Life Insurance for Seniors Made Easy

Finding the Best Life Insurance for Seniors is easier than ever. It is important to compare plans so you know you are getting the best plan at the best price.  Seniors are usually looking for a low cost burial insurance plan that takes care of their final expense needs such as funeral cost, cremation if preferred, debts, legal fees, and even monies left for family members. Family members have peace of mind knowing these expenses will be paid for and a financial burden isn’t left upon the passing of their loved one.  The unexpected benefit of the best life insurance for seniors is the peace of mind it gives.

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How Does Burial Insurance Work?

Low cost burial insurance is easy to get. The best life insurance for seniors is a plan that will pay for your burial services.  The amount of life insurance you need is based on your funeral preferences, debts, and if you want to leave money for family members.  That is totaled and determines how much burial insurance you need.  Burial insurance is a type of whole life insurance plan.  Whole life insurance is perfect for seniors because the rates are guaranteed NEVER to be raised and the plan can never be cancelled as long as payments are being made. Your whole life insurance plan pays out to your beneficiary within about 48 hours of your passing, ensuring your loved ones are taken care of. 

life insurance for seniors

Life Insurance for Seniors-Types of plans

Preferred –  A preferred plan is truly the BEST life insurance for seniors.  This plan has DAY ONE coverage and no waiting period.  About 90% of seniors are approved for a preferred burial insurance plan. 

Level or graded-  A level plan is an in-between plan that phases in the death benefit.  Certain medical conditions are more high risk and so the insurance company requires a bit of a phasing in period.  This means that in the first year, the insurance company would pay a percentage of the death benefit if you were to pass away. Often it is around 25-30%.  In the second year a larger portion of the plan is paid out- usually about 70% of the death benefit.  Finally, after the two year phase in period, the full death benefit is paid out.  Only a small percentage of seniors will fit into the level or graded category. 

Guaranteed Issue-  A guaranteed issue plan might not seem like the best life insurance for seniors but in some ways it really is.  A guaranteed issue plan is also known as Guaranteed Approval life insurance. This means approval is GUARANTEED for seniors between 50-85 years old.  This plan is designed for seniors with serious medical conditions where they are usually declined for most types of life insurance.  There are no health questions asked at all and approval is automatic.  There is a two year waiting period before the death benefit is paid unless death is due to an accident.  However, the good news is that if the insured passes away during the first two years, all premiums paid are refunded back to the beneficiary plus 10% interest. 

life insurance for seniors

Steps to apply

1- GET A QUOTE-  The first step is to get a preliminary quote.  You can either call 800-517-5131 or Click HERE to start.  You are able to compare plan amounts based on state of residence, age, gender, and tobacco use as a first step. 

2- Consult a specialist–  Best Life Insurance has experts who are here for YOU the client and want to get you the most final expense life insurance for the lowest price. The reason to use a broker like we have at Best Life Insurance is because a broker has access to over 50 different companies.  We work with reputable companies that are ranked highly with AM Best such as Mutual of Omaha, AIG, Royal Neighbors of America, and Liberty Bankers.  These are companies that will be there when your family needs it.  

Why use a broker for Life Insurance for Seniors?  

You will only get the Best Life Insurance for Seniors if you are sure you compared all your options. Brokers like we have at Best Life Insurance work with multiple companies.  Each company has a specialty of what health conditions are approved.  For example, one company might decline someone with COPD but another company approves COPD with preferred coverage.  A broker has access to that important information which saves you time and money. 

3- Application and Approval – The application process for senior whole life is quick and easy. There are a few questions along with a short list of yes and no health questions.  Often approval takes place immediately or within 24 hours. Getting the best life insurance for seniors is a simple process and takes less than an hour start to finish.  That’s an hour worth spending knowing your family will be protected.

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Don’t wait to start your plan….  It is too easy to put this off and realize that your options were limited due to a health condition or that rates went up because your next birthday passed by.  Your family is worth the BEST so get your quote now for the best life insurance for seniors.