Frequently asked questions about life insurance for older adults
Everyone looks for ways to make things easier for loved ones. Getting life insurance to help with final expenses is just one way to do that. If you’re over 50 or helping an aging parent, you might be wondering what type of life insurance fits your situation and what it can really do.
This Q&A walks through come common questions about life insurance for those over 50, life insurance for elderly parents, and insurance that can help with final expenses, explained in plain language to help you make sense of your choices.
Q: What kind of insurance is best for someone over 50?
A: It’s hard to say what’s best for anyone without knowing their exact circumstances. Keeping that in mind, it’s generally true that once we reach our 50s, our financial priorities can shift. For example, you may no longer need coverage to protect a mortgage or replace income. Instead, you might want something that helps with end-of-life costs or with leaving behind a small gift.
That’s why many older adults look into life insurance for those over 50. It can help pay for small remaining debts, medical bills, or funeral arrangements. Others consider life insurance for older adults with no medical exam just health information, which may be easier to qualify for. Rather than a full medical test, it often just involves a short set of health questions and your health information.
Q: How much life insurance do older adults need?
A: The right amount depends on your situation and goals and what you’d like your coverage to help with. Some people focus on covering final arrangements. Others want to help family members manage expenses after they’re gone.
It can help to think about what you’d like the benefit to help with— cover a burial, clear up small debts, provide a little financial cushion, etc. With that decided, you can estimate an amount that feels right for your needs and your budget.
Q: Can adults over 50 get coverage with health issues?
A: Oftentimes, yes. Some life insurance companies offer coverage specifically for people who may already have health conditions. Life insurance for older adults with no medical exam can be one option to explore. It may allow you to qualify based on your answers to health questions and other health information, instead of a medical exam.
While the cost can vary, this type of coverage might make sense if you’ve been turned down before.
Q: What might be the best insurance for seniors over 60 and 70?
A: Again, without having the details of a person’s specific situation, it’s difficult to say what’s best for someone. That said, for people in their 60s or 70s, simplicity is often the main goal. Life insurance for older adults can be a helpful option. It may provide a fixed benefit amount that can help with final costs.
If you’re taking care of your mom or dad, life insurance for elderly parents is an option that might make a difference. It can ease the financial strain that typically comes with end-of-life expenses and help loved ones focus on what really matters.
Q:: What’s the takeaway for older adults exploring life insurance?
A: Choosing life insurance doesn’t have to feel complicated. The goal is to find coverage that can help protect your loved ones and also fit within your budget.
Whether you’re exploring life insurance for adults over 50 or caretaking for a parent, choices are available that can help bring comfort and confidence to your planning.
This article is provided by New York Life for informational purposes only. Neither New York Life, AARP, nor its affiliates provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.
