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How To Find Senior Life Insurance For Your Elderly Loved Ones

Finding the right life insurance policy for your parent or elderly family member might be challenging, but there are viable coverage alternatives available, whether you’re looking to pay for final expenses or give a lump amount to loved ones.

Life insurance premiums do rise with age, but many companies still write policies for people aged 60 and more, even if they aren’t in great health. Consider the following guidelines as you begin your search for senior life insurance.

Do your elderly loved ones need life insurance?

It’s a good idea to see if you actually need life insurance and then move on with exploring your options. You may not require insurance if you have no outstanding debt and a sizable emergency fund or a predetermined amount saved for final arrangements.

It is wise to consider purchasing life insurance of your loved ones:

  • Carry unpaid bills that will be left for their family to settle.
  • Pay for the living expenses of a child, partner, or other dependents.
  • Would like to pay for their burial and funeral.
  • Wish to protect their estate from taxation yet have a large net worth.
  • Plan to leave behind something of value for their loved ones.
  • Donate to a charity in their will.
A senior parent talking to their adult child.

Once you’ve determined that your senior family member qualifies for life insurance, take the following steps to make sure they find the best coverage based on their budget and needs:

Assess their insurance requirements

Depending on the type of funeral service chosen, the average price can easily reach $9,000. Some services, including moving the body, holding a viewing at the funeral home, purchasing a headstone, or securing a burial plot, go beyond the scope of this estimate.

Gathering quotations from multiple funeral homes in your area will help you find the one that best fits your budget while also giving you a better sense of the available services. Finally, include any outstanding debt or final obligations, such as unpaid debts, that your family may be left with when you pass away. Once you’ve done this, you’ll have a good sense of the amount life insurance you need to purchase.

Find a plan that meets their specific requirements

Today’s market offers a wide variety of options when it comes to life insurance. Look carefully at the policy’s offerings to ensure it addresses your concerns before committing to a plan of action. If a plan has a lower monthly premium but is otherwise subpar, you should reconsider whether or not to switch.

Determine who will own the policy and pay premiums

You will most likely require your loved ones’ approval before you can purchase a coverage on their behalf. Your elderly family member simply needs to sign the document to verify their consent. Some policies may require the verifier to get checked out by a doctor (also known as a “life insurance exam“).

Compare and contrast different policies

To get the best life insurance coverage for your needs, it’s important to compare policies and death benefits. Make sure you tell each insurance company about your health records to get an accurate estimate. Life insurance companies have varying underwriting requirements when it comes to preexisting conditions, so it’s crucial to research each company’s policy carefully.

You may be charged a higher rate or even be denied coverage for a standard policy if your elderly loved one is dealing with conditions like cardiovascular disease, stroke, cancer, diabetes, or kidney illness. In such a circumstance, you can look into other possibilities, such as guaranteed issue life insurance.

Find out how much it will cost

Life insurance premiums are based on several different factors. The insured person’s age and health status are given the most consideration. Term insurance is typically less expensive, but it might be challenging to obtain coverage if you have to complete a medical exam due to a major pre-existing illness. While the premium for a whole-life policy is generally higher than that of a term policy, the benefits it offers more than compensate for the extra cost. The final price depends on the level of protection you purchase.

Need help comparing senior life insurance quotes?

Our team at Franklin Life and Annuity is committed to helping families find affordable yet comprehensive life insurance, final expense insurance, and funeral planning services in Houston, Texas. We’ll be there to support your family in their time of need.

Contact us if you’re in search of a top-tier life insurance agency for your senior loved ones.

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