Life Insurance Needs Calculator
Senior Life Insurance
The most popular form of life insurance, term life insurance, can provide a valuable protection at a low cost for families of any demographic. However, term life insurance is designed for people with dependents and many financial responsibilities. A 35 year old male might purchase a 20 year term life insurance policy which would ensure the security of his estate if he were to die or if he were unable to work due to a terminal illness.
How life insurance differs for 50+
Let’s fast forward 25 years to when our 35 year old male is now 60 years old. While he may have had plans to have a secure economic standing, that may not be the case. Without sufficient savings or a way to cover debt, people over the age of 50 still need a way to cover their expenses when they die, especially if they have a spouse who will be left with their burial expenses.
Life insurance for seniors is not based on a specific period of time. Commonly referred to as whole life insurance, this customized policy remains in force for the insured’s entire lifetime, no matter your age.
Life insurance policies for seniors
There are several options available to seniors that are looking for life insurance.
- Short Term Life Insurance – Exactly the same as a term life insurance policy, but the term is for a short amount of time. Get a term life insurance quote.
Advantage: Least expensive way to purchase life insurance.
Disadvantage: Must undergo medical exam before approval.
- No Exam Life Insurance – For seniors that have been rejected due to their health, this policy ensures coverage. Get a no exam life insurance quote.
Advantage: Very little waiting time for policy approval and easy approval.
Disadvantage: More expensive than policies that include a medical exam.
- Graded Benefit Life Insurance – Benefits paid to the insured increase yearly until the max benefit grade has been reached. Also, the application process includes no medical exam or health questions.
Advantage: No health questions or medical exam and benefits increase with time.
Disadvantage: High premiums and risk of low death benefit.
Another senior life insurance option is Permanent Life Insurance.
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need to know how much a month for 100k, for me im 60, a\my wife is 57, she has back problems, me , i’m fine, just gettin gray