Life Insurance for Grandparents (Discounts & Rates)
Purchasing life insurance for grandparents can be a great way to ensure your family is financially protected. Term life insurance is an affordable option for seniors. There is variable coverage and often no medical exam required. For those in poor health guaranteed universal life insurance is more expensive but provides more coverage than term insurance policies.
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UPDATED: Apr 21, 2021
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- You can purchase life insurance policies for grandparents with their permission
- Term life insurance is the most affordable policy for seniors and often does not require a medical exam
- Guaranteed universal policies are more expensive but offer additional coverage for those in poor health
It may seem like a challenge to find affordable life insurance for grandparents, but policies are out there.
From term life insurance to whole life insurance, different companies offer a plethora of options for seniors over the age of 60.
In this article, we will review the life insurance policy options for grandparents, how affordable they are, and where you can get them.
Are you ready to start searching for life insurance rates for grandparents? Enter your ZIP code above, and we will help you find the right provider for your family.
What life insurance policies are available for seniors?
Seniors are likely to find that they have the same life insurance options as anyone else. However, the rates are considerably higher, or the terms are shorter in the case of term life insurance.
Some policies marketed specifically for grandparents, such as guaranteed universal life insurance, term life insurance, and final expense insurance.
Guaranteed Universal Life Insurance
As the name implies, guaranteed life insurance guarantees approval for all who apply. There are usually no medical questions or exams required.
Universal life insurance is a permanent policy that will follow the policyholder for the remainder of their life and, in many cases, will build a cash value over time.
Term Life Insurance
Term life insurance provides coverage for a set term. It does not grow any cash value but can be purchased to cover specific expenses or debts, like mortgages or medical bills.
As they age, your grandparents may be able to qualify for shorter terms, but there are often no medical requirements.
Final Expense Insurance
Depending on where you purchase the policy, final expense insurance may partner directly with the funeral home of choice so the policyholder can plan out their preferred services.
This can be a great relief to the family and remove a burden during a difficult time.
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What is the most affordable life insurance option for my grandparents?
Term life insurance is the most affordable life insurance for seniors. In fact, term life insurance is the most affordable type of life insurance on the market for all ages.
Final expense insurance is the next most affordable insurance option. It is only second because of the limited scope of the coverage provided, making it less versatile than term coverage.
Lastly, guaranteed life insurance. Guaranteed life insurance is the most expensive option of the policies geared toward seniors.
Because it offers more coverage and can build a cash value, this life insurance policy option is by far the most expensive of the three.
Who can buy life insurance for grandparents?
The question of, ‘Can I get life insurance on my grandmother?’ ‘Can I purchase life insurance for my great-grandpa?’ are very common in the industry.
The National Association of Insurance Commissioners states that you can purchase life insurance for family members, but you need their permission.
Life insurance is a large decision and should always be discussed with the policyholder in depth before a purchase is made.
Take the time to look at several life insurance options and find the right policy type for their situation.
The next step should be finding the right provider. The policies listed above are all very popular, and most life insurance companies, like MassMutual, Prosperity Life Group, Mutual of Omaha, all offer at least one of them.
If you’re ready to begin getting life insurance quotes for grandparents from different life insurance companies, enter your ZIP code below. We will help you find the right fit for your family.