Buying Life Insurance for Senior Citizens

With the rising cost of living, medical expenses, and potential debts, a well-chosen life policy can cover immediate needs and future obligations, sparing your family from financial stress. Additionally, it can be an effective tool for legacy planning, enabling seniors to leave behind a meaningful inheritance or support charitable causes.

In the UAE, where families often rely on shared financial support, life insurance becomes even more relevant for safeguarding the well-being of your beneficiaries. With various policies available, seniors can find options tailored to their needs, making this insurance type a valuable investment in security and peace of mind.

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Some of the best Term Insurance quotes in UAE & Dubai are:

Policy Term

Age

Cover

Payment Frequency

YearlyMonthly

Should Seniors Buy Life Insurance?

Short answer: YES!

Life insurance for seniors tends to financially protect their loved ones in case of the unfortunate demise of the elderly life assured. The features and benefits of these plans are pretty similar to those for younger individuals. The primary difference lies only in the premium rates, which are influenced by factors such as age, medical conditions, and risk of illnesses.

What is the Need for Life Insurance Plans for Senior Citizens?

Senior citizens need life insurance for the following reasons -

Financial Security for Loved Ones - Even in your senior years, you may have family members who depend on you financially. A life policy can help cover their immediate and future needs, providing essential support after your passing.
Cover Debts and Final Expenses - Life plans help pay off any remaining debts and final expenses, relieving your family of these financial burdens during a difficult time.
Legacy Planning - Life insurance for senior citizens is a great way to leave a legacy or support a charity. You can allocate part of your policy to loved ones or causes you care about, ensuring your contributions live on.

Best Life Insurance Policies for Senior Citizens

Tabled below are the best life insurance plans for senior citizens —

HAYAH Term Life Protect

Level term plan
Worldwide coverage
Add-ons -
- Accelerated critical illness
- Permanent total disability
- Terminal illness
- Waiver of premium benefit
- Passive war and terrorism cover

MetLife Live Life

Death benefit
Terminal illness - Accelerated life benefit
Option to modify the life benefit available

Zurich International Term Assurance

Life cover
Terminal illness benefit
Add-ons -
- Critical illness benefit
- Permanent and total disability benefit
- Waiver of premium benefit

Sukoon Insurance Life Guard

Death benefit
Joint life benefit

Sukoon Takaful Family Takaful Term

Joint Life (both death or first death)
Integrated critical illness benefit including the following diseases —
- Last-stage cancer
- Heart attack leading to end-stage heart failure
- Critical stroke

LIC Protect Term Plan 278

Death benefit
Add-on -
- Accelerated critical illness rider

Arabia Term Life Executive 1

Death benefit

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Features of Life Insurance for Seniors

Life policies for older people provides financial security ensuring a steady income flow and freeing them from financial obligations. There is more to life insurance for elderly than meets the eye.

Here are the features of life insurance for seniors:

Age Limit – The maximum age to buy this policy is 65 years, making life insurance in UAE accessible to seniors.
Death Benefit – Most life insurance products for seniors, like term plans and whole life insurance plans, provide a death benefit in case the life assured passes away during the police tenure. So, if the elder person dies during the policy period, the sum assured will be given to their beneficiary, be it their surviving spouse or children.
Premium Payable – Life insurance for older people has a higher premium than the policies for younger people. To get the right idea about the premium that you would need to pay, you can use the life insurance calculator on Policybazaar.ae.
Medical Examination – The elderly need to undergo a medical test before buying a life policy. This evaluation helps insurers assess if they have any pre-existing medical conditions like diabetes or cardiovascular disorders.

Note — The main medical examinations include –

Body Mass Index
Urine Test
Blood Test (Complete Blood Count, Kidney Function Test, Lipid Profile, Blood Sugar Test, Liver Function Test, and HIV Test)
Ultrasound
Chest X-Ray
Comprehensive Trail-Making Test

Who Should Buy Life Insurance for Seniors ft. Insurable Interest?
When considering life insurance for seniors, it is essential to understand the concept of ‘insurable interest.’ You can buy life insurance for your elderly parents to ensure that no one suffers any kind of financial setback in the absence of either parent. However, before buying the policy, it is important to make sure that you have your parents’ consent. Their participation further streamlines the insurance paperwork.

Who Should Buy Life Insurance for Seniors ft. Insurable Interest?

When considering life insurance for seniors, it is essential to understand the concept of ‘insurable interest.’ You can buy life insurance for your elderly parents to ensure that no one suffers any kind of financial setback in the absence of either parent. However, before buying the policy, it is important to make sure that you have your parents’ consent. Their participation further streamlines the insurance paperwork.

Which Factors Should You Consider When Buying Life Insurance for Senior Citizens?

Here’s what you need to factor in buying a life insurance plan for senior citizens –

Types of Life Insurance - Seniors in the UAE can choose from term life, whole life, or universal life insurance. Each option offers different benefits, so select one that matches your needs and financial goals.
Medical Underwriting - Getting a life policy as a senior often involves a medical exam and health assessment. These results can affect your premium, making it important to be prepared.
Coverage Amount - To decide how much coverage you need, consider your debts, ongoing expenses, and the financial needs of your family. Consulting a financial advisor can also help you determine the right amount.
Premium Costs - Premiums of life policies for seniors are usually higher. However, the financial security and peace of mind provided by them can make the cost worthwhile.

Buy the Best Life Insurance for Senior Citizens without Delay

While it is recommended to buy life insurance at a young age, buying it at an older age is not late either. However, getting life coverage at an older age typically results in higher premiums, loading charges, and more. This is why it is important to buy life policy for seniors as soon as possible — delays could further increase the rates.

At Policybazaar.ae, we have top plans for every age group, including the elderly.

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Frequently Asked Questions

Whole life insurance is a great life insurance option for seniors. Most of these policies have higher maximum entry age restrictions and provide higher coverage options.

Yes, senior citizens need to undergo a medical test to help the provider understand their health condition. It is a prerequisite to determine the premium for life insurance for seniors.

No, you can get life insurance for older people even at 60. Usually, the maximum age entry limit is 65 years for life insurance.

No, life insurance for senior citizens is not just for Emiratis. Even residents, including non-residents and expatriates, can buy life insurance for older people.