Find Whole Life Insurance for Seniors Affordable With Free Quotes

Losing a loved one in a family is a sad scenario, but the situation can be worsened when the people left behind are slapped with the burden of taking care of the individual’s expenses and liabilities. It is essential to buy a life insurance policy for seniors and ensure your loved ones do not have to strain financially once you are gone.

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How Does It Work?

Whole life insurance for elderly are policies taken by old people to protect their loved ones from the financial burdens that might arise after they pass on. This policy covers an individual from the time they get the policy until they die. After they pass on, the beneficiaries listed on the policy receive the amount of money that had accumulated.

This policy helps cater for medical bills, funeral costs, mortgage payments and special needs dependents.

Permanent life insurance is available for adults of any age, but the terms are a bit different when it comes to seniors. This special treatment of seniors is due to the volatile health conditions common with old people. Most firms have different cut off ages and limitations to the insurance policies seniors can take, and it is essential to find a suitable one.

Quotes for Elderly Over 70

Features Of Whole Life Insurance:

  • The benefits are passed on to the beneficiaries without being taxed.
  • Can be used as security for securing loans and mortgages.
  • Builds cash value over time.
  • The coverage lasts a lifetime.
  • Can be used as an investment vehicle.


Seniors Can Buy Cheap Whole Life InsuranceSeniors must attain some set qualifications before they can be awarded this insurance coverage. The first one is the age, and several limits are placed for people over 70 years old. Most companies have different cut off ages beyond which individuals cannot get senior life insurance.

An individual’s health condition is a vital checking point when trying to get this policy. Seniors are often subjected to health checkups, and they have to meet the set standards before they can be awarded insurance.

Common Variations Of Whole Life Insurance:

The guaranteed whole life policy is an ideal option for seniors, and it is widely regarded as a hybrid between whole life and term insurance. This policy is less expensive than the whole life, allows one to select the length of the policy, does not accumulate cash value and has level premiums.

The variable life insurance policy is a version of permanent life insurance with an investment aspect in it. It has a cash value which is invested in several other accounts listed in the policy.

The graded premium whole life coverage is a policy which has a provision for annual increases in premiums for a specific period. This is meant to allow the initial payments to be affordable to the insured person.

The graded benefit whole life insurance is designed for people who are not in right health conditions. This policy allows such people, who would normally not be allowed to get an insurance coverage, to buy a permanent coverage.

Differences Between Term Vs. Whole:

Whole life insurances build up its cash value over time while term insurance does not. Term insurance is meant to cover an individual for a specific period while the whole life covers one until they pass on. Term insurance is the most straightforward and affordable life coverage to buy.

Full life policy can be used as an investment vehicle while term insurance cannot be used for such purposes. Term insurance normally lasts up to a maximum of thirty years depending on one’s age and the available terms. The premiums paid in the case of term insurance are higher for people aged above 50.

There is a fine line between term and permanent life insurance with each of them having its advantages and downsides. However, the whole life coverage is better since it covers one until they die and keeps the beneficiaries safe from any financial shocks once their breadwinner passes on.

How Much Is Whole Life Insurance?

The average cost of life insurance for a 50-year-old senior is around $77 per month and $122 for a 55-year-old. A senior aged around 60 years will be required to pay $208 per month and a 65-year-old around $350 monthly.

Note: The price mentioned here are average number. To get free whole life insurance quotes, click here.

Pros And Cons:


  • Covers one until they die.
  • Accumulates cash value.
  • Can act as an investment vehicle.
  • Can be used as security for loans.
  • Can be a good source of tax-free income for your beneficiaries.


  • Expensive premiums.
  • Complicated and difficult to buy.
  • Rigid checks for seniors before they can be allowed to buy the policy.
  • Returns are less compared to usual investments.

How To Get Affordable Life Insurance?

Several companies offer life insurance for seniors today and scouting around for the best prices is fundamental when trying to find an affordable one. With the standard variations of this policy, ensure you consider the tailored policies as some of them might be offering a better deal for your situation. Avoid any add-ons that might inflate the cost of your insurance and ensure you act fast when buying a policy since you have no idea when your health will start deteriorating.

You must get multiple quotes online and compare them in order to get the most affordable whole life policy.

At the end.

The good and bad of whole life have been seen, and it is vital to analyze your situation before deciding on which kind of life insurance is suitable for you. The whole life insurance for seniors is ideal for people who have several dependents who may suffer once they are gone. It is also useful for those whose funeral costs have not been catered for as well as other debts such as loans and mortgages.