Life Insurance

Life Insurance Options for Seniors

Life insurance should bring peace of mind, not confusion. For seniors and adults nearing Medicare age, the right coverage helps ensure your loved ones are protected and not left with financial stress. At Frana Wealth Management, we focus on helping you understand your options clearly so you can choose coverage that fits your life, your goals, and your family.

For most seniors, life insurance falls into two primary categories. Each serves a different purpose, and the right choice depends on what you want your coverage to accomplish.

Term Life Insurance

Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years. It is designed to offer financial protection during years when certain responsibilities or obligations still exist.

This type of coverage often offers higher benefit amounts at lower monthly costs, making it a strong option for those who want to protect a spouse, pay off a mortgage, or cover remaining financial responsibilities.

Key features include:

• Higher coverage amounts, often ranging from tens of thousands to several million dollars
• Temporary coverage that ends when the term expires
• Lower premiums compared to permanent policies
• Options to renew or convert to permanent coverage, though costs may increase with age
• Best suited for covering temporary financial needs such as a mortgage or supporting dependents

Final Expense Insurance

Final expense insurance, sometimes called burial insurance, is a form of permanent life insurance designed specifically to cover end-of-life costs. This can include funeral expenses, burial costs, and outstanding debts, helping relieve loved ones from financial burden during a difficult time.

This coverage is typically easier to qualify for and offers lifelong protection as long as premiums are paid, making it a popular option for seniors seeking simplicity and certainty.

Key features include:

• Coverage amounts typically between $5,000 and $25,000
• Permanent coverage that lasts for life
• Generally affordable premiums due to lower benefit amounts
• Easier qualification with minimal medical questions
• Benefits paid directly to beneficiaries or funeral providers to simplify final arrangements

Choosing the Right Coverage

Every situation is different. Some seniors benefit from term life insurance, while others prefer the lifelong protection of final expense coverage. Many choose a combination depending on their goals. At Frana Wealth Management, we take time to understand what matters most to you and help you choose coverage that provides confidence, clarity, and peace of mind.