Best Whole Life Insurance For Senior Citizens

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Becoming a senior citizen is a major transition phase of life. After you turn 65 you are officially entering the golden years of life.

Did you know that nearly 57 percent of Americans don’t have an individual-based life insurance policy? Well over 30 percent of Americans don’t have any kind of life insurance at all.

Have you made all of your final life preparations? Are all of your life affairs in order?

Even though you may have grown-up, adult children you may have grandchildren that you may want to make considerations for in the future.

If you passed away, would there be enough income for your spouse to continue paying the bills? Do you have estate tax concerns, medical bills or a need for supplemental income? Or a family business that you want to keep operationally secure after your passing?

There are a multitude of life insurance products and options available to you after age 65. But as you get older, your life insurance options, choices and availability will dwindle significantly.

As a senior citizen, you may be better off applying for whole life insurance, which is also known as permanent insurance. It may be pricier but in the end you will have more policy options to play with for you and your family’s benefit.

You shouldn’t delay making your final plans for your family’s future. Fill out the life insurance rate finder form found on this page and you will get instant life insurance quotes.

Reasons to Apply for Whole Life Insurance at Age 65

Every grown-up wants to young at heart, but age 65 will truly be the youngest you will ever feel in life. As human beings get older, the human body slowly breaks down.

If you don’t have any life insurance, need to upgrade existing policies or add supplemental policies, then now would be the best time to do such.

Life insurance companies make all policy acquisition decisions based on probability tables, statistics, demographic information and other such data. As long as you don’t smoke and do not suffer from any serious physical problems, illness or disease, then you should have no problem securing some form of life insurance.

  • You can secure your spouse and family from the anxieties of the unknown. If you pass away, your family won’t have any problems paying for your funeral.
  • A good whole life insurance policy can be used to pay off the medical bills for any of your listed beneficiaries. You can set up trust-like payments that can pay for medical bills and treatment for your spouse and/or dependents.
  • Whole life insurance accrues cash equivalency values that can be borrowed against to take out a bank loan. Or to pay off mortgage bills, personal debt, credit card bills, utility payments and similar such bills.
  • Whole life insurance policies are adaptable. They can be used to pay college tuition for your children or grandchildren.
  • Life insurance payments are usually non-taxable depending on the specifics of your policy, where you live and the insurance company you work with.
  • If you and your spouse live off of a pension, Social Security or a set, limited income then you should know that your whole life insurance policy can be converted into a form of supplementary income.
  • Life insurance coverage lasts your entire lifetime. As long as you pay the premium on time, you will never have to worry about your coverage lapsing.
  • The premium that you pay is set in stone and will not increase. Make sure you read the fine print and are aware of the benefits for yourself.
  • And consult a professional, independent insurance agent who can help you through this process and answer your questions.

Whole Life Insurance

Whole life insurance, also known as permanent insurance, is an insurance company investment product that is designed to build up extra cash equivalency value against the financial strength and investment standing of the insurance company.

If you are 65 and hold onto a good whole insurance policy for a few years or a decade or two, then you will build up a lot of accrued policy cash value that you can use as you wish.
Premium rates for whole life insurance products are more expensive than term life insurance, for example. But term life insurance only offers coverage for specific terms of coverage. Term life policy lapses and must be re-upped.

Whole life insurance covers you for the rest of your life and will not lapse as long as you make regular payments.

Whole life insurance is really a long term game. It will take time for your policy to gain appreciable cash equivalency value.

With term life insurance, policy conditions and terms can change or be readjusted every time the policy is renewed. The policy conditions don’t change with a whole life policy.
You may be subjected to a medical evaluation depending upon the plan and the policy. Unless you apply for no-medical exam life insurance, then know that almost all life insurance policy seekers over 65 will be mandated to undergo a medical examination.

The Adaptable Benefits of Whole Life Insurance for Seniors

Depending upon the life insurance company, your life circumstances and the particulars of your individual policy, your whole life insurance policy should be extremely adaptable.
Based on the investment performance of the insurance company, the cash value equivalency worth of your policy and the length of time that your policy accrues value you can adapt the policy to become supplementary payments for yourself, pay bills and so much more.

You can adapt your insurance policy to become a personal disability payment program. If you are injured and can’t work or need help paying medical bills, you can change your policy so that the cash value can be converted into regular disability checks.

If you design your policy in such a way, then the insurance company could start paying your premium in the event you are disabled.
If you have a modification clause or rider option in effect on your policy, then the beneficiaries or listed individuals on your policy can have their rider or modification option changed into any life insurance product offered by the company.

But that would depend on the policy, modification and rider specifics at the time of acquiring the policy.

Other Forms of Insurance to Consider

Term life insurance is infinitely cheaper than whole life insurance and is much easier to acquire.

You are only covered by the policy during pre-decided terms of coverage. You can be covered for 1, 4, 7 or 30 years. But to leave behind a death benefit for your family, you would have to pass away during the term of coverage. And if you let the policy lapse then you paid it for nothing and received no benefit.

If you don’t pass away during the term of coverage, then you would have ended up paying a regular premium to the insurance company for years or decade. Meanwhile, the insurance company, while collecting your premium, will not have to worry about paying your beneficiaries death benefits if you die outside of term life insurance coverage or during a period of policy lapse.

Almost anyone who applies for Guaranteed Life Insurance is accepted. There is no need for a medical evaluation.

The Bottom Line

There are many different kinds of whole life insurance policies that you can consider as a senior citizen. Get help from a qualified insurance agent professional before you apply for whole life insurance. A good, independent insurance agent will help you make the right choices and purchase adequate coverage.

Try not buy too much insurance. Know what you need and what you need it for. It is very easy to buy more coverage than you need if you are not paying attention.

If you don’t have any insurance at age 65, then you should consider getting a good whole life insurance.

As a senior citizen, you are the youngest you will ever really be for the rest of your life. And you are young enough to maximize the benefits of a good life insurance policy for years to come.