Fidelity Life: Life Insurance Quotes for Seniors

CHICAGO – March 22, 2022 – (


As people age, they realize the importance of leaving a legacy and supporting loved ones. Life insurance can be a great tool to provide financial stability for beneficiaries when the insured dies. To find the right life insurance quote for seniors, it is important to understand what affects the cost of premiums and to compare different plans. Here’s how life insurance works and some types of policies that may be available to seniors.

How does senior life insurance work?

Life insurance for the elderly provides loved ones with financial security upon the death of the insured person by paying a sum of money called a death benefit. Some policies also have a cash value growth component that will accumulate over time. Once the policyholder has accumulated sufficient cash value, they can withdraw, borrow or surrender the policy to receive the full amount minus the surrender charge. With any life insurance plan, policyholders must pay monthly premiums to maintain their coverage.

Life insurance premiums for seniors can depend on many other factors, such as:

  • Insurer: Each insurer will offer different premiums.
  • Policy terms: A higher death benefit and the addition of riders can increase costs.
  • Gender: Men tend to pay slightly higher premiums than women, as women often live longer.
  • Age: Life insurance tends to become more expensive with age because an older insured is more likely to die while the policy is active.
  • Family health history: Insurers take the medical history of the insured and their family into account when calculating premiums.
  • Smoker vs non-smoker: Smokers pay more for life insurance than non-smokers, all other things being equal.
  • Hobbies and lifestyle: Hobbies like skydiving, rock climbing, and car racing can be considered risky, resulting in higher premiums.

Types of life insurance for seniors

Here are two main types of life insurance policies that are available for seniors:

End-of-stay expense insurance

End-of-life expense insurance is a small, whole-life insurance policy designed to help loved ones of an older person cover end-of-life costs, such as unpaid medical bills and funeral expenses. This life insurance policy typically comes with a lower death benefit and lower premiums than standard whole life policies. Final expense insurance also provides a cash value growth component that accumulates with each payment and grows at a fixed rate.

Final expense insurance policies generally don’t require a medical exam, making them a great option for seniors who might not qualify for other types of permanent life insurance policies.

Term life insurance

Term life insurance provides policyholders with coverage for a set period of time, typically 10 to 30 years. Since these plans don’t offer lifetime coverage, premiums tend to be much more affordable.

Term life insurance policies offer higher death benefits than final expense insurance, but coverage ends at the end of the policy term. This means seniors may need to purchase a new policy to maintain coverage.

The bottom line

Seniors have several options for obtaining life insurance at a rate they can afford. End-of-life expense insurance offers guaranteed lifetime coverage for end-of-life costs, low premiums and a cash value component. And term insurance lasts for a limited time but offers a higher death benefit for relatively affordable premiums. Seniors should take their time to evaluate each policy and then compare different insurers to find a life insurance quote that suits their needs.

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Fidelity Life: Life Insurance Quotes for Seniors

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