Life Insurance for Seniors

As you reach your senior years, you may assess your expenses and plans for retirement. Whether you aim to keep working, relax and travel the world or spend time on hobbies, you might have overlooked something that can still play a key role in your finances: Life Insurance.

Dion Jayakoddy Retirement & Insurance offers plenty of options available for seniors aged 50 - 80 years of age in San Joaquin County. Here's why it could make sense for many households.

Seniors have options

In order to select the right life insurance policy, first consider why you want it then think about your long-term goals. Secure your spouse's financial future, cover your final expenses or do a charitable donation? You'll find options for those objectives and more.

When you sign up, it may depend on your health and the type of coverage you choose. Most policies require a medical exam; any serious medical condition can significantly increase the cost. Also, terminal illnesses such as cancer may disqualify you from certain policies or make the premiums unreasonably high.

Consider your goals, budget, how long you want coverage, how much insurance you need, and what you want to leave to your love ones. There's no right or wrong solution, your needs depend on your situation.

Types of Coverage

You can choose among most popular types of life insurance and you can also modify a policy with extra benefits (at extra cost) with riders. Common options include:

  • Term Life Insurance that is cost effective alternative for healthy seniors who pass a medical exam.

  • Permanent Life Insurance doesn’t have an expiration date; as long as the required premiums are paid, the policy stays in effect. Permanent can cost a lot more than term, but it may be a good choice to help cover final expenses (like your funeral and related costs) and inheritances.  

  • Guaranteed Issue, you can buy this coverage no matter your age or health. This means you won't have to take a medical exam—but you'll likely pay a much higher premium. A guaranteed-issue policy can make sense if you face a terminal illness and can't get other coverage.

Dion Jayakoddy Retirement & Insurance will provide free quotes to seniors and offer practical information on various plans.