3 Life Insurance Policies Seniors Should Buy

guest-postNowadays, life insurance for the elderly is not that uncommon or difficult to get. Life insurance agencies have lowered their standards and are willing to take more risks. What this means is that qualifying for insurance even during retirement is a lot easier.

Today, seniors have a lot of options when it comes to purchasing life coverage. We will analyze and compare three of the best policies for seniors!

Term Life Insurance

Term life insurance is one of the cheapest life insurance plans available. When you are a senior, life coverage costs more, so it is important to find a policy at affordable premiums. Term life insurance offers great rates and comes with a high value.

You can choose the availability period between one and 30 years. This allows for a great flexibility as you can purchase coverage for just as long as you need it! The downside is that if the policy expires and you die, your beneficiaries will not receive any payment from the agency!


  • Cheap
  • Flexible
  •  Very good price/coverage ratio


  • It expires
  • No investment options
  • Expensive to renew

Universal Life Insurance

Universal life insurance is a great policy if you think you’ll need coverage for the rest of your life. Besides permanent coverage, universal life policies come with an account which builds cash value. It is very flexible as you can choose the amount to pay as premiums and if the policy’s account builds enough cash value, the policy can become self-sustainable!


  • Very flexible
  • Builds cash value
  • Can pay for itself


  • Expensive
  • Takes time to build enough cash value
  • It has surrender charges (it is expensive to cancel the policy)

Final Expense Life Insurance

Final expense is a small face value policy which is designed to cover your funeral taxes. This means that the coverage is limited to around $50,000 and it comes with a graded benefit. A grade benefit means that if the insured dies during the first two years, the agency will not pay the full benefit; instead, it will repay the amount spent on premiums. In order to qualify for this policy you only have to answer a few questions. No medical examination is required, which makes this one of the fastest life insurance for elderly you can get!


  • It is issued in 24 hours
  • Simple to qualify for coverage
  • No medical examinations are required


  • Small face value
  • Graded benefit
  • Expensive

If you need life insurance as a senior, you should have a look at some quotes for term, universal or final expense life insurance policies. Each of them offers good coverage that can help your family pay for urgent expenses.

Our website provides great quotes for people of all ages! If you are a senior who needs life coverage, we can help you find the best quotes! Click here!

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