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Looking for a senior life insurance policy? The cost of senior life insurance policies can vary widely.
Below, we’ll look at the average cost of these policies as well as the types of policies and who really needs to get one.
Should Seniors Get Life Insurance?
There are many reasons why seniors should get life insurance. Some of the key reasons are:
- You having outstanding debt
- You need supplemental income for a spouse or child with special needs
- You want to cover funeral costs in the future
Seniors who have a high net-worth and want to cover estate taxes should also get life insurance. And, of course, it’s a good idea for seniors who want to provide an inheritance for their families.
Different Types of Senior Life Insurance Policies
It can be confusing to shop for senior life insurance policies. So, we have compiled a list of the different types of policies for you to review. This list should help you determine what type of life insurance you should get, and what fits within your needs and budget.
The best life insurance policy will always depend on different factors. 3 key factors are your:
- Financial goals
- Age
- Overall state of health
There are three main types of life insurance available for seniors. They are:
Term Life Insurance
This is a form of life insurance that’s temporary. It is purchased for a set number of years. The number of years typically ranges from 10, 20 or 30 years. Term life insurance usually require a medical exam to determine the state of your overall health.
Whole life Insurance
Then there is whole life insurance. This is permanent and it accumulates cash value. Usually, the most affordable whole life insurances require seniors to have a medical exam. These exams can often difficult to pass.
Guaranteed Universal Life Insurance
The next type of senior life insurance is the Guaranteed Universal Life which is a blend of term and whole life insurance. Typically, this type of insurance expires at a set age. Most of the time, it expires at age 90. This provides cash value and also requires a medical exam.
Final expense Insurance
This type of insurance guarantees funds to help pay off medical fees and burial expenses. Final expense insurance lasts a lifetime and can usually provide coverage that ranges between $50,000 to $100,000. It can also develop cash value.
Average Rates for Different Types of Policies
Typically, life insurance companies will base the rates on your age and health status. They also consider different factors such as:
- Your weight
- Your life habits (if you smoke, drink, etc.)
- Your family health history
- Your job
- Your gender
Typically, life insurance is also more expensive for men. Check out the average rates for different types of policies below.
Average Monthly Senior Life Insurance Costs for Women by Quotacy
| Age of purchase | 10-Year Term life | Guaranteed Universal Life | Ordinary Whole Life |
| 65 | $66 | $212 | $349 |
| 75 | $192 | $416 | $623 |
| 85 | N/A | $1,022 | $1,345 |
The above are the average monthly rates for a $100,000 policy from the top three life insurance carriers. These numbers are for senior women who are nonsmokers.
Average Monthly Senior Life Insurance Costs for Men by Quotacy
| Age of purchase | 10-Year Term life | Guaranteed Universal Life | Ordinary Whole Life |
| 65 | $89 | $255 | $414 |
| 75 | $267 | $489 | $712 |
| 85 | N/A | $1,223 | $1,579 |
The above are the average monthly rates for a $100,000 policy from the top three life insurance carriers. These numbers are for senior men who are nonsmokers.
Related article: How Much Does Medicare cost?
