You’re never too old to invest in life insurance. If you don’t currently have coverage or if you are worried about your parents’ lack of insurance, now is the time to start shopping. Although there are a couple of different types of insurance out there, whole life insurance for seniors can be the best choice for many.
Whole Life Insurance: What is It?
Unlike term life insurance, whole life insurance guarantees that you have coverage for the rest of your life. You don’t have to worry about renewing your coverage or having a rate increase; instead, your premiums will remain the same for as long as you live, and you will be guaranteed to have coverage when you pass away as long as you make your payments.
Another unique thing about whole life insurance is the fact that it builds up a cash value over time. It can take five or more years for this cash value to become available, but you can borrow from it once it does.
Although many people think that whole life insurance is expensive, this does depend on a few different factors. If you are seeking cheap whole life insurance for seniors, you can opt for a policy with a smaller face value. Then, you will still benefit from permanent coverage, but your rates won’t be as high. Many of these policies run in the range of $5,000 to $35,000. This money will be paid to the beneficiary and can be used for anything from funeral expenses to medical bills and more. If you’re looking for more coverage, some companies offer policies that are worth millions of dollars; however, policies with a face value of more than $50,000 typically require a medical exam.
If you want to find out more about the average whole life insurance policy that is available to you, you can check out our quote engine for instant information. By simply typing your ZIP code into the form at the top of the page, you can instantly find out about whole life insurance and other types of coverage that are available for you. This will give you the opportunity to compare policies and determine the benefits of whole life coverage. It can also give you an idea of what you will need to spend to get the best coverage for your needs.
Whole Life Insurance vs. Term Life Insurance
If you’ve been looking for the best whole life insurance for seniors, you might have come across information about other policies as well. For example, you have probably heard of term life insurance, and you could be wondering if it’s the best type of coverage for you. Here are a few of the main differences between whole life and term life insurance:
- Term life insurance only offers coverage for a set period of time. When this coverage runs out, you have to renew your life insurance, and many companies increase the rate exponentially. In fact, many seniors find themselves paying 10 times more for term life insurance once they renew their policies. With whole life coverage, you don’t have to worry about this; your premiums will be level for the rest of your life.
- In some cases, term life insurance companies can be tough on seniors. They often require medical exams, even those that don’t usually ask a lot of health-related questions. It can be difficult to qualify for an affordable term life plan if you have even the most basic of health-related problems, but many whole life insurance companies will still provide reasonable coverage if the issues aren’t too severe.
- Since whole life insurance slowly builds up a cash value, it can be seen as an investment. This doesn’t happen with term life, however; regardless of how much you pay in, your beneficiaries will only receive your death benefit.
- For younger people or those who don’t have any health issues, term life insurance can be more affordable.
Questions to Ask When Looking for the Best Whole Life Insurance for Seniors
- How is your health? If you have some health-related issues, you may want to look for an insurance company that doesn’t require a medical exam. Although you will still need to answer some questions about your medical history, many of these companies will still work with you on coverage with a face value between $5,000 and $35,000; for example, you can try working with Assurity Life or Aetna for this type of coverage. If you have more serious health problems, you will need to look for guaranteed issue whole life insurance. With this type of coverage, you won’t have to worry about being denied due to your health, but you can expect a lower face value and a higher premium.
- How much coverage do you need? You have to look at how much money you would like to have paid to your beneficiary after your death when choosing your coverage. If you will be leaving behind a lot of bills or estate taxes, you might need higher-value coverage. In this instance, you might want to work with a company like American General, Banner Life or Genworth Life Insurance Company. These insurers offer up to millions of dollars’ worth of coverage, but they do typically require a medical exam for policies with face values that are higher than $50,000.
- How old are you? The older that you are, the harder it will be to find coverage. Fortunately, some companies specialize in helping elderly customers. Although the face values for these policies can be a bit lower, they still offer coverage to older clients.
- How much can you afford to spend? Obviously, policies with higher face values will be more costly. Also, you can expect to spend more on guaranteed issue whole life insurance or on coverage for someone with significant health-related issues. If you are looking for something that is a bit cheaper, you might choose to look into a burial insurance policy.
Here at United Life Group, we can make your search for whole life insurance quotes for seniors a whole lot easier. By using our simple quote engine to get information online, you can find out more about your options instantly. We work with some of the top insurance companies in the nation, so we can help you secure coverage that you can depend on. We also offer term life insurance and burial insurance to our customers, so you can look into these options as well. Regardless of your age or health, we can help you get the coverage that you need.