Whole Life Insurance for Seniors

How much does whole life insurance for seniors cost? 

Age is one of the main factors insurers use when calculating life insurance premiums, so whole life insurance may cost more for seniors. For example, 50-year-old male nonsmokers of average height and weight pay an average of $5,125 per year for a whole life insurance policy with a $250,000 death benefit.² This amount could increase for people over 50. That said, other factors can impact premiums, such as:

• Health history: A good health history can reduce premiums if you get a policy that requires a medical exam.
• Occupation: If you still work, certain jobs deemed hazardous, such as law enforcement or aviation, may cause insurers to charge more.
• Hobbies: Having hobbies considered hazardous, such as rock climbing or skydiving, may result in higher premiums.

However, life insurance companies like Aflac offer a wide range of coverage options to help you find the policy you need at reasonable rates.

Reasons to get whole life insurance for seniors 

Here are some reasons seniors should consider whole life insurance:

You want to provide financial protection to your partner

Whole life insurance can offer your partner substantial financial protection. If you pass away and name them as a beneficiary, they can use the death benefit to replace your income or assets and supplement their own to maintain their standard of living.

You have multiple debts

If you pass away with debts, some of your estate’s assets may be liquidated to help cover them. If those debts exceed your estate, you may be unable to pass on assets. Life insurance can help prevent this. Your estate can use the payout to eliminate your remaining debts and pass the remaining money onto your partner or heirs.

You want to help loved ones cover end-of-life costs

Funerals can cost almost $8,000 on average.³ That doesn’t include other end-of-life costs, such as hospital or hospice care bills. Plus, loved ones may have to travel for the funeral. Whole life insurance can offer your family financial relief by helping to cover these costs. That way, they won’t have to deal with financial stress during difficult emotional times.

You want to provide an inheritance to children or grandchildren 

Whole life insurance death benefits are generally not taxable. Therefore, they may allow you to pass on more of your assets. Instead of simply having those extra assets in your estate, you may be able to name your heirs as beneficiaries so they can receive the tax-free payout when you pass away. You can also use your policy to benefit your heirs while still alive, thanks to the cash value. For example, you could use it to help cover your grandchildren’s education costs.

What is the best whole life insurance policy for me?

The best whole life insurance policy for you depends on your financial situation, loved ones’ needs, and budget. Factors such as your income, debts, and potential end-of-life costs can help you figure out the coverage amount that may work best for you. And if you’d like to explore policy options with lower premiums, consider types of life insurance for seniors. Whichever policy you choose, it’s important to ensure that the death benefit can adequately support your loved ones in the event of your passing.

Get a whole life insurance quote today 

Whole life insurance can be a more expensive option for seniors than other policies. However, the peace of mind offered by lifelong coverage and the wealth-building potential of the cash value component can be worth the extra investment. Aflac offers whole life insurance at various levels of coverage, along with several other types of life insurance policies. Chat with an agent today to find the best plan to protect your loved ones.