Types of Life Insurance For The Elderly

Depending on your needs, you can consider options such as guaranteed issue life insurance, term life, whole life, funeral insurance and so on.

Nowadays, older people are becoming more and more interested in life insurance, but it can be quite difficult for them to find the right option. Most often this is due to the fact that life insurance policies become more expensive with age, but now there are still a fairly large number of acceptable options. Many insurers and insurance companies continue to work even with older people who are not in excellent health.

However, before looking for the right option for you, you should check whether you really need life insurance. For example, if you have savings, an emergency fund, and no debts, then you probably shouldn't buy insurance. However, an insurance policy is a good option if you have an outstanding debt, want to cover your funeral expenses, support a relative with your income, want to give someone an inheritance, and so on.

5 Types of Life Insurance For The Elderly

So, if you understand that you need insurance, then it is important to choose the most suitable option for you. Below you can explore the main types of insurance available for seniors:

1.Term life

This type of insurance is suitable for those seniors that are in good health for their age and are ready to pass a medical exam. The advantage of term life insurance policy is that it is the cheapest and at the same time a good option for you. This option should be considered by those people who cover debts or support a spouse or relative with their income. It is also worth noting that between the ages of 60 and 70 you will be able to secure a 10 or 20 year term life policy. However, if you are 80 or older, getting term life coverage can be a challenge.

2. Guaranteed issue life insurance

This type of insurance is famous for the fact that it does not have any medical requirements. While many insurance companies require you to pass a medical exam, there are options for those people whose health is not so good to get it confirmed. Most often, such policies have a two-year waiting period until full benefits are available to you (which is above the limited benefit period). However, you should pay attention to the fact that coverage is usually small and does not exceed $100,000.

3. Whole life

This type of long time coverage is a great option for people who want to ensure long-term peace of mind as the death benefit will be paid out no matter when you die. So all of life creates monetary value by investing parts of your premiums in a savings account. Thus, you can withdraw cash or take out a loan at a cost.

You need to pay attention to the fact that this option is often more expensive, and the older you are, the more expensive it is.

4.Funeral insurance

This type of insurance is also called pre-needed insurance because it was created for burial coverage. You can purchase one from the funeral home to help cover the cost of the services you need. Also note that funeral insurance is not the same as burial insurance, as the latter pays a benefit in the case of death, which can then be used for any purpose.

5. Guaranteed universal life insurance

This type of insurance combines both term and permanent life insurance. Guaranteed insurance is similar to term coverage in that it expires after a certain amount of time. However, the difference is that instead of a number of years to cover, you will need to choose the age when it expires. Most often, guaranteed universal insurance requires a medical examination to qualify, and coverage is not assured. However, if you pay insurance premiums, you will receive a guaranteed benefit in the event of death.

What Is The Cost Of Life Insurance For Seniors?

As mentioned, finding cheap insurance can be difficult, especially when you consider the fact that the cost increases with age. Below you can explore the average cost of life insurance for seniors of different ages per month:


Policy Type

65 y.o. woman

65 y.o. man

75 y.o. woman

75 y.o. man

85 y.o. woman

85 y.o. man

Guaranteed issue whole life $10,000

66 $

88 $

114 $

150 $

221 $

233 $

Simplified issue whole life $10,000

47 $

62 $

82 $

113 $

153 $

228 $

Whole life $100,000

349 $

414 $

623 $

712 $

1,345 $

1,519 $

10 year term life $100,000

66 $

89 $

191 $

269 $



Guaranteed universal life $100,000

254 $

294 $

471 $

545 $

1,162 $

1,398 $




When tackling a home renovation, the costs can add up quickly. A seemingly small kitchen remodel can leave you on the hook for thousands of dollars.

The right loan can make or break your home renovations. Whether you are looking for a specialized home improvement loan for a specific type of renovation or a broad loan that can be used to fund more general home upgrades, you’ll find plenty of options to choose from.

Let’s explore the best loans for home improvement and which ones might suit your specific needs and finances.

What is a home improvement loan?

A home improvement loan is any type of loan that offers the funds you need to maintain, repair, or improve your home.

Often, “home improvement loans” are unsecured personal loans that are marketed as being for home improvement. There are also some niche mortgage loan products intended to be used for certain types of home renovations.

Current uncertain economic environment leads to retirement worries for many americans

Nationwide Retirement Institute research finds that the economy, inflation, and pandemic are all accelerating consumers’ worries about retirement.

Continued financial repercussions from the pandemic, new concerns over market volatility and high inflation are leading two-thirds of Americans (66%) to worry more now than they did before about their retirement income, according to the Nationwide Retirement Institute’s ninth annual Social Security Consumer Survey. That’s a 10 percentage-point spike from 2021.

Adding to those concerns, most consumers (70%) across generations worry that Social Security will run out of funding in their lifetime. One in three adults (33%) not currently receiving Social Security benefits believe they won’t get a dime of what they’ve earned when they retire.


If you’re doing well financially, treating yourself occasionally or helping a loved one in need may be something that fulfills you and brings you joy. However, these actions can become problematic when they happen repeatedly and begin to take a toll on your financial life. To stay on track towards your financial goals while maintaining strong relationships with the people closest to you, it’s often necessary to set and maintain healthy money boundaries.

What Are Money Boundaries?

In general, boundaries define what you’re willing—and more importantly, unwilling—to accept from yourself and others. They provide a way to maintain your identity and wellbeing within your personal and professional relationships.

More specifically, money boundaries are the limits you set for your finances. In some cases, you may set financial boundaries for yourself. For example, you may have a personal budget that guides your spending each month.

13 Best Passive Income Apps In 2022 And Beyond

A commonly asked question is, what’s the difference between active income and passive income?

The answer is pretty simple: active income is what you get for exchanging your hard work, time, and skills for a salary. 

On the other hand, passive income is any additional income acquired by simply investing and letting your money grow on its own, without putting any effort into it on your part. The investments can be of any type such as:

financial investments affiliate marketing product sales

It can even involve making money via shopping, playing video games or even watching movies online.

Let’s take a look at the 13 best passive income apps that you can use to make easy money:

Don’t Miss Any Updates. Each week I’ll send you advice on how to reach financial independence with passive income from real estate.

Tips When Taking Care of an Elderly With Allergies

Allergies are not only uncomfortable and annoying, but they can also be a major health concern, especially for our senior loved ones considering the effects of aging.

That is why, whether they have been diagnosed with an allergic condition, have had occasional bouts during allergy season, or have simply developed them out of the blue, it is essential to know how to handle them properly.

We are listing down some of the ways you can help them manage their allergies whenever it comes:

Know how to recognize the symptoms immediately

While there are tell-tale signs of allergies, such as a runny nose and sneezing, your senior loved one’s symptoms may be different. Instead, it may manifest as ear congestion or watery eyes.

Reduce their exposure to triggers

To do this, you must first know what their usual triggers are. Some of the most common triggers include pollen, grass, dust, smoke, and cold.

Apartments for Seniors on Social Security

Now the elderly on Social Security can get help using various programs such as Subsidized Housing for Multifamily, Public Housing and Housing Vouchers.

Housing for Social Security

Older people who do not have a good source of income cannot afford a decent life, since their means are limited. Of course, the government knows about the existence of this problem and is trying to solve it and improve the life of pensioners. That is why low income seniors that live in bad conditions can find the best accommodation even if you can not afford it.

What Advantages Do Senior Playgrounds Have?

First of all, such playgrounds are free, so pensioners do not have to pay for membership. Also, the equipment helps to use various muscle groups so that pensioners can develop their strength and endurance.

What Advantages Do Senior Playgrounds Have?

First of all, such playgrounds are free, so pensioners do not have to pay for membership. Also, the equipment helps to use various muscle groups so that pensioners can develop their strength and endurance.

What Age Is Elderly?

It is difficult to unequivocally answer the question of whether a person at the age of 60 is considered elderly, since some people may feel great to continue working, others can no longer get out of bed due to health problems.

No one can give a clear definition of old age. Some people believe that they are already old at 60, so they think that their life is already coming to an end. However, it is important to pay attention to the fact that older people still head big corporations, become presidents, run their own businesses, and so on. That is why people are still arguing what age is considered old. Keep reading to find out the details.

Where To Have A Retirement Party?

Depending on your preferences, you can choose any place where you and your colleagues will be comfortable. Explore different options, from a party, to an evening at the country club, a picnic or a lunch together.

Despite the fact that retirement is a new stage in life, this does not mean that you should be upset. What's more, retirement is a great occasion to celebrate, throw a party, and spend time with your family. Even if you haven't been looking forward to this day and feel like you're not the age to party, remember that you deserve it after so many years of hard work.

However, if you want to throw retirement celebrations, most likely you have no idea where to start, when and where to have a party, who to invite and so on. Below you can explore all the information you need to know in order to throw a party that you will remember for a long time!

Related Articles