As you enjoy your golden years with loved ones, you might start thinking more practically about how to care for them in the future. Life insurance is one of the most reliable ways to provide your family with financial support after you’re gone.

However, finding the best life insurance for seniors can seem daunting. So many factors, like age, family, budget, and health, could shape your decision. You might even worry that options are slim for older adults. Fortunately, whether you’re in your 60s, 70s, or 80s, several policies could provide the coverage you want. Read on for a thorough guide to help you find the best life insurance policy for you and your family.

Types of senior life insurance

There are life insurance options for older adults with a wide range of lifestyles, budgets, family situations, and coverage needs. Eligibility requirements vary across policies, so it’s crucial to find a plan that fits your unique situation and budget.

Term

Term life insurance policies provide coverage for a fixed period, usually between 10 and 30 years. If you pass away within a term life policy’s coverage period, your beneficiaries receive a death benefit payment. Because term life insurance has consistent, relatively low premiums, it can be a good option for people with limited budgets.

If you want to offer your family extra financial security as your children or grandchildren grow up or if you need coverage through the end of your career, a term life policy could meet your needs. However, term policies typically have age restrictions, so if you’re older than 70, you might not qualify. If you’re interested in a term policy but worry you may not be eligible, it’s best to speak with a licensed insurance agent who can help you understand which policy suits your situation.

Permanent

Permanent life insurance policies don’t expire as long as you continue paying premiums. Premiums for permanent policies typically go toward both the death benefit and the cash value, so permanent policies accumulate value over time. You can borrow against that value during your life as needed in the form of a loan or, in some cases, a withdrawal.

Permanent policies’ lifetime security makes them a good choice for many seniors. If you plan to leave behind debts or if any loved ones will continue depending on a portion of your income for a long time, a permanent policy could be the best fit for you. Permanent life insurance can also help you leave a financial legacy.

Final expense

Final expense life insurance, also known as burial or funeral insurance, is a type of permanent policy designed to cover end-of-life expenses. Funerals cost, on average, around $9000 in the United States, which can rattle families in the wake of a devastating loss. Final expense insurance helps you protect your loved ones from scrambling to pay. These policies typically have straightforward applications with limited questions about health and no medical exam. Seniors can qualify for final expense insurance through age 85.

Guaranteed issue

Guaranteed issue life insurance provides modest coverage, typically up to $25,000, for individuals who may not otherwise qualify for life insurance due to health conditions. Health issues can’t disqualify you from guaranteed issue policies.The application doesn’t even include a health questionnaire. While these policies are often more expensive than others with a medical questionnaire or exam, older adults with health concerns often find the security they offer worth the added cost.

What should seniors consider when choosing the best life insurance for their needs?

Navigating your life insurance options can be confusing and stressful. Fortunately, there are a few factors to keep in mind that can guide your decision-making process. Before committing to a life insurance policy, consider the following.

• Coverage amount: It’s important to choose a life insurance policy that will provide sufficient coverage for your loved ones in the event of your passing. To determine how much coverage you might need, consider how many people depend on you financially. Who will struggle with money if you pass away? You can also identify ongoing expenses, like a mortgage or rental costs for you and your family. Are there any debts your loved ones might inherit? Do you have savings set aside for funeral costs? Finally, make sure you factor in any monetary legacy you hope to leave for children, grandchildren, other loved ones, or even a charitable organization. Fidelity Life’s life insurance calculator can help guide you through these questions and others to determine your  ideal coverage amount.
• Premiums: While life insurance becomes more expensive as you age, there are still options for older adults with a wide range of budgets. Consider your income and savings as you budget for monthly premiums. Make sure you leave some space for possible changes in the future. Choosing a policy with level monthly premiums can simplify this process.
• Health conditions: Health is one of the factors that typically determines your eligibility and premiums. If you’re in good health, choosing a policy that includes a medical exam can actually save you money, though it may mean waiting a little longer for approval. However, you still have options if you prefer not to complete an examination or have any health issues. Many senior policies don’t require a health exam. Simplified issue policies include a basic health questionnaire. Guaranteed issue policies don’t ask for any medical information.
• Customization options: Each individual has unique financial circumstances and life insurance needs. As you age, those needs change. Life insurance riders can help you secure specific coverage for issues like terminal illness or long-term care.
• Coverage length: Many older adults choose permanent coverage, but some only want life insurance through milestones like retirement or until their children are grown.

Find the best life insurance for every situation

Some life insurance policies might align more closely with your priorities than others. A licensed life insurance agent can help you find the best policy for your specific situation, but the following suggestions can help you decide where to start looking.

Best life insurance for seniors with health concerns

You might worry that health issues could disqualify you from coverage, or maybe insurers have previously rejected you due to your health history. In that case, you could still receive life insurance through a guaranteed issue policy. Fidelity Life offers RAPIDecision® Guaranteed Issue policies worth up to $25,000. You won’t need to provide any health information in the streamlined application. As long as you’re between 50 and 85, you can receive coverage quickly. Guaranteed issue policies are somewhat costly, but the peace of mind might be worth the expense for older adults with complicated health histories.

Best life insurance for seniors on a budget

On the other hand, if you’re looking for substantial coverage at a low cost, you could consider senior term life insurance. Fidelity Life offers RAPIDecision® Senior Life Term insurance to adults between 50 and 70. The possible terms are ten years, 20 years, and 30 years, with up to $150,000 in coverage. The same death benefit typically costs less with a term plan than with a permanent plan.

Best life insurance for seniors that need lifelong coverage

Older adults who want lifelong coverage have a couple of permanent options, depending on the amount of coverage they need. Fidelity Life offers RAPIDecision® Senior Whole Life policies for older adults from age 50 to 85, so it’s a viable option for people who have aged out of qualification for term life insurance and need longer-lasting coverage. Seniors can also borrow against policies’ cash value, which can help with unanticipated health and care costs.

If you’d like permanent coverage but don’t need a considerable death benefit, consider Fidelity Life’s RAPIDecision® Final Expense insurance. This policy offers between $5,000 and $40,000 in coverage to account for end-of-life expenses. However, beneficiaries can use the death benefit for other costs, too. So if you need a smaller amount to cover debts or leave an inheritance, the final expense plan could also be a good fit.

Best life insurance for seniors over 60

There are several options for life insurance in your 60s that could help during this dynamic period in people’s lives. While Fidelity Life offers several options specifically for seniors, you could qualify for the standard RAPIDecision® Life term policies through age 65. You could choose from 10-year, 15-year, 20-year, and 30-year plans that provide between $50,000 and $2 million in coverage. If you’re interested in this plan and are in your early 60s, apply immediately to ensure you remain eligible.

If you’re between 65 and 70, you might want to apply for RAPIDecision® Senior Life Term insurance to receive up to $150,000 in coverage. The application process does not require a medical exam, so you could be approved quickly. Some term life policies include a waiting period. If you pass away within the policies’ waiting period, beneficiaries receive a reduced benefit.

Best life insurance for seniors over 70

Adults in their 70s could qualify for both of Fidelity Life’s permanent life insurance options, RAPIDecision® Senior Whole Life and RAPIDecision® Final Expense insurance. Your best choice for life insurance over 70 will depend on your specific coverage needs and budget.

Best life insurance for seniors over 80

There’s a common misconception that people in their 80s no longer qualify for life insurance. On the contrary, seniors under age 85, like those in their 70s, can be eligible for either of Fidelity Life’s senior permanent life insurance products, RAPIDecision® Senior Whole Life and RAPIDecision® Final Expense insurance. So if you’re considering purchasing a new life insurance policy in your 80s, it’s more important than ever to act quickly and secure a policy before turning 85.

Choosing the right policy for you

Older adults can still give their loved ones the gift of financial security with a life insurance policy. As you consider the range of options available to you, it’s important to keep your specific circumstances and budget in mind. Fidelity Life is here to help you with the process. You can speak with a licensed insurance agent for more guidance or get started with an online quote today.