How seniors can boost their life insurance protections

How seniors can boost their life insurance protections
Mature designer looking at laptop
Seniors looking to boost their life insurance should consider taking a medical exam to demonstrate their fitness.

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Life insurance is often considered a fundamental part of sound financial planning. Many people of all ages and backgrounds can benefit from having a policy in place. This can be for adults just starting their careerhomeowners with many years of mortgage payments left or even seniors looking for the security life insurance provides.

While life insurance for the latter group is often considered not “worth it,” many seniors actually do have policies in place. “57% of Americans ages 65 and older own life insurance policies,” according to a recent article from But that figure, according to the article, “marks a 10% decrease in ownership over the last decade.”

While the decrease could be tied to any number of factors, the percentage that does have life insurance is significant. For these older adults to get the most out of a policy it helps to understand a few strategies that can better enhance their protections. We will explore three of these below.

If you’re in the market for life insurance then start by getting a free price quote now.

How seniors can boost their life insurance protections

Here are three effective ways seniors can boost their life insurance coverage now.

Take a medicalexam

Life insurance medical exams are used to verify the applicant’s health and wellness. By taking these exams applicants can prove they’re healthy enough to justify the amount of coverage they’ve applied for. Applicants with positive exam results will put themselves in the running for more coverage (at a less expensive price point) than those who choose to go the no-exam life insurance routes. No-exam life insurance coverage is often limited because the provider doesn’t have a complete picture of who they’re insuring. But if you sit for the exam – and do well on it – you’ll improve your chances for more coverage.

Not sure what you’d be eligible for? It’s easy to get a free price estimate.

Apply for term life insurance

Term life insurance is often the best type of insurance for seniors for a variety of reasons. For older adults looking to boost their protections, this is the type to pursue. Term life insurance only lasts for a set time period before expiration. And it doesn’t have a cash reserve (unlike its whole life insurance counterparts). For both of these reasons, insurance providers are more likely to offer seniors more coverage for a lower cost than they would have if they applied for a different type of life insurance.

Shop around

Don’t assume you already have as much coverage as you can get. Different providers offer different terms and amounts. It’s possible that you can get more coverage for the same or less of a price than you’re currently paying. To find out definitively you’ll need to do your research and secure quotes from at least three insurance companies. Just make sure to do an apples-to-apples comparison (get quotes for the same type, amount and length of coverage from all three). This will ensure that you have an accurate baseline to measure against.

You can get a free price quote online now or use the table below to start shopping for life insurance companies.

The bottom line

As with all financial products and services, it pays to stay informed and up to date. Life insurance is no different. There are ways seniors can boost their coverage without necessarily having to pay more. This includes taking a medical exam to demonstrate their health and wellness, applying for term life insurance, and, of course, shopping around for the best deals and terms.

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