Inexpensive life insurance for seniors
Seniors who need life insurance do not need to pay an arm and a leg for the coverage. Of 
course it is pricier to get life insurance on an 85 year old than a 65 year old, but depending on a few factors, an 85 year old can still get decent rates with a top rated insurance company.
How easy is it to get coverage once you are a senior?
The truth is, it is a bit more difficult than getting life insurance for a 20 year old but the bottom line is the same whether you are in your 20s or 80's. Are you healthy enough to qualify? And if you qualify, what plan can you get? For most people over 65, whole life tends to be the plan of choice. Particularly if they want to keep the process fast and simple. No exam whole life insurance is by far the easiest to apply and qualify for. Some companies will even just take a paper application, do a quick phone interview (and sometimes not even that) and that is it. You can get a final answer in as fast as 2 days! One limitation to these plans is the amount you can qualify for. The most we have seen with one company is $75,000. The rates tend to be on the higher side too. Which makes sense, since the insurance company is accepting more risks. There are some companies who do offer a no exam term life insurance for seniors up to age 75. The amount available may be more limited though (usually $25,000).
If you need life insurance in large amounts, can you get it?
Of course! Just be prepared for a longer wait (4+ week average), more health and other questions, more background check and, of course, an exam by a nurse or a DR. (most times, at the insurance company's expense - or at least with the companies we represent). The advantage of this plan is the potential for the least expensive seniors life insurance plan. and the potential to qualify for maximum coverage.
Overall, if you are considered part of the older group, getting life insurance is not so complicated if you have the help you need. As we have always advised, ask a lot of questions, request brochure, policy samples and once you receive your policy, review it to make sure it is what you wanted. BEWARE, some clients have called us all upset because their parents were sold accident only life insurance instead of regular insurance.
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