Whole Life Insurance for Seniors Citizens
Our experience has been that whole life insurance is by far the 
mostpopular plan for seniors. Particularly for seniors over the age of 75. In most cases the whole life insurance is small and often used to cover burial cost or final expenses. The most common amounts requested are $10,000 and $20,000.
Why use a whole life insurance for a senior?
Simply, it is the best way to ensure that the senior will not outlive the policy and avoid the risk of reaching an age where no insurance will be available at all. We have seen some seniors look into 10 year term life insurance plans only to quickly regret it. Look at it this way, a term life insurance may start at lower rates, but by age 80+ when the senior is still living and hopefully in good health, it is practically impossible to secure any insurance let alone any affordable insurance. If the senior had started with a whole life insurance, that concern would have never been.
What types of whole life insurance plans are available to seniors?
It would seem that whole life insurance for seniors should be simple; you pay the premiums and the rates and face amount stay the same for life. Not so! We have received calls from seniors or children of seniors who found out, often after it is too late, that there whole life rates were only guaranteed for a certain period of time or worse, premiums stayed the same but at a certain age the face value of the whole life policy went down (sometimes by half). Why do we say that it is worse for the face amount to go down than premiums going up? Well if your life insurance premium would suddenly go up, you would notice it right away. Unfortunately, the face amount going down is often noticed only after the insured has passed away and the payout survivors receive is much smaller than expected.
When selecting a senior whole life insurance plan, make sure that the premiums are guaranteed to at least age 100 or 120 and the face amount is guaranteed to remain level to age 100 or 120.
What about riders on senior whole life insurance plans?
That is very simple, riders in whole life insurance polices for seniors are usually limited. Particularly for seniors ages 65+. The one rider that may still be available is the accidental rider which doubles the pay out in case the insured dies in an accident. If the rider is not added, and the insured dies in an accident, then just the basic face amount is paid out.
Are there whole life plans for seniors in bad health or with bad health history.
Yes, most seniors should able to secure a whole life insurance. There are many companies who specialize in plans for seniors with health problems. Diabetes, cancer and heart issues and more are commonly covered. In some cases, even if diagnoses was very recent.
Request a Senior Citizen Whole Life Insurance Quote
Is an exam required with the whole life insurance plans for seniors?
No, plans are offered with no exam needed an simple, express underwriting for seniors to age 85. We are in the process of adding new plans for seniors to age 89. For more on no exam life insurance for seniors here.
