Life Insurance

Many retirees are used to having life insurance offered by their employers, but once they retire…POOF there goes their life insurance.

But by then, isn’t it to late to get life insurance? No it’s not. In this article we break down the different types of life insurance options available to seniors.

Types of Life Insurance for Seniors

There are 2 primary types of life insurance available for people of Medicare age:

Final Expense

Final Expense (also called Burial Insurance) is a type of whole life policy that is designed to cover funeral costs, burial expenses, and related debts after a person’s death.

Coverage Amount: Typically offers lower coverage amounts, ranging from $5,000 to $25,000.

Policy Type: Usually a whole life insurance policy, meaning it lasts for the insured’s lifetime as long as premiums are paid.

Premiums: Generally more affordable than traditional life insurance due to lower coverage amounts.

Eligibility: Often easier to qualify for, with fewer medical questions, making it accessible for older individuals or those with health issues.

Benefits: Funds are often paid directly to the beneficiary or funeral home, simplifying the process.

Term Insurance

Term life insurance provides coverage for a specific term (e.g., 10, 20, or 30 years) to provide financial protection for dependents.

Coverage Amount: Can offer higher coverage amounts, often ranging from tens of thousands to millions.

Policy Type: Temporary insurance that expires at the end of the term; no cash value accumulates.

Premiums: Generally lower than whole life premiums for the same coverage amount since it’s temporary.

Renewability: Can typically be renewed or converted to a permanent policy, but premiums may increase upon renewal.

Benefits: Ideal for those seeking to cover temporary financial needs, such as a mortgage or education expenses for children

FAQs

Can I get life insurance if I'm not healthy?

Yes, there are types of life insurance that do not require any health questions in order to qualify.

Summary

Have questions? We can help! Give us a call and we can walk you through all of your options today!

Sylvia Gordon, aka Medicare Mama^®, is an expert on all things Medicare and Social Security. She is the 2nd Generation here at The Medicare Family and has served on the advisory boards of major insurance companies like UnitedHealthcare^®, Cigna, and Anthem. In her free time, she can be found taking care of her animals (dogs, goats, peacocks, chickens), and reading a good book. Learn More.

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