As we get older, one thing that we start to think about is the type of legacy that we’re going to leave behind. If you want to continue to provide for your family after you’re gone, now is the time to think about getting term life insurance for seniors. At Findinsurance.com, we make this process easy for you by connecting you with the best senior life insurance company for your needs.

Term vs. Whole Life Insurance: Which Is the Best Life Insurance for Seniors?

When considering life insurance in general, most companies will offer term and whole policies. The primary difference between the two is that term life insurance for seniors will only be in effect for a particular period (i.e., 10 or 20 years), while whole life insurance stays in effect as long as you pay your premiums.

Because of their age, most seniors choose term life insurance because they don’t believe that they’ll be around for more than 20 years. However, with medical advancements happening every day, you may want to assume the best, rather than plan for the worst. Overall, you want to avoid letting your coverage lapse because you outlived it.

If you want to learn more about term life insurance, you can visit our term life insurance page.

Do I Need a Medical Exam?

One thing to consider as you get older is that your physical health may decline. Because of this, many insurers will want to check you out before signing off on a policy.

Fortunately, you can still get term life insurance for seniors without an exam. Some companies will simply ask you a few questions about your overall health, while others may offer coverage that doesn’t require a physical. Typically speaking, the payouts will be lower the older you are, so if you want to provide extra money for your family, you may have to get a medical exam to see if you qualify.

Which Elements Are Right For You?

Before deciding on the best insurance policy, it’s imperative that you understand why you’re getting it in the first place. Life insurance for seniors can be designed around your particular needs, so you want to talk with your agent to find out which components areĀ  necessary. Here are some common details you’ll want to consider when drafting a policy:

  • Age – the younger you are, the longer you will need coverage. For example, getting life insurance at 55 is different than if you were 75, so you’ll want to consider how that can affect both your premiums and your payout structure.
  • Debts – if you’re like most people, you have some debts hanging over you. You don’t want to pass these onto your loved ones, so consider how much debt you have left to pay off, as well as whether you believe that you can repay it in time.
  • Funeral Expenses – for the most part, term life insurance for seniors will automatically include funeral costs, with some plans designed specifically to pay these expenses. As you get older, you should start thinking about funeral arrangements.

Buy Term Life Insurance for Seniors Today

At Findinsurance.com, we understand that providing for your family is critical. We make it easy to find term life insurance for seniors so that you can have peace of mind.