Life Insurance for Seniors
Life insurance for later in life.
You may not think you need life insurance if you no longer have dependents, but it can still play an important role for your family’s financial future. We have life insurance policies that can help seniors take care of the people who are important to them.
How Life Insurance Can Benefit Your Family
The death benefit can provide money needed to avoid burdening your family with funeral expenses and other bills.
The everyday things
Your partner could choose to use the death benefit for everyday living expenses and outstanding debts.
By naming a charity as the beneficiary, life insurance can provide a practical, affordable and flexible way to give money to charitable organizations and causes. Life insurance donors can leave a legacy while receiving tax benefits.
If you don't need the death benefit, you can use the cash value of a life insurance policy to help out financially in your retirement years.1
Is it Right for Me?
Life insurance from is a great way to provide peace of mind for you and your family. What kind of coverage and how much you need will depend on your personal situation.
What are my options?
Term life provides the highest death benefit for the lowest cost. You pay for coverage for a certain length of time (10,20 or 30 years), and coverage and premium payments stop at the end of the term period. You may qualify for a 10-year policy up to age 70, a 20-year policy up to age 60 and a 30-year policy up to age 50.
Whole life insurance provides permanent coverage for the rest of your life, as long as premiums are paid. Over time, you build cash value in the policy, in addition to the death benefit. You can pay the same premium for life, or you can choose to have a paid-up policy in 10 years (if you’re 80 or younger), 20 years (if you’re 75 or younger), or at age 65 (if you’re 50 or younger).
You could also buy a Single Premium Whole Life policy with one lump sum payment, which provides a paid-up policy that can be given as a gift to a child, grandchild or other heir; a great way to transfer tax-advantaged money to the next generation.2
Like whole life, universal life provides permanent coverage for life – and you can build cash value over time, in addition to the death benefit. The biggest differences are that universal life allows you to adjust your coverage amount, and you can change the amount and frequency of premium payments.
Take the Next Step Now
A local COUNTRY Financial Representative can help you figure out how much insurance is appropriate for your situation and what type of coverage makes sense.
Policies issued by COUNTRY Life Insurance Company® or COUNTRY Investors Life Assurance Company®, Bloomington, IL.
The information and descriptions contained here are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services. The precise insurance coverage under any COUNTRY Financial® insurance product is subject to the terms, conditions and exclusions in the actual policies as issued. Products and services described in this website vary from state to state and not all products, coverages or services are available in all states.
1Loans will decrease the cash value and death benefit of the policy.
2COUNTRY Financial and our representatives cannot give tax advice. Any information we provide reflects our understanding of current tax laws, which are subject to change and reinterpretation.
Policy form numbers
Term Policy: ICC13(RCT)
Whole Life Policy: ICC13(WL)
Single Premium Whole Life: ICC13(WLSP)
Universal Life Accumulator Policy: in ID, UL(ID13); in OK, UL(OK13); in OR, UL(OR13); in TN, UL(TN13)
Universal Life Protector Policy: in ID, ULPRO(ID13); in OK, ULPRO(OK13); in OR, ULPRO(OR13); in TN, ULPRO(TN13)