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Which life insurance is best for seniors?

The benefits of life insurance for seniors are substantial, particularly if a policy can be secured for a reasonable cost. Getty Images

Life insurance is often considered beneficial for a wide array of people. Whether you're young and single or married with children who depend on you, a life insurance policy in the correct amount can be valuable without breaking the bank.

But while life insurance is considered a fundamental element of sound financial planning, there is one demographic that's often left out of the discussion: seniors.

For older adults, life insurance is frequently considered not worth it. Costs are generally higher and the commensurate coverage that can be secured is not nearly as much as younger people can obtain for a fraction of the price.

But the benefits of life insurance for seniors are substantial, particularly if a policy can be secured for a reasonable cost. One way of balancing price and coverage is to purchase the right type of policy.

If you're in the market for life insurance then start by getting a free online price quote now so you know exactly what to expect.

Which life insurance is best for seniors?

So, if you're a senior looking for life insurance, which one is the best? As with all financial considerations, the answer to this question is personal. Here are three primary types of life insurance to know (and which type of senior may benefit from each).

No-exam life insurance

No-exam life insurance is exactly what its name implies: No medical exam is required to obtain this form of insurance. Maybe you simply don't want to take an exam or maybe you're concerned that the results of the exam would cause you to pay more (or risk coverage disqualification altogether). Regardless of your reasoning, a no-exam life insurance policy will protect you quickly. Since no medical vetting is required applicants can typically expect an expedited underwriting process. This means you could get approved within days. Just note that due to the absence of the medical exam, these types of policies may be more expensive than if you opted for the traditional questionnaire, bloodwork and urine testing.

No-exam life insurance is best for: Seniors and adults who either want to secure a policy immediately or are concerned that a medical exam could hamper their ability to get coverage.

Get a free price estimate online now

Term life insurance

Term life insurance also has its definition in its name. This form of insurance is for a set term in the insured's lifetime (popular ranges include 5, 10 and 15-year terms). Term life insurance is often one of, if not the, cheapest forms of life insurance on the market. Policy amounts range from tens of thousands of dollars to more than $1 million, depending on a series of factors. But the lower cost is offset by the fact that the coverage will expire when the term ends - and the cost of renewal will be more expensive than it was when you initially started.

Term life insurance is best for: Seniors who only want a policy for a select time frame and adults who want a robust policy for a reasonable cost.

Whole life insurance

Whole life insurance covers policyholders for the duration of their lives. But because the policy has no real expiration date - and because it comes with a much sought-after cash option - the cost of a whole life insurance policy tends to be more expensive than term, for example. Still, the benefits of whole life insurance are significant, particularly if one plans on tapping into the accumulated cash reserves to pay off debt or to give to loved ones.

Whole life insurance is best for: Seniors who want a policy they can potentially use while alive and adults who like having a backup cash alternative.

The bottom line

There are a variety of life insurance types to choose from and the "best" type for one person may be the worst for another and vice versa. For seniors considering life insurance, it's important to understand why you want it and what you can afford. Based on the answers to those questions you can then find the best life insurance for you and your loved ones.

Start comparing your life insurance options here now or use the table below to review some top providers. 

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