Life Insurance for Grandparents

Are you looking for life insurance for grandparents, parents, or other seniors in your life? This article details the pros and cons of four popular policy types. We go over which is most cost-effective at what age and more. Keep reading to learn more about choosing life insurance for seniors over 75.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 27, 2021

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Quick Facts

  • There are different insurance policies designed for different times of life.
  • Most life insurance policies will require a health exam but not all.
  • Life insurance rates vary based on individual circumstances.

Life insurance is a must-have investment for people of any age, and that includes your parents, grandparents, and other senior members of your family.

This article will go over four types of life insurance for seniors over 75 and other important life insurance terms. Which one is best is going to depend on their age, health, and other circumstances. The four types are:

  • Whole life insurance
  • Final expense insurance
  • Universal life insurance
  • Term insurance. 

Keep reading to learn more about each type of insurance and learn which type is the best fit for your parents or other grandparents. 

Ready to find a life insurance provider right away? Enter your ZIP code above to see the best insurance rates near you.  

Whole Life Insurance 

Whole life insurance, also called permanent life insurance, does not require you to re-qualify, which makes it a great choice for elders whose health may change significantly in their later years. 

These policies also offer not only, a payout after death but also, a cash amount. This additional cash benefit can help loved ones pay off medical bills or simply help them live comfortably in a difficult time.  

To obtain a whole life policy there is a detailed application that includes medical questions, lifestyle questions, and financial questions.

As part of the application process, the insurer will also require the prospective policyholder to undergo a medical exam. 

Whole life insurance can be hard to get for those that are over 75 years old, particularly if they have health issues. For those healthy individuals who would qualify, it is very expensive. 

This particular type of coverage is ideal for those with more expendable income, who want to leave their family with more in the wake of their passing, and those who are very healthy. 

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Term  Life Insurance

This particular policy is designed to protect an individual for a set amount of time or to pay off specific expenses. This is a low maintenance policy. It won’t build cash value but does have a payout upon the death of the policyholder.

Term insurance is much more affordable than whole life insurance, so it can be a better option for those with a tight monthly budget.

It is also easier to qualify for than whole life insurance, so it is a great option for those with health conditions who may not qualify for other life insurance policies. 

Term insurance does have an age limit of 89. This means that once someone is 80, they will no longer qualify for most term insurance policies. Luckily, there are other options available. 

Universal Life Insurance 

This insurance is also called ‘term for life insurance’, or ‘term to 110 insurance’. This type of policy does not build any cash value, however, it will provide a payout upon the death of the policyholder. 

Universal life insurance is easier to qualify for than whole life insurance. This makes it an affordable life insurance option for seniors over 75 with medical conditions. 

While the universal life policy does provide a great amount of coverage, it can have higher premiums depending on the policyholder’s health.

Universal life insurance is a great choice for healthier individuals over the age of 89 with a not-so-tight budget who want to make sure their funeral and other expenses are covered upon their passing. 

Final Expense Insurance 

Final expense insurance is designed for those who want affordable insurance and don’t have a large number of debts to cover upon their passing.

It is more affordable than other insurance policies available to those over the age of 89. However, final expense insurance provides lower payouts upon the passing of the policyholder.

All in all, final expense insurance is a good way to have a funeral or other final costs covered upon the passing of a loved one and is ideal for those with strict budgets.

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How to Choose The Right Insurance Provider

The best way to know you are getting the best policy for you is to make sure and ask for plenty of quotes, the same way you would if you were looking for any other type of insurance, according to the Insurance Information Institute

Each life insurance provider will have its own internal algorithm for calculating monthly premiums. This means that no two companies will provide you the same rate despite the personal information being the same.

Want to find life insurance providers near you? Enter your ZIP code below, and we’ll pull up a list of the best companies in your area.

References

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