WHAT IT IS
A simple way to leave your family protected
Senior life insurance is a policy that pays a lump-sum death benefit to your beneficiaries. Options for older adults can include term coverage, which lasts for a set number of years, and permanent (whole life) coverage, which can last your whole life as long as premiums are paid.
A licensed agent can help you compare both and choose what fits your budget and goals.
WHO IT'S FOR
Is senior life insurance right for you?
Eligibility depends on your age, health, state of residence and the carrier's underwriting.
Retirees and older adults
People who want to set aside money for final expenses so their family isn't left with the bill.
Anyone with remaining debts
Coverage can help with a mortgage, medical bills or other obligations that could otherwise fall to your family.
People who want simple coverage
Depending on the product, you may not need a blood test, medical exam or doctor's visit.
THE DETAILS
Benefits and limitations
Good coverage decisions start with the full picture.
Benefits
✓ Helps cover funeral costs, a mortgage or other debts
✓ The death benefit is typically not subject to income tax (talk to a tax professional about your situation)
✓ Depending on the product, you may not need a blood test or medical exam
✓ You can usually name more than one beneficiary
Limitations
– Premiums usually go up with age and depend on your health
– Coverage amounts available to older applicants may be lower
– Some no-exam or guaranteed issue policies have a waiting period before the full benefit is paid
– Not every product is available in every state
Life Saver Credit is not an insurance company and does not issue policies. Coverage is provided by licensed insurance carriers and offered through licensed agents. Availability, eligibility and rates vary by state, age and health. Quotes are not guaranteed until the carrier approves your application.