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Term Life Insurance for Senors
Seniors can secure term life insurance, though some life insurance companies may enforce age restrictions on their policies. These age limits will vary from company to company. Guaranteed issue life insurance is another option if you have health issues that prevent you from buying a traditional term policy.
Life Insurance Options for Older Adults
With a term life insurance policy, your named beneficiaries receive a payment if your policy is still in force when you die. This can be important for your spouse or you may have other financial dependents, such as grandchildren, whom you also want to protect financially.
But can you get term life insurance coverage late in life?
Even if you're over 65, you may be able to buy a term life insurance policy. This will vary from insurer to insurer, however. That means it's worth shopping around.
It's also worth noting that the older you are, the higher your premiums are likely to be when buying a term life insurance policy.
Other Life Insurance Options
If you're a senior in poor health, it can limit your life insurance options. If you've tried to buy other types of life insurance but have been unsuccessful, a guaranteed-issue policy may be an alternative to consider.
Unlike term policies, these plans stay in effect as long as the premiums are paid on time and in full. Unlike a traditional term life insurance policy — which includes medical underwriting (health questions and a medical exam) — guaranteed-issue policies don't take your health history into consideration. There's no medical exam and no health questions.
The tradeoff? Lower death benefit amounts. Many guaranteed-issue policies cap death benefits around $25,000. Some seniors may only qualify for smaller benefits. These policies can be useful for paying for funeral costs and other final expenses.
Guaranteed-issue policies are usually age restricted (50-85 is a typical age range). They also may feature graded death benefits, meaning you won't receive the full benefit amount if you die during an initial period of time (usually the first year or two of the policy).
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.