Term Life
RAPIDecision® Senior Life Term is a good option if:
In general, term life insurance is the most affordable type of life insurance. Since it covers you for a certain period of time, it’s typically less expensive than permanent life insurance, which covers you for your entire lifetime. Just like home insurance or car insurance, you buy it and hope you’ll never need to use it – but if you do, it’s there to protect you when it matters most. Life insurance becomes more expensive as you age, but options are still available for a wide variety of budgets. Below are samples of 10-year, 20-year, and 30-year term life insurance rates for seniors and when it may make sense to choose each policy term.
Fidelity Life offers 10-year term life insurance for seniors to help mature individuals feel confident about the future. RAPIDecision® Senior Life Term 10-year term policies are a flexible and affordable option, with lower premiums than other term lengths. The full death benefit is paid after year three through the end of the 10-year term. A reduced benefit is available after 10 years. This policy expires after 20 years or when you turn 80, whichever happens later. This kind of term life insurance for seniors can be beneficial in several ways:
10 YEARS
*Rates are based on a 50-year-old employed female in good health.
A RAPIDecision® Senior Life Term 20-year policy from Fidelity Life helps you secure inexpensive term life insurance for seniors for a longer period of time. Individuals choose 20-year terms because premium payments won’t increase over time. The full death benefit is paid after year three through the end of the 20-year term. A reduced benefit is offered after 20 years. Our 20-year policy expires when you turn 80 or after 25 years, whichever happens later.
20 YEARS
*Rates are based on a 50-year-old employed female in good health.
A 30-year RAPIDecision® Senior Life Term policy offers unique financial protections for mature adults. As you age, you may find you have fewer options for good insurance rates, or pay higher premiums for a shorter-term policy. Rest easy knowing your 30-year policy stays in place with a level premium. The full death benefit is paid after year three through the end of the 30-year term. A reduced benefit is offered after 30 years. This policy expires when you turn 80 or after 35 years, whichever happens later.
30 YEARS
*Rates are based on a 50-year-old employed female in good health.
Many people buy term life insurance when they’re younger to make sure big expenses are covered while they’re raising a family. If the worst happens, your policy is there to replace mortgage payments, cover daily expenses, save for college, and more. In comparing Term vs whole life, you’ll find term policies are generally more affordable since coverage lasts only for a set period. That’s why so many families choose to buy it to provide financial protection during those important years.
As you get older, you may no longer have those big financial responsibilities. That said, plenty of people end up shopping for life insurance policies later in life – and there’s a chance you might, too. Some of the reasons might include:
If you’re wondering if term insurance for seniors is right for you, start by thinking about whether you need a life insurance policy at all. If you’re debt-free and you have enough savings to cover expenses and other needs, you might not need life insurance. But if you still have a mortgage or other debts, a spouse or children who depend on your income, or other important financial responsibilities, life insurance can help you meet those commitments. Investing in a plan with a good insurance company now can help you enjoy life in your later years, instead of worrying about saddling your family and loved ones with funeral expenses or other big debts.
It all depends on your needs. Fidelity Life offers several term and permanent life insurance plans designed for older adults, including RAPIDecision® Senior Life Term, RAPIDecision® Senior Whole Life, and our final expense plans. Our term life plans are an affordable way to secure the peace of mind you want for you and your family, backed by Fidelity Life’s 125-year commitment to our customers.
RAPIDecision® Senior Life Term can be a good fit if you:
Here’s what to expect when buying RAPIDecision® Senior Life Term Insurance:
If you die while your policy is active, Fidelity Life will provide a lump sum cash payment to your chosen beneficiary, such as your spouse or child. This money is generally tax-free and comes with no strings attached. Your loved ones can use the money to cover things like debts, expenses, and funeral costs.
You can also choose to assign multiple beneficiaries for your life insurance policy. For example, some people name a funeral home as a beneficiary to cover funeral expenses, then have the remainder go to a designated family member.
Yes, you can also choose permanent life insurance, which comes in a variety of options. Here’s a closer look at our permanent policies for older adults.
RAPIDecision® Senior Whole Life: If you’re looking for coverage that will last your entire life, RAPIDecision® Senior Whole Life can offer the protection you need. You can buy up to $150,000 in coverage to help replace your income, leave a legacy, or cover other financial responsibilities. While it’s more expensive than term life, whole life won’t expire as long as you keep up with payments. And, it comes with a cash value component you can access during your lifetime. Since it’s available for people between the ages of 50 and 85, it can be a good option if you’re in your 70s or 80s and looking for a new policy.
RAPIDecision® Final Expense: This policy is designed for people between 50 and 85 who want to cover end-of-life costs, such as a funeral service, medical bills, or related expenses. The average funeral costs more than $9,000, so RAPIDecision® Final Expense can provide a financial cushion for your family to cover those costs. It comes in lower coverage amounts, which helps keep premiums more affordable than other permanent policies, and there’s no medical exam required.
RAPIDecision® Guaranteed Issue: This policy is for people between 50 and 85 who aren’t able to qualify for other policies because of their health or age. RAPIDecision® Guaranteed Issue provides coverage amounts up to $25,000 to cover end-of-life expenses, like funeral costs or medical bills. While it’s more expensive than other types of life insurance, it can help make sure your family won’t have to worry about lingering bills after you pass away.
Fidelity Life is committed to helping you find the right life insurance. For more than 120 years, we’ve been helping everyday people like you get the life insurance you need and the peace of mind you deserve. Our mission is to work with you throughout your life. Whether you’re just starting out, raising your children, or getting ready to enjoy retirement, we design products with families like yours in mind.
You can feel confident we’ll be there for your loved ones because we carry an A+ rating from the Better Business Bureau, as well as an A- rating (Excellent) from A.M. Best Company, the oldest and most widely recognized provider of ratings for the insurance industry.
Our commitment to our customers, and their families, show up in our innovative products and our top-notch customer service. In fact, we were recently recognized by Newsweek as one of ‘America’s Best Customer Service Companies’. Our job is to help you get the coverage you need, and it’s a job we take seriously. Give one our agents a call to learn how we can help provide protection for you and your family.
No, not in most cases. Our RAPIDecision® Senior Life Term policies rely on health questions and information from public databases to determine if you qualify to make the process simpler for you. If questions come up during the approval process, we may ask you to take a medical examination to clarify or correct an item in your medical history.
While some health impairments are covered by RAPIDecision® Senior Life Term insurance, it may not be appropriate for applicants with serious health issues or those with a limited life expectancy. Once approved, however, coverage amounts are guaranteed for the life of the policy.
If RAPIDecision® Senior Life Term is not a good fit due to health concerns, you may want to consider RAPIDecision® Guaranteed Issue. It does not require a medical examination nor answers to any health questions. The policy requires no underwriting and all applicants within the age requirement can be approved.
In general, RAPIDecision® Senior Life Term is designed for people in good overall health. That said, a pre-existing condition doesn’t automatically disqualify you from term life insurance coverage.
A pre-existing condition includes any health issue you had before applying for life insurance coverage, such as heart disease, asthma, diabetes, or cancer. These types of conditions can be more of an issue as you get older, with nearly half (44%) of U.S. adults between 55 and 64 currently living with a pre-existing condition.
In general, your eligibility for term life insurance and the price you pay will depend on your individual health. Minor health conditions may not impact your eligibility much, if at all, while more serious conditions play a bigger role in determining your rates. For example, a well-controlled case of arthritis is less likely to impact your application than a history of heart disease. When you apply, we’ll ask you about:
You can learn more about applying for life insurance with a pre-existing condition here.
Fidelity Life can help you weigh your options and make the choice based on your age, health, and coverage needs.
On average, a funeral can cost upward of $10,000 or more. If you’re looking for a good way to cover these costs, you have the option to use RAPIDecision® Senior Life Term insurance as a form of burial insurance. If you die while the policy is active, your loved ones can use the payout to cover end-of-life expenses like a funeral service, burial or cremation, and medical bills.
You can also name a funeral home directly as a primary beneficiary, and a loved one as a secondary beneficiary to receive the remaining funds. It’s important to make sure that the funeral home you choose can accept life insurance payouts as a form of payment.
Additionally, keep in mind that term life insurance has an expiration date. If you want a policy that will pay out regardless of when you die, you might want to explore final expense insurance instead. Learn more about our final expense life insurance options here.
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