![\"Couple](\"https:\/\/staging03.wordpress.fidelitylife.com\/wp-content\/uploads\/2024\/07\/0851074f-seniors_sectimg.jpg\")
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Find a policy that works for you<\/span><\/h2>\nThere are a range of affordable Fidelity Life products to choose from based on your situation and financial responsibilities.<\/p>\n
Get Started <\/a><\/div>\n<\/div>\n<\/section>\nCommon myths about life insurance for seniors<\/h2>\n
Myths, especially those about financial services like life insurance, can be dangerous. After all, myths can stop people from accessing services that would be good for their finances. Here are a couple of myths about life insurance for seniors and why you shouldn\u2019t believe them:<\/p>\n
\n- Life insurance is too expensive for seniors: <\/b>Though life insurance premiums are more expensive for older consumers than they are for younger people, premiums aren\u2019t necessarily cost-prohibitive. In fact, at Fidelity Life, you\u2019ll find a myriad of options for a wide range of budgets.<\/li>\n
- Life insurance isn\u2019t necessary for seniors<\/b>: Though your children may not depend on you financially anymore, there are several other reasons seniors should purchase life insurance. It can help protect your surviving spouse, give you a way to leave a meaningful inheritance, help cover end-of-life expenses, and more.<\/li>\n<\/ul>\n
How to apply for life insurance as a senior<\/h2>\nStep-by-step guide<\/h3>\n\n- Step #1: Determine your budget<\/b>: Start by determining how much you can comfortably afford to pay for life insurance.<\/li>\n
- Step #2: Think about the type of policy you need<\/b>: Determine whether whole life insurance or term life insurance would better meet your needs.<\/li>\n
- Step #3: Compare your options<\/b>: Look for policies that meet your needs from a few different trusted providers. When you do, compare things like coverage caps (considering how much life insurance you need), premium pricing, and available riders that help you customize your policy to meet your needs. Then choose the policy that you believe is best.<\/li>\n
- Step #4: Apply<\/b>: Now, it\u2019s time to apply for the policy that you believe is best. Depending on the provider and policy you choose, you may be able to apply online.<\/li>\n
- Step #5: Complete requirements<\/b>: If you chose a policy that requires a medical exam, complete that exam. Also, follow through with any other requirements that are requested of you.<\/li>\n
- Step #6: Get coverage<\/b>: Once you\u2019ve completed all the steps above, you should be able to activate your coverage.<\/li>\n<\/ul>\n
Required documentation<\/h3>\n
When you apply for life insurance, you may be required to provide documentation. That documentation may include:<\/p>\n
\n- Proof of identity<\/b>: You will likely need to provide proof of your identity like a state-issued driver’s license or identification card.<\/li>\n
- Proof of income<\/b>: In some cases, you may be required to prove your income.<\/li>\n
- Bank statements<\/b>: Some life insurance companies may require you to provide bank statements when you apply.<\/li>\n
- Medical history<\/b>: Your life insurance provider may ask you to provide documents that prove your medical history. This may especially be the case if you purchase no-medical-exam life insurance as a senior.<\/li>\n<\/ul>\n
Tips for a smooth application process<\/h3>\n
The life insurance application process may seem long and convoluted, but it doesn\u2019t have to be. There are a few things you can do to ensure a smooth application process.<\/p>\n
One of the first things you\u2019ll want to do is be honest when answering questions. For example, it\u2019s best to provide a clear picture of your medical history, even if it\u2019s not perfect. After all, if you don\u2019t provide information surrounding pre-existing conditions, those conditions may pop up in your medical exam or in the medical documentation you provide.<\/p>\n
It\u2019s also best to have all of your documentation handy when you apply. The documents you may need are listed above. Getting them in order before you apply will help you avoid any delays in the application process.<\/p>\n
Finally, don\u2019t be afraid to ask questions. Your life insurance agent isn\u2019t just there to sell you insurance. They\u2019re also there to make sure you understand exactly what you\u2019re buying before you buy life insurance.<\/p>\n
Alternatives to traditional life insurance<\/h2>\n
Though traditional life insurance is a strong fit for most seniors, there are times when alternatives may be your better option. Some alternatives to traditional life insurance include:<\/p>\n
Pre-need insurance<\/h3>\n
Pre-need life insurance differs from traditional life insurance in what it\u2019s designed to cover. These policies are typically a type of whole life insurance, but the benefits are usually linked to a specific provider.<\/p>\n
For example, if you\u2019ve already chosen a funeral home and the services you\u2019d like that funeral home to provide, you can purchase pre-need life insurance to cover those costs. When you die, the funeral and other service the insurance was designed to cover will be paid for as outlined in your pre-need insurance contract.<\/p>\n
Funeral trusts<\/h3>\n
If you\u2019re only purchasing life insurance to cover end-of-life expenses, a funeral trust, also commonly called final expense insurance, may make sense. These are legally binding trusts that help to make sure you have money set aside to cover expenses like funeral and burial costs.<\/p>\n
These are typically contracts that you enter into with your funeral provider and agree to fund in advance. And, since coverage is limited to your funeral and burial costs, the cost of these trusts can be quite a bit lower than the cost of a traditional life insurance policy.<\/p>\n
Self-insurance strategies<\/h3>\n
Self-insurance is always an option, too. With this option, instead of paying premiums to an insurance provider and sharing the risk across the insurance network, you\u2019ll make payments into an investment account and either manage your own funds or have a financial advisor manage them for you.
\nThough this option guarantees that you have full control over your life insurance funds, it can also be a risky proposition. After all, nobody knows when they will die. And, if you die too soon after setting up a self-insurance investment strategy, you may not save enough money to cover the costs you intended to cover.<\/p>\n
Frequently Asked Questions (FAQs)<\/h2>\n
Find the answers to some of the most common questions about life insurance for seniors below.<\/p>\n
How much does life insurance cost for seniors?<\/h3>\n
There\u2019s no single premium amount that will purchase coverage for all seniors. The cost of your coverage will depend on varying factors, including:<\/p>\n
\n- Your age<\/b>: Seniors in their 80s will likely pay more for coverage than seniors in their 70s, who will likely pay higher premiums than applicants in their 60s.\u00a0 Life insurance costs tend to rise with age.<\/li>\n
- Your health<\/b>: Life insurance companies must consider risk factors when pricing policies. One of the most significant of those risk factors is your health and medical history.<\/li>\n
- Your coverage amount<\/b>: Insurance premium prices are typically relative to the amount of coverage the policy provides. So, it\u2019s important to carefully consider how much coverage you need.<\/li>\n
- Your riders<\/b>: Riders can help you customize your policy to meet your needs, but they may increase your premiums.<\/li>\n<\/ul>\n
Do all seniors qualify for life insurance?<\/h3>\n
While not all seniors will qualify for life insurance, most do qualify for a policy, even if they\u2019re in their 70s and have pre-existing medical conditions.<\/p>\n
Is term life insurance or whole life insurance better for seniors?<\/h3>\n
Common myths about life insurance for seniors<\/h2>\n
Myths, especially those about financial services like life insurance, can be dangerous. After all, myths can stop people from accessing services that would be good for their finances. Here are a couple of myths about life insurance for seniors and why you shouldn\u2019t believe them:<\/p>\n
- \n
- Life insurance is too expensive for seniors: <\/b>Though life insurance premiums are more expensive for older consumers than they are for younger people, premiums aren\u2019t necessarily cost-prohibitive. In fact, at Fidelity Life, you\u2019ll find a myriad of options for a wide range of budgets.<\/li>\n
- Life insurance isn\u2019t necessary for seniors<\/b>: Though your children may not depend on you financially anymore, there are several other reasons seniors should purchase life insurance. It can help protect your surviving spouse, give you a way to leave a meaningful inheritance, help cover end-of-life expenses, and more.<\/li>\n<\/ul>\n
How to apply for life insurance as a senior<\/h2>\n
Step-by-step guide<\/h3>\n
- \n
- Step #1: Determine your budget<\/b>: Start by determining how much you can comfortably afford to pay for life insurance.<\/li>\n
- Step #2: Think about the type of policy you need<\/b>: Determine whether whole life insurance or term life insurance would better meet your needs.<\/li>\n
- Step #3: Compare your options<\/b>: Look for policies that meet your needs from a few different trusted providers. When you do, compare things like coverage caps (considering how much life insurance you need), premium pricing, and available riders that help you customize your policy to meet your needs. Then choose the policy that you believe is best.<\/li>\n
- Step #4: Apply<\/b>: Now, it\u2019s time to apply for the policy that you believe is best. Depending on the provider and policy you choose, you may be able to apply online.<\/li>\n
- Step #5: Complete requirements<\/b>: If you chose a policy that requires a medical exam, complete that exam. Also, follow through with any other requirements that are requested of you.<\/li>\n
- Step #6: Get coverage<\/b>: Once you\u2019ve completed all the steps above, you should be able to activate your coverage.<\/li>\n<\/ul>\n
Required documentation<\/h3>\n
When you apply for life insurance, you may be required to provide documentation. That documentation may include:<\/p>\n
- \n
- Proof of identity<\/b>: You will likely need to provide proof of your identity like a state-issued driver’s license or identification card.<\/li>\n
- Proof of income<\/b>: In some cases, you may be required to prove your income.<\/li>\n
- Bank statements<\/b>: Some life insurance companies may require you to provide bank statements when you apply.<\/li>\n
- Medical history<\/b>: Your life insurance provider may ask you to provide documents that prove your medical history. This may especially be the case if you purchase no-medical-exam life insurance as a senior.<\/li>\n<\/ul>\n
Tips for a smooth application process<\/h3>\n
The life insurance application process may seem long and convoluted, but it doesn\u2019t have to be. There are a few things you can do to ensure a smooth application process.<\/p>\n
One of the first things you\u2019ll want to do is be honest when answering questions. For example, it\u2019s best to provide a clear picture of your medical history, even if it\u2019s not perfect. After all, if you don\u2019t provide information surrounding pre-existing conditions, those conditions may pop up in your medical exam or in the medical documentation you provide.<\/p>\n
It\u2019s also best to have all of your documentation handy when you apply. The documents you may need are listed above. Getting them in order before you apply will help you avoid any delays in the application process.<\/p>\n
Finally, don\u2019t be afraid to ask questions. Your life insurance agent isn\u2019t just there to sell you insurance. They\u2019re also there to make sure you understand exactly what you\u2019re buying before you buy life insurance.<\/p>\n
Alternatives to traditional life insurance<\/h2>\n
Though traditional life insurance is a strong fit for most seniors, there are times when alternatives may be your better option. Some alternatives to traditional life insurance include:<\/p>\n
Pre-need insurance<\/h3>\n
Pre-need life insurance differs from traditional life insurance in what it\u2019s designed to cover. These policies are typically a type of whole life insurance, but the benefits are usually linked to a specific provider.<\/p>\n
For example, if you\u2019ve already chosen a funeral home and the services you\u2019d like that funeral home to provide, you can purchase pre-need life insurance to cover those costs. When you die, the funeral and other service the insurance was designed to cover will be paid for as outlined in your pre-need insurance contract.<\/p>\n
Funeral trusts<\/h3>\n
If you\u2019re only purchasing life insurance to cover end-of-life expenses, a funeral trust, also commonly called final expense insurance, may make sense. These are legally binding trusts that help to make sure you have money set aside to cover expenses like funeral and burial costs.<\/p>\n
These are typically contracts that you enter into with your funeral provider and agree to fund in advance. And, since coverage is limited to your funeral and burial costs, the cost of these trusts can be quite a bit lower than the cost of a traditional life insurance policy.<\/p>\n
Self-insurance strategies<\/h3>\n
Self-insurance is always an option, too. With this option, instead of paying premiums to an insurance provider and sharing the risk across the insurance network, you\u2019ll make payments into an investment account and either manage your own funds or have a financial advisor manage them for you.
\nThough this option guarantees that you have full control over your life insurance funds, it can also be a risky proposition. After all, nobody knows when they will die. And, if you die too soon after setting up a self-insurance investment strategy, you may not save enough money to cover the costs you intended to cover.<\/p>\nFrequently Asked Questions (FAQs)<\/h2>\n
Find the answers to some of the most common questions about life insurance for seniors below.<\/p>\n
How much does life insurance cost for seniors?<\/h3>\n
There\u2019s no single premium amount that will purchase coverage for all seniors. The cost of your coverage will depend on varying factors, including:<\/p>\n
- \n
- Your age<\/b>: Seniors in their 80s will likely pay more for coverage than seniors in their 70s, who will likely pay higher premiums than applicants in their 60s.\u00a0 Life insurance costs tend to rise with age.<\/li>\n
- Your health<\/b>: Life insurance companies must consider risk factors when pricing policies. One of the most significant of those risk factors is your health and medical history.<\/li>\n
- Your coverage amount<\/b>: Insurance premium prices are typically relative to the amount of coverage the policy provides. So, it\u2019s important to carefully consider how much coverage you need.<\/li>\n
- Your riders<\/b>: Riders can help you customize your policy to meet your needs, but they may increase your premiums.<\/li>\n<\/ul>\n
Do all seniors qualify for life insurance?<\/h3>\n
While not all seniors will qualify for life insurance, most do qualify for a policy, even if they\u2019re in their 70s and have pre-existing medical conditions.<\/p>\n
Is term life insurance or whole life insurance better for seniors?<\/h3>\n
- Your health<\/b>: Life insurance companies must consider risk factors when pricing policies. One of the most significant of those risk factors is your health and medical history.<\/li>\n
- Proof of income<\/b>: In some cases, you may be required to prove your income.<\/li>\n
- Step #2: Think about the type of policy you need<\/b>: Determine whether whole life insurance or term life insurance would better meet your needs.<\/li>\n
- Life insurance isn\u2019t necessary for seniors<\/b>: Though your children may not depend on you financially anymore, there are several other reasons seniors should purchase life insurance. It can help protect your surviving spouse, give you a way to leave a meaningful inheritance, help cover end-of-life expenses, and more.<\/li>\n<\/ul>\n