Which Life Insurance Is Best For Seniors? 
There are three basic planning goals for life insurance : Indemnification , Income and Inheritance . Indemnification At minimum , seniors have final expense liabilities that they generally dont desire to pass on to their children . Covering those expenses with a final expense life insurance product is a great alternative with a company that offers benevolent geriatric underwriting . Life insurance underwriting is extremely important as you become older , especially if you need more coverage than final expense . A good life insurance company that has sizable retention and death benefit break points can really help keep the price tag down . Retention is the risk the life insurance company is willing to take on without sharing the risk with other life insurance companies . The bigger the retention , the more wiggle room to negotiate the underwriting offer . And death benefit break points can reduce the cost of insurance as you buy more coverage . Break points generally start at $ 250,000 , then $ 500,000 , $ 1,000,000 and $ 3,000,000 . Guaranteed universal life may be the best policy choice . Income Life insurance has the potential to generate tax advantaged income and , if properly designed , may generate tax free income as long as the policy is issued as a non-modified endowment contract and is kept in force for the life of the insured . Some seniors use life insurance tax free income in tandem with their Social Security benefits and defer their qualified plan distributions until age 70 . Its a good planning strategy . Life insurance policies with the least expense loads are the most desirable . Indexed universal life may be the best policy choice . Inheritance Many seniors desire to make a difference with their children , grandchildren and charities . A survivorship policy for married couples is the best solution because in leverages two lives on one contract and pays the death claim at the death of the second insured . Survivorship guaranteed universal life may be the best policy choice for married couples and guaranteed universal life may be the best policy choice for single seniors . We spreadsheet the life insurance companies based on underwriting , product provisions and price , assisting seniors in the decision making process . 