Term life insurance provides coverage for a specified period, usually 10, 20, or 30 years. It offers a death benefit to the beneficiaries if the insured passes away during the term. Term life insurance is often available to seniors, although the coverage amount and the length of the term may be limited due to the individual’s age.

Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured. It offers a death benefit as well as a cash value component that grows over time. Whole life insurance can be more expensive than term life insurance but guarantees coverage as long as the premiums are paid.

Final expense insurance, also known as burial or funeral insurance, is a type of whole life insurance specifically designed to cover end-of-life expenses such as funeral costs, medical bills, and other debts. These policies typically have lower death benefits, ranging from a few thousand dollars to around $50,000, and are easier to qualify for, making them popular among seniors.

Final expense insurance, also known as burial or funeral insurance, is a type of whole life insurance specifically designed to cover end-of-life expenses such as funeral costs, medical bills, and other debts. These policies typically have lower death benefits, ranging from a few thousand dollars to around $50,000, and are easier to qualify for, making them popular among seniors.

These types of policies are designed for seniors who may have difficulty qualifying for traditional life insurance due to their age or health conditions. Simplified issue insurance requires applicants to answer a few health-related questions but generally does not require a medical exam. Guaranteed issue insurance, on the other hand, does not require any medical questions or exams, making it accessible to individuals with pre-existing health conditions. However, these policies often have limited death benefits and higher premiums.