adults in their 70s could qualify for both of Fidelity Life\u2019s permanent life insurance options, RAPID<\/i><\/b>ecision\u00ae Senior Whole Life and RAPID<\/i><\/b>ecision\u00ae Final Expense insurance. Your best choice for life insurance over 70<\/a> will depend on your specific coverage needs and budget.<\/p>\n There\u2019s a common misconception that people in their 80s no longer qualify for life insurance. On the contrary, seniors under age 85, like those in their 70s, can be eligible for either of Fidelity Life\u2019s senior permanent life insurance products, RAPID<\/i><\/b>ecision\u00ae Senior Whole Life and RAPID<\/i><\/b>ecision\u00ae Final Expense insurance. So if you\u2019re considering purchasing a new life insurance policy in your 80s<\/a>, it\u2019s more important than ever to act quickly and secure a policy before turning 85.<\/p>\n Choosing the right policy for you<\/b><\/p>\n Older adults can still give their loved ones the gift of financial security with a life insurance policy. As you consider the range of options available to you, it\u2019s important to keep your specific circumstances and budget in mind. Fidelity Life is here to help you with the process. You can speak with a licensed insurance agent<\/a> for more guidance or get started with an online quote today<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" As you enjoy your golden years with loved ones, you might start thinking more practically about how to care for them in the future. Life insurance is one of the most reliable ways to provide your family with financial support after you\u2019re gone. However, finding the best life insurance for seniors can seem daunting. So […]<\/p>\n","protected":false},"author":2,"featured_media":505171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-505105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-senior-life-insurance-101"],"yoast_head":"\nTypes of senior life insurance<\/b><\/h2>\n
Term<\/b><\/h3>\n
Permanent<\/b><\/h3>\n
Final expense<\/b><\/h3>\n
Guaranteed issue<\/b><\/h3>\n
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Find the best life insurance for every situation<\/b><\/h2>\n
Best life insurance for seniors with health concerns<\/b><\/h3>\n
Best life insurance for seniors on a budget<\/b><\/h3>\n
Best life insurance for seniors that need lifelong coverage<\/b><\/h3>\n
Best life insurance for seniors over 60<\/b><\/h3>\n
Best life insurance for seniors over 70<\/b><\/h3>\n
Best life insurance for seniors over 80<\/b><\/h3>\n