As we grow older, it is only natural to think about what we leave behind for loved ones. One of the best ways to ensure that your assets are protected and you don’t leave others with burdensome debt is through life insurance.

Surprisingly, more than 100 million adults in this country lack life insurance or adequate coverage.  

You may be wondering how senior life insurance rates compare to other plans. In this guide, we will answer that question while exploring how you can find the best value for yourself and your family. 

What to Expect with Senior Life Insurance Rates

In terms of percentages, adults in their 40s can expect rate increases of 5% to 8% while adults over 50 can expect 9% to 12% increases on average.

In terms of annual premium payments, that could mean paying $13 a year for a $250,000 policy in your 20s, twice that amount in your 40s, and annual payments of more than $100 over 60.

Why Is Senior Life Insurance More Expensive? 

Paying for funeral costs is just one benefit of life insurance, but those and other benefits are only available once the insured person passes away. Like other forms of insurance, your life insurance company calculates how much risk would be associated with covering you.

For the life insurance company, they calculate the risk as the funds they would have to pay out during the term of your policy. To find out how risky you are, insurance providers consider things like lifestyle, occupation, and age. 

Older people are more likely to become ill and die. In order for a company to ensure a senior citizen, they need to pay higher premiums. That mitigates the risk and makes the older adult insurable. 

Is There an Age Limit for Senior Life Insurance?

Generally speaking, there is no upward age limit. Individual companies may decide which age they will not insure. For example, many companies do not insure individuals over 80.

There are plenty of companies that specialize in senior life insurance, including USA Life. Our company thinks of final expense insurance from a different perspective. 

While other companies view these policies as end-of-life care, we see them as proactive tools. These tools help our customers live worry-free.  

We specialize in burial insurance. We do not require clients to undergo physical or medical exams. Pre-existing conditions will not prevent acceptance. 

Unlike our competitors, USA Life’s final expense insurance is easy to obtain and there is minimal fine print to worry about. 

Find Affordable Insurance Today

Burial insurance is ideal for anyone up to age 85. Despite the name, the money can be spent on anything. The funds can even be used to pay off medical bills accrued for end-of-life care.

When exploring senior life insurance rates, it is best to work with an experienced company that specializes in burial insurance. Email or call us today. One of our agents will quickly follow up with you to answer any of your questions.