Should Seniors Get Term Life Insurance?

Probably not. Why? Because in most cases the high-quality term policies are way too expensive for seniors, and that’s if the senior can qualify for it, which they rarely can.

On the other hand, there are some smaller term policies seniors might qualify for, but the problem is that these only last for 10-15 years at most and then they cancel, leaving the senior without any insurance to cover their final expenses. Once they cancel, the senior may be left with no other policies to they qualify for because of their age or health problems, or if there is something for them, it is probably an inferior policy that costs a lot and gets them little coverage.

Not only this, but many term policies sold to seniors have increasing payments, meaning every few years the monthly payment increases until toward the end it becomes unaffordable. Also, these policies often have decreasing face amounts, meaning over the years the amount of insurance coverage gets smaller and smaller and becomes far too little to be of value to the senior.

In most cases, a senior is better off purchasing a final expense plan that is guaranteed to be there when they die, with payments that never increase, and a coverage amount that never decreases. Plus, final expense is much easier to get approved for, regardless of age or health problems, and these plans are almost always affordable.

If you are a senior, watch out for term policies. They look good because they begin with a low payment and high coverage, but there is a hook in the bait and you will regret it.

Call me for a no-pressure, 10-minute consult and quote: 209-268-8063. I’ll help you apply and get approved.