Heather Calhoun

Burgess & Associates

Understanding Life Insurance for Seniors

Life insurance can be an excellent option for seniors looking to provide their loved ones financial security and peace of mind. It can help cover end-of-life expenses and leave an inheritance for family members, as well as many other benefits we will discuss below. Let's look at the types of life insurance available to seniors, the benefits it provides, and when it is worth it for seniors to purchase a policy.

Types of Life Insurance Available To Seniors

Two primary types of life insurance are available to seniors: term life insurance and whole life insurance. Term life insurance covers you for a specific period of time—often 10 or 20 years—and pays out only if you die during that time frame. Whole life insurance covers you indefinitely, pays out upon your death regardless of when it occurs, builds cash value over time, and provides living benefits such as long-term care coverage or access to the cash value while still alive.

Benefits Of Life Insurance For Seniors

Life insurance can provide numerous benefits for seniors. In addition to covering end-of-life expenses such as funeral costs or medical bills incurred before death, life insurance policies can also be used to leave an inheritance behind for loved ones or pay off debts and other liabilities that family members may have assumed after the death of a senior. Additionally, there are often tax benefits associated with purchasing a life insurance policy; these include avoiding probate court or reducing estate taxes owed by heirs upon your death. Finally, investing in a policy at this stage in life can benefit from both retirement and financial planning perspectives.

When Is Life Insurance Worth It For A Senior?

When deciding if purchasing a policy is right for you as a senior citizen, there are several factors to consider, including age (the older one gets, the more expensive premiums become), health status (the worse your health is, the more difficult it may be to obtain coverage), current income level (if you don't make enough money then premiums may be too expensive), whether you have any dependents (if not there might not be a need to purchase coverage although proceeds can be left to a community project, a charity of your choice, or another designee), and possible alternative options such as long-term care plans. It's essential to weigh all factors carefully before making any decisions about purchasing a policy now or waiting until later in life when premiums become more affordable due to lower risk levels associated with age.


Ultimately, life insurance can be invaluable for seniors looking to leave an inheritance, cover end-of-life expenses, pay off debts, provide tax benefits, and more.

If you're a senior considering life insurance, the best thing to do is reach out to a financial professional for advice on your situation. They will help you explore the different types of policies available to find one that works best for you and your family.

Many people are interested in looking at life insurance options with a Doing It Yourself. If you would like to explore that approach. 

Here is the link: Life Insurance - Ethos (ethoslife.com) 

Heather Calhoun picture

Heather Calhoun

Burgess & Associates

3322 South Campbell Avenue

Suite P-4

Springfield, Missouri 65807


(417) 581-8220

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