What seniors buying life insurance should know first


There are multiple providers currently offering life insurance for seniors.

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Life insurance provides critical financial protection for adults of all ages. It’s generally favorable for young people due to its low costs and typically high coverage amounts. For homeowners, it can provide a financial safety net should they die before their mortgage is paid off. And for parents of children and those with financial dependents it can be a reliable source of income should the primary income earner pass away while still working.

Life insurance is also beneficial for a wide range of seniors. Despite conventional wisdom, life insurance can be valuable and cost-effective, even for older adults. That said, seniors should approach the life insurance purchasing process more carefully than some other applicants. These older adults should know what they need life insurance for and how much they can afford to get it. There are a few other major considerations they should account for before signing on the dotted line. We will explore three of these below.

If you’re in the market for life insurance then start by getting a free price estimate so you know what to expect.

What seniors buying life insurance should know in advance

Here are three things seniors looking for life insurance should know before signing with a provider.

There are multiple providers to choose from

While it may seem like senior life insurance is a niche product, there are actually multiple providers to choose from. So don’t accept the first quote you get. Make sure to shop around to find the right policy (at the right price point) to meet your goals. It’s advisable to get quotes from at least three different providers in order to establish a baseline to compare against. Just make sure to get quotes asking for the same specifics. So, if you get a quote from one company for a $100,000, 10-year term life insurance policy make sure to get quotes from a second and third provider for the same amount, length and type. This will give you an accurate, apples-to-apples comparison so you can guarantee you picked the best company.

You can start by getting a quote from Haven Life now or use the table below to start comparing some top providers on the market. 

It doesn’t have to be expensive

One of the big drawbacks of life insurance for seniors is the cost. Specifically, many people think that the monthly price of a policy, relative to the amount that can be secured, simply isn’t worth it. And while it’s true that senior life insurance is more expensive than what younger applicants would typically pay, it doesn’t have to be exorbitant either. 

For a 64-year-old male living in New York, Haven Life recently quoted a 10-year term life insurance policy in the amount of $150,000 for $98.74 per month (for a non-smoking male considered to be in good health). For a 64-year-old female with all of the same characteristics, the cost drops to $70.11 per month. No-exam life insurance policies for seniors may be a bit more expensive but they’re also generally manageable, assuming the applicant is healthy and the amount requested isn’t excessive. Do your homework and crunch the numbers, you may be surprised what a policy will actually cost.

Age won’t restrict policy choices

While older adults won’t generally be offered the very best terms, they won’t be restricted by policy. These applicants can usually get a term or whole life insurance policy. And applicants who are unsure about the results of a prospective medical exam can skip it altogether and proceed with a no-exam term or no-exam whole life insurance policy, instead. Different policies come with different price points (term life insurance being the cheapest) but they all will be available to shop for. Applicants should know why they need life insurance and what they hope to accomplish by having a policy. From there they can narrow down the right type.

Explore your term life insurance options here now.

The bottom line

Life insurance is a valuable financial tool for millions of American adults, including seniors. Older adults can still secure valuable and cost-effective protection but in order to do so they should shop around to compare and contrast multiple providers to get the best offer. They also shouldn’t dismiss the cost of a policy, as a six-figure coverage amount could be secured for less than $100 a month. They will also enjoy multiple options to choose from, with term, whole and no-exam life insurance policies all available.

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