Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jun 30, 2021

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It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Facts You Should Know

  • Nursing home residents’ life insurance rates vary by provider and are available if you meet certain requirements.
  • Depending on your policy and its value, Medicaid/Medicare eligibility may be affected.
  • If you want to buy nursing home residents’ life insurance, several options are available.

Many people who have life insurance policies may not have thought about the possibility of nursing home care for their later years.

When thinking about elderly care options, it is important to note a few things, including what your current life insurance policy is, and how other insurance carriers like Medicaid and Medicare may affect those policies.

Thankfully, several life insurance companies offer nursing home residents life insurance, created exclusively for people in these situations.

Compare affordable nursing home residents’ life insurance rates with our free tool below. Simply enter your ZIP code and browse the results.

How much are nursing home residents’ life insurance rates?

Yes, life insurance is available for those in nursing homes, and it’s a good thing too. Nursing homes can be costly. Average costs are increasing each year as well.

According to the Administration of Community Living, the average long-term care costs are as follows:

Average Cost of Long-Term Care
Long-Term Care ServiceAverage Cost
Private room in a nursing home$7,698 per month
Semi-private room in a nursing home$6,844 per month
One-bedroom unit in an assisted living facility$3,628 per month
Adult day health care center$68 per day
Health aide$20.50 per hour
Homemaker services$20 per hour
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Having a trusted life insurance policy behind you will put your loved ones at ease, and reduce the burden of finances that come with nursing home costs.

Depending on the life insurance company you choose, the rates and benefits will vary. Here are some average life insurance rates for a $500,000 policy:

Average Monthly Life Insurance Rates for a $500,000 Policy Based on Age
AgeAverage Monthly Rates With Medical ExamAverage Monthly Rates Without Medical Exam
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Many life insurance companies have maximum ages at which you can purchase a policy, so you may want to consider getting a life insurance policy sooner rather than later.

When choosing the nursing home residents’ life insurance company that best suits your needs, you will need to consider numerous aspects of both the policy you are considering and any current health or insurance coverage you may already be receiving.

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Do life insurance proceeds affect Medicare?

One main concern for those in nursing homes is the question of losing their current healthcare. Both Medicaid and Medicare have asset limits, and with Medicare, these limits vary by state.

If you have a term life policy, your eligibility with Medicare will not be affected. However, if you have whole life insurance where policyholders can borrow against the cash value, your eligibility may be at risk.

Therefore, if the face value of your whole life insurance policy is too high, it could cause Medicaid or Medicare ineligibility.

Can nursing homes take your life insurance from your beneficiary?

No, a nursing home can not take your life insurance death benefit from a beneficiary.

Government or state assistance may be able to help those struggling to pay for elderly care. However, Medicare doesn’t offer long-term nursing home care and isn’t a viable option for many. As mentioned previously, Medicaid may not accept those with whole life policies already in place.

Can Medicaid take life insurance from a beneficiary? If the beneficiary is a person, no. However, if the beneficiary is an estate, Medicaid may take the proceeds of the death benefit to recover costs it paid for your nursing home care. This is called Medicaid estate recovery.

Should I buy nursing home residents’ life insurance?

Those who need elderly care may be looking to buy nursing home residents’ life insurance. It is recommended to speak with a professional advisor about your personal life insurance goals, as well as any assistance you may already be receiving. Then, you can start comparing quotes.

Always consult more than one company when choosing a life insurance policy for your specific needs. Remember important information like assets, cash value policies, and eligibility requirements.

If you’re ready to compare nursing home residents’ life insurance quotes, enter your ZIP code below and get started today.