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Find Whole Life Insurance for Seniors Affordable With Free Quotes

Losing a loved one in a family is a sad scenario. Still, 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 the elderly is a policy taken by old people to protect their loved ones from the financial burdens that might arise after they pass on. This policy covers individuals from when they get the policy until they die. After they pass on, the beneficiaries listed on the policy receive the amount of money 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 differ for 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.

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Features Of Whole Life Insurance:

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


Seniors Can Buy Cheap Whole Life Insurance

Seniors must attain some set qualifications before receiving this insurance coverage. The first one is age, and several limits are placed for people over 70. Most companies have different cut-off ages beyond which individuals cannot get senior life insurance.

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An individual’s health condition is a vital checking point when trying to get this policy. Seniors are often subjected to health checkups and must meet the standards before being awarded insurance.

Common Variations Of Permanent Life Insurance:

  1. The guaranteed whole-life policy is ideal for seniors and is widely regarded as a hybrid between permanent 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.
  2. The variable life insurance policy is a version of permanent life insurance with an investment aspect. It has a cash value invested in several other accounts listed in the policy.
  3. The graded premium life coverage is a policy that provides annual increases in premiums for a specific period. This is meant to make the initial payments affordable to the insured person. The graded benefit whole life insurance is designed for people without the right health conditions. This policy allows such people, who would normally not be allowed to get insurance coverage, to buy 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.

A full life policy can be used as an investment vehicle, while term insurance cannot be used for such purposes. Term insurance typically lasts up to thirty years, depending on age and the available terms. The premiums paid in terms of term insurance are higher for people over 50.

There is a fine line between term and permanent life insurance, each with advantages and downsides. However, the whole-life coverage is better since it covers one until one dies and keeps the beneficiaries safe from financial shocks once their breadwinner passes.

How Much Is Whole Life Insurance For Seniors?

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 60-year-old senior will be required to pay $208 per month, and a 65-year-old around $350 monthly.

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Note: The price mentioned here is the 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.

What Is Dividend Paying Whole Life Insurance?

Whole Life Insurance involves permanent life insurance set across your entire life (whole). With “dividends,” the life insurance policy has a declared rate for paying dividends. In general, anyone with a policy will have a role in the company’s profits.

It’s similar to purchasing a stock, except there are added benefits of having life insurance on top of what’s already there.

Dividend Paying Whole Life Pros and Cons

This provides additional value to policyholders looking to maximize their life insurance policy. It’s important to note that these policies come with a pre-set cash value increase, guaranteed.

In general, these increases are established after a risk assessment by the company and are often built around a worst-case scenario. This is dependent upon the life insurance company and what its analysts come up with.

For those wondering how it works, the dividend-paying whole life insurance involves the company assessing its earnings, death claims paid, and general expenses before generating a projection. This is a projection used to come up with your dividend.

The remaining benefits come with the policy, like any other whole life insurance package.


  • Can Borrow Against Cash Value of Policy
  • Guaranteed Death Benefit
  • Premium Doesn’t Rise Over Time
  • Incoming Income For Years From Dividends


  • High Premiums (Dependent on Company)
  • Takes Time To Understand Fully

Top 5 Dividend Paying Whole Life Insurance Companies in the US

1) Ameritas

Ameritas is among the leading whole life insurance companies in America.

It provides a “Limited Pay Life Insurance” plan with a funded policy (10 Years). This ensures clients receive full flexibility with their plan and don’t see their premiums rise at any point. Their policies are renowned for offering tremendous cash value growth.

2) American United Life

American United Life offers excellent customization with its whole life insurance policies and includes a “paid up” rider option. This ensures the premiums are kept low, and a person can continue to see cash value growth over time. Policyholders can double their dividends and continue with the same permanent life insurance features with their policy.

3) Foresters

Foresters offers a significant interest rate of 6% on its dividends. This has been the case for over a decade, reaching nearly 7% in the past.

This is among the best in the business and includes a “no medical” life insurance setup. This ensures a person can gain acceptance in no time while still retaining full benefits along the way.

Forester’s average dividend interest rate has remained above 6% for the past 13 years, reaching a reasonable 6.83% in 2016.

4) Guardian

Guardian has a unique banking strategy as it looks to remain a direct recognition company. They illustrate excellent cash value growth and have a ten-pay limited-pay life insurance policy. They have a set dividend interest rate that hovers yearly in the 5-6% region.

5) Lafayette Life

Lafayette Life is the final addition to this list and is a non-direct recognition company. It is well-regarded for performing well and has a set dividend rate of 5.10% as of 2016.

It also earned an A+ rating from “A.M. Best,” a highly reputable source.

Using Whole Life Insurance Dividends

The premise of the dividends is to accrue cash value as you age.

It’s a return on your investment, which can be used to pay off premiums or as you wish. People are free to use the funds as they desire, and these can be directed in any direction. Keeping the life insurance policy self-sufficient is highly recommended by using these incoming dividends.

If not, a person can also invest those funds and direct them toward other investments.

Frequently Asked Questions (FAQs)

How Are Dividends Paid?

The dividends are paid at a set rate and will come in annually. These will be paid as required by the policyholder but, in most cases, are offered in check form.

Are Dividends Taxed?

No, these are not subject to taxation.

When Should I Sign Up For Dividend Whole Life Insurance?

Signing up as soon as possible is best to take advantage of the policy’s conditions. The longer term under “whole” will increase the chance to gain in cash.

What is Cash Value?

Cash value is the amount of value the policy builds up over time. You can leverage this as you would any other asset.

Are Payments Permanent On Your Premiums?

Yes, these will remain to the end, but a person can pay them in one shot if desired.

How To Get Affordable Life Insurance?

Several companies offer life insurance for seniors today; scouting 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 might offer 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 for the most affordable life coverage.

In the end.

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

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