Written by Kim Wilhelm
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Last Updated 25 Apr 2024
As a senior, you’ve probably spent most of your life taking care of others, watching your children grow and now blessed to watch your grandchildren grow as well.
But what if one more act could secure a better financial future for your family? With whole life senior life insurance, you can ensure your family won’t have to shoulder the financial burden of paying for your funeral and end-of-life costs when the Good Lord calls you home.
What is whole life senior life insurance and why is it right for you? Here’s the answer to that question and more.
What is Whole Life Senior Life Insurance?
Whole life insurance is a type of life insurance offering permanent coverage with rates that never increase. You can easily budget to pay your premiums as they are predictable and won’t go up over time — as long as you choose the right life insurance company.
While just about any age group can qualify for whole life insurance, only seniors can qualify for whole life seniors life insurance. This life insurance is available to seniors between the ages of 50 and 80, though some companies offer it to younger and older adults.
Liberty Bankers Life is one of those companies. You can get whole life final expense insurance as young as 18 with Liberty Bankers Life. This company also has some of the cheapest riders to cover your children and grandchildren, too. Find out why we partner with Liberty Bankers Life and who is the best fit for their whole life insurance policy.
Why Should I Buy Whole Life Burial Insurance?
There are several reasons you should buy whole life burial insurance if you’re a senior.
Whole life burial insurance for seniors has a simplified application process compared to traditional life insurance. You only have to answer a few questions about your health instead of the detailed history most companies want for standard life insurance. This type of whole life insurance is called simplified issue whole life insurance.
One of the biggest attractions to whole life burial insurance is there is no medical exam to complete. You won’t have to go to a lab or have a nurse come into your home to check your:
Height
Weight
Blood pressure
Pulse
And you won’t have to provide a urine or blood sample, either.
With the traditional life insurance process, it can take weeks to months to find out if you’re approved or denied, and how much you’ll pay for coverage. It takes time to verify your employment and income, check your health and driving history, and determine what risk class you fall into.
When you buy final expense insurance, you often get an answer right away, or within 48 hours of applying.
Can I Really Qualify for Whole Life Insurance if I’m in Poor Health?
Yes, you can really qualify for whole life insurance, even if you’re in poor health.
That’s one of the great things about final expense whole life insurance. No matter what your health issues are, you can get approved for a policy.
If you’re healthy enough and can answer all the health questions with “no,” then you’ll be able to get a simplified issue whole life insurance policy. But if you’re not–whether you have multiple health conditions or one major condition that disqualifies you–there’s another option.
Guaranteed issue senior life insurance companies don’t ask any health questions. So you won’t have to worry about a medical exam or answering questions about your health.
It’s the simplest form of life insurance because if you meet the age requirements and can pay for the premiums, you’re approved. These policies have limitations, which may include a 2-year waiting period.
How Much Does a Whole Life Funeral Insurance Policy Cost?
How much a whole life funeral insurance policy costs vary, and is based on a few different factors like:
- Your age
- Coverage amount
- Gender
- Health status
- Tobacco usage
The company you choose can also affect your senior life insurance policy cost. Each company sets its own rates and has its own guidelines. So your personal factors will weigh heavily when deciding which company is the best fit for you.
If you want to get an idea of pricing before you call Final Expense Direct to get a personalized quote, check out our age chart pages:
You can also get sample rates for different coverage amounts:
Want more coverage or don’t see your age listed? Maybe you have some health concerns you want to get answered before you apply?
Reach out to one of our agents at Final Expense Direct. They can answer all your questions, including how much coverage you need if you’re not sure. Then, the agent will get quotes for coverage you can qualify for, so you know how much it’ll cost before you buy.
Compare and buy
final expense
Can’t I Get Term Life Insurance as a Senior?
Yes, you might be able to get term life insurance as a senior. Depending on your age, you could qualify for up to 15 or even 20 years of coverage, if you’re young enough.
And yes, term life insurance is cheaper. But that’s because it expires after the term is over. And if you’re still alive, then you’re stuck having paid all that money for something you can’t keep.
Plus, most seniors have permanent coverage needs, like paying for a funeral and other final expenses. Term life insurance is great for temporary needs, like paying off debts or replacing income.
But for most seniors, whole life insurance is the best solution. You get to lock in your rates for life, and as long as you keep paying for the policy, you’ll be covered when the Good Lord calls you home.
How Can I Get Whole Life Final Expense Insurance?
You can get whole life final expense insurance from various sources. Some companies offer policies directly to consumers, but then you can’t compare their quote with competitors to see if you’re getting the best policy.
You could also spend hours getting quotes from different life insurance companies and comparing them. But not only does that take time, there are lots of features built into whole life final expense insurance that differ by each company. Unless you really understand whole life insurance, you could miss out on the best plan simply because you don’t know what to compare besides price and basic coverages.
The best way to get whole life final expense insurance is through an independent broker agency like Final Expense Direct. When you work with an independent broker, they do all the work to get quotes from companies you’re eligible for. They can work with you to compare each quote to help you find exactly what you’re looking for.
And the best part about working with an independent broker like Final Expense Direct? It doesn’t cost you anything. We get paid directly from the life insurance companies, so you won’t be out-of-pocket for anything other than your life insurance premium, which is paid directly to the carrier.
Why wait any longer to get whole life final expense insurance for seniors? Get a quote online or call to speak with one of our agents today.
We’ll gather some information, ask you a few health questions to determine your eligibility, and provide you with quotes from companies that will approve you — regardless of your age or health status.
Once you pick the right policy for your needs, we’ll help you apply right over the phone. Most carriers offer an instant answer, so if you’re approved, you’ll have a life insurance policy in place before we hang up the phone!
Why Should I Choose Final Expense Direct?
Final Expense Direct is more than just an independent life insurance brokerage. Our team is full of qualified agents and team members who share the same values and compassion as God fearing Americans like yourself.
Our agency is based in Houston, Texas, and services the entire country. We work almost exclusively with seniors, who are often forgotten about when it comes to life insurance. Seniors need coverage too, and we work with you to get you the coverage you need at a price you can afford.
We make the process easy with just 4 steps:
Call us or contact us online
Connect with an agent without having to go through an automated system
Work with the agent to decide on a plan that works best for you
Get approval right over the phone
We created this simple process to not only offer our customers insurance but also peace of mind.
And don’t forget, it’s completely free for you to work with us. We partner with some of the best final expense companies in the country.
Our agents know their guidelines and application questions, so they can match you quickly with a company that will approve you the first time you apply.
If you’re a senior, or an adult child looking for coverage for your parent or grandparent, reach out to us today. Even if you’re not a senior, we have companies offering whole life insurance as young as 18, without a medical exam.
Contact us today to get your personalized whole life insurance quote from a top-rated life insurer.
FAQs Whole Life Insurance for Seniors
Is There an Age Limit on Whole Life Insurance?
Whether there is an age limit on whole life insurance depends on the company. Most carriers will offer coverage up to age 85 or 90, or even older. Most whole life insurance for seniors policies last your whole life, while others will expire at age 100. It’s important to read and understand your policy to know if there is an age limit on whole life insurance. Final Expense Direct is here to answer your questions and help you find the best whole life final expense insurance.
What Kind of Life Insurance is Best for Seniors?
The best kind of life insurance for seniors is whole life insurance. Seniors have permanent life insurance needs, like paying for a funeral and end-of-life costs. When you buy whole life funeral insurance, you don’t have to worry about the policy expiring before you die, like term life can.
What Happens to Whole Life Insurance at Age 65?
What happens to whole life insurance at age 65 depends on your whole life senior life insurance plan. Some policies are paid up at age 65, which means your policy is fully paid for at the policy anniversary date after your 65th birthday. If your policy is paid until 100, then you’ll keep paying your whole life burial insurance policy to keep the coverage in force until you pass away.
How Much is Life Insurance for a 70 Year Old?
How much life insurance is for a 70 year old depends on the type of life insurance, coverage amount, health status, and the company issuing the plan. Most companies won’t offer term life insurance to a 70 year old. Whole life burial insurance is usually the best option for this age group. Check out some sample rates for 70–74 and 75–80 to get an idea of how much you could pay.
Can You Get Life Insurance on an 80 Year Old?
Yes, you can get life insurance on an 80 year old. At this age, you’ll likely only qualify for whole life senior life insurance, which offers permanent coverage until death or a specific age, depending on the policy. Call Final Expense Direct to find out what you qualify for and how to get the cheapest rates for whole life final expense insurance on an 80 year old.
Related:
The Lord Is Calling Me Home - What Happens If You Die With No Money And No Life Insurance?
