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Life insurance coverage considerations for seniors.


Seniors may wonder if they are in need of life insurance. After all, their children have long flown the nest and the mortgage is paid off. While someone in their 90s may not be able to find a policy, seniors in their 80s can find a policy and benefit from coverage. Some may be wondering why would someone wait until they’re over 80 to get life insurance? It turns out, there are many reasons why this may be the case.


Why might seniors buy life insurance?

  • People are living longer – Life insurance policies that accumulate a cash value can help seniors when they have left work but still need cash to support their lifestyles.
  • There may be medical debt – Increased medical costs mean that more and more people are having to face steep medical bills. An affordable life insurance policy for seniors can help provide some insulation against medical debt.
  • Raising a second family – For many seniors, raising another family wasn’t included in their retirement planning. Many face financial challenges when they take on healthcare costs, housing, and higher education funding for their dependent grandchildren. Life insurance may be necessary to ensure there is a guaranteed benefit left behind to take care of grandchildren.


Life insurance options for seniors

  • Term insurance – This is a policy that covers you for a set period of time, such as 5 or 10 years. If you outlive your policy, you will not receive any death benefit. If you are over the age of 81, you may struggle to find an insurer who is willing to insure you for 10 years. However, ask around and find the right coverage that suits your needs.
  • Guaranteed universal life – This product can stay with you for your entire life. This policy is similar to traditional universal life but the focus is on the death benefit and length of coverage rather than cash accumulation.
  • Final expensive whole life insurance – Typically the most popular insurance product for seniors in their 80s, these policies are available for those up to the age of 85. There is no medical exam required, and because it’s whole life insurance, it comes with the guarantees and benefits found in traditional whole life insurance.


Are you ready to find the right life insurance for your needs? Talk to the professionals at Abbate Insurance. We can help you secure the right life insurance for your needs and budget in New Haven, Connecticut.

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