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Is life insurance for seniors worth it?

Seniors may not currently have life insurance, or may not have enough, and could be considering the value of this unique financial protection. Getty Images

Life insurance is a vital element of sound financial planning. Whether you're married or single, newly employed or nearing retirement, life insurance can provide financial security in the event of your death - and cash support while you're still alive.

While life insurance is considered beneficial (and, some would argue, mandatory) for a range of people, there is one group of American adults who may be unsure about its worth.

Seniors may not currently have life insurance, or may not have enough, and could be considering the benefits of this unique financial protection. But is life insurance for seniors worth it? We will take a closer look at this question further below.

If you're a senior considering life insurance then start by getting a free price quote so you know what to expect.

Is life insurance for seniors worth it?

As with many financial considerations, there is no one answer to this question. Instead, the value is tied to one's personal financial circumstances and goals. Life insurance for seniors may be worth it, however, if you fall into one or more of the below three categories.

You need money to cover end-of-life expenses

If your death could leave your loved ones with end-of-life financial burdens then it may make sense to secure a policy, even if it's just enough to cover these expenses.

A cost-effective policy in an amount that could potentially cover a wake, cemetery plot, funeral costs and more could be valuable. Considering the payout amount would be minimal (think under $30,000, approximately) the premium to get such a policy could be reasonable, too.

A death in the family is already difficult to deal with but leaving family members and friends with end-of-life expenses can be avoided. Simply plug in some numbers online now and get a free price estimate.

You can still get a good rate

Don't automatically disqualify yourself based on age. Seniors do typically pay more for life insurance than younger people do - that's true. But if you're older and healthier and willing to take a medical exam to prove it you still may be eligible for a good rate.

Know what you can afford and then see if you can get coverage for that amount. It may not be a robust policy worth millions but that may not be what you want or need anyway. And don't forget about the potential benefits a no-exam life insurance policy could offer.

You want to leave something for your loved ones

If you don't have home equity or savings you can leave to a loved one after your death then a life insurance policy may be an alternative worth pursuing.

Again, the costs of an exorbitant policy may be out of reach (even if you do qualify). But a policy for thousands or tens of thousands of dollars may be obtainable at a reasonable cost. It may not be a lot but it's still something. And that may be all you need.

Just be sure to shop around to find a good deal. Different providers offer different coverage amounts for different costs. Get a free price quote or use the table below to explore some top life insurance providers.

The bottom line

Determining whether life insurance is worth it as a senior really depends on your specific budget and goals. But if you don't have enough saved to cover end-of-life expenses, are eligible for a good rate and want to leave something for your loved ones, it may be worth acting now. Get a free price estimate now to see what you're eligible for.

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