Your Guide to Senior Whole Life Insurance

Are you prepared for the uncertainties of life as a senior? 

If you want to secure your family’s financial future and ensure they are taken care of when you’re no longer around, then senior whole life insurance policies might be a good fit for you. 

In this article, we’ll delve into the nitty-gritty of this plan type, exploring its benefits and age limits. 

To help you make a decision, we’ll also compare whole life to other insurance options available for seniors and go over some handy tips for finding the right coverage plan. 

Whole Life Insurance Plans for Seniors: Explained

The whole life policy is a form of permanent insurance

It’s often an ideal choice for people aged above 50 who want to make sure that their loved ones are financially protected, regardless of when they pass away. 

Let’s check out how it stacks up against other common types of life insurance: 

Whole Life Insurance Policies vs. Term Life Insurance Policies 

Term life insurance plans offer protection for a specific period, like 10 or 20 years.

Meanwhile, a whole life plan provides coverage for the insured’s entire life. 

This means that the policyholder’s beneficiaries will receive a death benefit whenever the insured passes away, as long as the policy remains in force. 

Sure, term policies generally have lower premiums and could eventually be shifted to a whole life plan

However, they typically lack the cash value component that permanent policies offer. 

Senior couple talking with insurance agent

In a whole life insurance policy, the holder pays fixed premiums, and in return, they accumulate cash value over time that they can borrow against. 

Whole Life Insurance Policies vs. Universal Life Insurance Policies 

Both are permanent policies, but the main difference is that universal life (UL) insurance provides more flexibility in premium payments than whole life plans. 

However, UL policies might lack the guaranteed cash value accumulation that you’ll find in whole life policies. 

Top 5 Benefits of Whole Life Insurance Policies for Seniors

People can get a senior whole life permanent policy for a whole lot of reasons, but here the ones the top benefits to consider: 

  • Better Acceptance Odds: As health risks increase with age, seniors may be disqualified from getting term policies, but whole life usually remains a valid option. 
  • No Medical Exam Requirement: Many insurance companies don’t require a medical exam for whole life policies, making them more accessible for seniors with health concerns. 
  • Final Expense Coverage: Whole life insurance can cover burial costs, funeral expenses, and medical bills, relieving the financial burden on family members during a challenging time. 
  • Debt Repayment: Having the insurance policy in place can help pay off mortgages and other debts. 
  • Legacy and Support: Whole life insurance allows seniors to leave an inheritance or continue supporting their spouse. 

All in all, the policy is accessible and can help people ensure financial stability for their families in the long term. 

4 Tips for Choosing the Best Senior Whole Life Insurance Policy

From the rider add-ons to the policy rates, there are plenty of factors to consider.

So finding the perfect plan may seem overwhelming at first. 

Thankfully, we have some tips to keep in mind when you’re shopping for a senior whole life insurance policy—or any other insurance type, for that matter. 

Here are four handy tips:

1. Prepare for a Health Questionnaire

It’s important to note that while you might not have to undergo a medical exam, your health might still play a role in the application and underwriting process. 

Instead of a physical exam, you may need to fill out a form or a health questionnaire. 

There also could be a phone call with a representative from the insurance company, during which you’ll be asked some health questions. 

Expect the questionnaire to cover various aspects like pre-existing conditions and your overall lifestyle choices. 

These questions help the insurer assess your risk profile and determine your eligibility for simplified issue policies. 

If you have concerns about your health impacting your eligibility for coverage, there’s a slightly different option to consider: guaranteed issue life insurance policies. 

This type of policy offers acceptance without the need for a health questionnaire at all. 

That’s why it could be a suitable pick for individuals with poor health or those who want a hassle-free application process. 

However, it’s important to note that guaranteed issue policies may have limitations on coverage amounts and may come with higher premiums. 

So take a moment to think about how much you prioritize a convenient application process and how likely it is that your health conditions will get in the way of approval. 

2. Shop Around and Compare Quotes

Try to get quotes for plans suited for seniors to be able to really compare coverage options and premiums. 

Take your time to review the details of each policy and whether or not it meets your specific needs. 

Keep in mind that while it’s essential to have sufficient coverage, you still need to avoid overbuying insurance that exceeds your actual needs. 

It’s a tricky balance, but the ideal policy should provide the right level of protection without dragging along unnecessary expenses. 

3. Look Beyond the Cost

There’s more to the insurance plan than just the premiums and payouts. 

We’d recommend considering other features, such as cash value accumulation, policy loans, and riders. 

Riders are additional provisions that can enhance the policy and tailor it to your specific needs. 

For example, a long-term care rider can provide coverage for assisted living or nursing home expenses. 

Plus, you need to research the insurance company’s reputation and financial strength ratings to make sure you’re picking a provider that can fulfill their promises. 

Of course, you need to read the policy contract thoroughly and understand the terms and conditions. 

Pay attention to any fine print that could affect your coverage or claim payout. 

Graded death benefits aren’t typically part of standard whole life policies, but it’s still to check for any and all limitations in the contract. 

4. Work With Independent Agents

If you are unsure about which senior whole life policy is right for you, seek advice from agents who have access to a wide range of life insurance companies that cater to seniors. 

Close up of life insurance policy

They can provide personalized recommendations based on your individual needs and help you navigate the available options. 

Other Options to Consider as a Senior

We’ve already compared whole life policies to a couple of types of life insurance, namely the term and universal ones. 

So if the whole life plan turns out to be a bad fit for your needs, you could consider either of them, but there’s also one more option on the table. 

Let’s take a closer look at the main alternatives and who they’re ideal for. 

1. Term Policy

If a senior is in good health and looking for affordable coverage, term life insurance can be a suitable option. 

Yet, most seniors who want lifelong coverage and guaranteed benefits lean towards whole life insurance policies. 

2. Universal Life Policy

A universal life permanent policy can be a good fit for seniors seeking lifelong coverage but still want lower premiums. 

The fact that it allows people to change their death benefit later on might be appealing to some folks, too. 

3. Burial Insurance

Burial insurance is a small whole life insurance policy designed for seniors who don’t have much money to spare and may not be in the best health. 

It’s meant to help with funeral and final expenses when the time comes. 

Getting this insurance is often easier because there are usually only a few health questions to answer, or sometimes none at all. 

However, we need to note that there are two kinds of burial insurance: pre-need and standard

Pre-need covers specific arrangements, and often the money goes directly to the funeral home. 

The main perk here is that it can let people pay for their funeral at today’s prices, which might be cheaper than in the future. 

On the other hand, standard burial insurance gives the money to the person you choose as a beneficiary, and they can use it for anything. 

So it gives your family more options, but there’s no guarantee they will actually use it for the funeral. 

4. General Long-Term Planning

Putting the insurance policies aside for a moment, we’d recommend that you consider the financial situation as a whole. 

For instance, you can explore long-term care insurance to shield yourself and your family from potential medical costs. 

Plus, managing your savings wisely and diversifying investments can go a long way in creating a financial safety net. 

You might also want to get started on a comprehensive estate plan to make sure that your assets are distributed according to your wishes. 

By taking these steps, you can secure your financial future and provide a solid foundation for your loved ones to manage expenses. 


How can seniors get money out of the whole life insurance policy?

If your senior whole life policy has accumulated cash value over time, you may be able to borrow against it or withdraw the funds. 

Senior Couple sign mortgage, life insurance contract at table in her office

This can affect the total death benefit, though. 

Are there age limits on seniors’ whole life insurance?

Eligibility typically ranges from age 50 to 80, but the exact limits from one insurance company to another. 

Note that even your location can affect the imposed limits. 

For instance, Mutual of Omaha offers whole life insurance for ages 45–85, in general, but the range shifts to 50–75 in New York. 

Can I outlive the whole life insurance policy?

The point of senior whole life insurance is to provide coverage for your entire life. 

Still, it’s important to note that permanent policies can mature at a certain point, and the amount will be paid out then. 

The age of maturity for the policy could hover around 95–121, though. 

Can seniors with pre-existing health conditions get coverage?

Yes, some insurance providers offer guaranteed issue whole life plans, suitable for seniors with health issues who may not qualify for other types. 

Keep in mind that some companies offer simplified underwriting with no medical exams but may include health questionnaires to determine eligibility. 

Can I customize my senior whole life policy?

Yes, you might be able to add riders like long-term care or accelerated death benefit to tailor your policy’s coverage to your needs. 

Ask your agent or insurance company about your customization options. 

How much does the average senior whole life insurance policy cost?

The cost varies drastically based on factors like age, health, coverage amount, and the insurance company. 

Some sources estimate that the average rate for 50-year-old males is around $125, but the number goes up to $263 for men ages 70, assuming that the coverage amount is $35,000. 

The rate for whole life policies with the same coverage for women, on the other hand, can hover around $94 for 50-year-olds and $209 for 70-year-olds. 

Still, since each case is different, it’s better to get a quote than go by rough estimates. 


To recap, whole life insurance can be a fantastic choice for seniors because it’s permanent and helps you take care of your loved ones even when you’re gone. 

Sure, there are some challenges, like rising premiums as you age. 

Yet, whole life insurance remains a valid option, especially when compared to term policies that become harder to renew with age. 

If whole life policies don’t work out, you could consider other plans, like burial insurance, which can be a decent alternative for those on a budget. 

The Next Step: Get a Quote for Your Whole Life Insurance Policy

You’ll need to plan for the long haul—think about estate stuff, managing your savings, and all that jazz. 

But for now, let’s focus on your insurance needs. 

Get a quote today and start shopping for the best coverage!