Life Insurance for Seniors: What Are Your Options?

Think it's too late to get life insurance? It's not. Seniors have several options — from final expense insurance to guaranteed issue policies. Here's what to know.

Request an insurance quote or contact a licensed advisor.

Many seniors believe life insurance is out of reach — either too expensive or unavailable. The truth: there are excellent options designed specifically for older adults.

Why Seniors Buy Life Insurance
- Funeral and burial costs: The average funeral costs $8,000–$12,000. Many seniors want to ensure these costs don't burden their family.
- Outstanding debts: Co-signed loans, credit card debt, or a remaining mortgage balance
- Estate equalization: Leaving a fair inheritance among multiple heirs
- Charitable giving: Leaving a legacy to a favorite cause
- Income replacement for a surviving spouse: If your spouse depends on your pension or Social Security, a policy can help bridge the gap

Options for Seniors (Ages 50–85)

1. Final Expense Insurance (Burial Insurance)
Small whole life policies ($5,000–$25,000) with simplified or guaranteed underwriting. Available to most seniors regardless of health. Best for covering end-of-life costs.

2. Guaranteed Issue Life Insurance
No health questions, no exam — acceptance is guaranteed for eligible ages (usually 50–80). Comes with a 2-year graded benefit period. Higher premiums for the coverage amount.

3. Term Life Insurance (50s and 60s)
If you're in your 50s or early 60s and in good health, you may still qualify for traditional term life. Coverage becomes more expensive but can still be worth it.

4. Simplified Issue Whole Life
Requires answering health questions but no exam. For seniors in reasonable health, this offers better rates than guaranteed issue.

*Chime Insurance Group works with senior-specialized carriers to find you the most coverage for your budget — whatever your age or health status.*