Senior Citizen Whole Life Insurance
Is there Whole Life Insurance for Senior Citizens?
Senior whole life insurance offers you a quick and easy way to get up to $25,000 of permanent life insurance to last your entire lifetime.
Many seniors choose to buy a whole life policy to help provide the money needed to cover the cost of their final expenses.
With guaranteed-issue final expense coverage your life insurance is guaranteed your entire life, and easy to purchase.
You don’t have to meet with an insurance agent, sit through a high-pressure sales pitch, or wait weeks to get approved, and receive your insurance policy.
What is Whole Life Insurance?
It’s a type of life insurance plan the provides you with protection for your entire lifetime. You pay the same premium each month (or year), and the amount of coverage provided by your policy remains level, never increasing or decreasing.
Whole life policies usually build up some cash value inside the policy over time, from which you may take a loan, if needed.
In addition to cash value, your whole life plan also pays out a death benefit upon the death of the insured person. The proceeds from your policy are paid out to the beneficiary of your insurance. The owner of the policy chooses the beneficiary.
Senior Guaranteed Whole Life Policies May Offer You:
- Choose from $2,000 up to 25,000 of coverage
- No physical examination required
- No medical questions asked
- Guaranteed approval for ages 45 to 85 (50-75 in NY)
- You cannot be turned down
Whole Life Insurance Questions and Answers
How Does Whole Life Insurance Work?
It's permanent lifetime protection that builds cash value and pays out a death benefit when you die. You may be able to take a loan from the cash value that accumulates in your policy.
What is Final Expense Whole Life Insurance for Seniors?
It’s a type of permanent life insurance policy that provides the funds needed to pay for all of your burial and funeral costs, and related expenses.
Your coverage lasts your entire lifetime and builds cash value, as well as paying out a death benefit upon your passing.
Do I Need a Medical Exam for Final Expense Whole Life Coverage?
No, a medical exam is not required in order to buy guaranteed approval whole life final expense coverage.
What is a Graded Benefit Whole Life Insurance Policy?
Graded benefit life insurance is coverage that provides full death benefits after the insured person is insured for at least two years. The first two years you are insured you have a portion of the death benefit paid out if the insured passes away at that time.
Can I Qualify for Coverage if I Have a Pre-Existing Health Issue?
Yes, you cannot be turned down for guaranteed issue life insurance due to any health problem if you meet the age requirements for approval.
Will My Insurance Premiums Ever Increase?
Usually, a senior whole life final expense policy has level premiums, which means the premium stays the same throughout the entire life of your insurance policy.
Can I Buy Whole Life Insurance on My Spouse?
Yes. If you are married you have an insurable interest in your spouse, and you may purchase life insurance on him or her.
Top Guaranteed Approval Whole Life Insurance Companies
- Up to $25,000 of coverage.
- No physical exam and no health questions asked.
- Guaranteed Acceptance for ages 45-85 (50-75 in NY) .
- 30 day money-back guarantee.
- Two year limited benefit period.
Met Life
- Rates as low as $10 per month.
- Guaranteed Issue for ages 45-75.
- Up to $20,000 of coverage available.
- No medical examination required.
- Two year limited benefit period.
Colonial Penn
- Exclusively for ages 50 - 85 (most states).
- You cannot be turned down because of your health.
- There are no health questions asked and no physicals to take.
- Two year limited benefit period.
AARP/NewYork Life
- Up to $15,000 permanent group life insurance.
- Exclusively for AARP members.
- No medical exam and no health questions.
- Two year limited benefit period.
In some cases, people who would be turned down for life insurance are those who have health issues. These people do have an option because there are life insurance carriers that will insure them with guaranteed issue life insurance.
These life insurance policies do not require that applicants take a health exam. Anyone in any situation can apply for this type of life insurance coverage, and they are guaranteed to receive a policy.
A guaranteed issue policy may be a good option for people looking for life insurance who have been in the following situations:
- They have had a heart attack recently
- Their medical conditions are serious but not terminal
- They have received a diagnosis of a serious medical condition
- They have been denied for coverage by other life insurance companies
- They are obese or a heavy smoker
Whole Life Insurance Quotes for Seniors
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
Mutual Omaha offers guaranteed protection for seniors, people with health issues and those who have been turned down for life insurance by other insurers. If you’re between the ages of 45 to 85 (50-75 in NY) you cannot be denied coverage.
Whole Life Insurance for Seniors Age 50 to 85
Senior Citizen Whole Life Insurance
Disclosure: Compensated Affiliate