There are several different types of life insurance plans that may be available for seniors.
The three basic types of senior life insurance policies include:
- Term Life Insurance
- Permanent Life Insurance
- Guaranteed Issue Life Insurance
The most affordable coverage would be term life insurance because it is temporary coverage lasting for a duration of 30 years or less. Usually, term life may be available for seniors with a term of 5, 10, 15, or 20 years of coverage.
Permanent life insurance provides lifetime protection and may build up some cash value inside the policy over the years.
Guaranteed issue life insurance is permanent coverage with guaranteed approval, which means you cannot be tuned down due to any health reasons. There's no health exam required and no health questions asked. This is the more expensive coverage.
Permanent life insurance usually costs up to 5-10 times more than the same amount of term life insurance.
So, the lowest cost life insurance for seniors would be term life insurance.
Here's how to learn more about low cost life insurance for seniors.