Grandparents Life Insurance Rates (2021)
Life insurance is a nonessential expense for many seniors. Only those with large debts or who desire to leave money behind for their family need to invest in life insurance. Term life insurance for grandparents is the most affordable policy option for seniors. For those looking to leave money to their family, guaranteed life insurance is an option but often comes with very high premiums.
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UPDATED: Apr 30, 2021
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- Not all seniors need to invest in life insurance
- Term life insurance, pre-need insurance, final expense/burial insurance, and guaranteed policies are the most popular policies for seniors
- Term life insurance is the most affordable policy type for seniors
- Guaranteed life insurance policies are the most expensive policy geared toward seniors
Taking care of grandparents as they age is a responsibility many of us have, and purchasing life insurance for grandparents can sometimes be a part of that process. You want to find the right policy at the right price.
Keep reading to learn more about the life insurance for grandparents, which policies are designed specifically for seniors, from term life insurance to permanent, and which is right for you.
Are you ready to start comparing quotes to buy life insurance for grandparents? Enter your ZIP code above, and we will help you jumpstart your search.
Do your grandparents need life insurance?
As a concerned grandchild, you may be wondering, can I get life insurance on my grandmother? The answer is yes, with her permission, but you may not need to. In general, seniors only need life insurance in a few specific circumstances.
The first reason life insurance might be necessary is if they have large outstanding debts they don’t want to leave to their families.
The second reason is that they want to leave their family money. Whole life insurance policies accrue a cash value that can provide relief to family members after they are gone.
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What life insurance policies are best for seniors?
There are a few life insurance policies that are particularly ideal for seniors. These include:
- Term life insurance
- Final expense insurance/Burial insurance
- Preneed insurance
- Guaranteed life insurance
Each of these policies is designed to be beneficial to a different customer. Term policies are ideal for covering specific debts, which is ideal for seniors wanting to cover medical bills or other large expenses.
Final expense and preneed policies are actually designed specifically for seniors. Preneed insurance allows you to work directly with funeral homes to plan and fund your own funeral arrangements.
Final expense insurance is similar but is not tied directly to any funeral or burial service, allowing for more flexibility.
Guaranteed life insurance policies are whole policies created to provide coverage for those who are ill. There is no medical exam required, and everyone is guaranteed a policy.
As a whole life policy, they cover individuals until their deaths and provide a cash benefit to surviving family members.
Who offers the most affordable life insurance for grandparents?
Term life insurance is the most affordable life insurance for seniors. Because of their simple nature and lack of cash accrual, they are the most cost-effective type of life insurance on the market for any age bracket.
The graph below compares the cost of coverage between three major providers. The policy quoted below is a $100,000 coverage, 15-year term for a 60-year-old woman.
|AARP||Mutual of Omaha||Haven Life|
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Final expense and preneed insurance are also relatively affordable options for seniors. How these policies stack up against term policies will vary based on how much coverage is desired and individual circumstances.
Guaranteed life insurance is the least affordable insurance option for seniors, but it provides the most coverage.
Guaranteed policies provide coverage to all applicants regardless of their health. Because of this, they have some of the highest premiums of any policy type.
If you are looking for a way to ensure your grandparents have life insurance, the first step to determine how much coverage they need, then find a policy that matches their needs.
The next step is to start comparison shopping for policies with multiple providers. Get a grandparent quote from multiple companies and compare coverage and price.
We can help you with step two. Enter your ZIP code below, and we will help you find affordable life insurance for grandparents with a provider you can trust.