Life Insurance for Grandparents

Purchasing life insurance for grandparents can be a great way to ensure your family is financially protected. There are different types of life insurance, and the choices include term life, guaranteed universal life, and final expense.

Are you looking for free insurance quotes?

secured lock Secured with SHA-256 Encryption

D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

Full Bio →

Written by D. Gilson, PhD
Professor & Published Author D. Gilson, PhD

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

Full Bio →

Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Mar 2, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

The Highlights

  • You can purchase life insurance policies for grandparents with their permission
  • Term life insurance is the most affordable policy for seniors and often does not require a medical exam
  • Guaranteed universal policies are more expensive but offer additional coverage for those in poor health

It may seem like a challenge to find affordable life insurance for grandparents, but policies are out there. There are many people who search for life policies for a grandparent, whether they’re a beneficiary or not.

From term life insurance to whole life insurance, different companies offer a plethora of options for seniors over the age of 60. It all depends on what type of policy someone is searching for. Whether you’re looking for term life insurance or whole life insurance, there are going to be plenty of options.

In this article, we will review the life insurance policy options for grandparents, how affordable they are, and where you can get them.

Are you ready to start searching for life insurance rates for grandparents? Enter your ZIP code above, and we will help you find the right provider for your family.

What life insurance policies are available for seniors?

Seniors are likely to find that they have the same life insurance options as anyone else. However, the rates are considerably higher, or the terms are shorter in the case of term life insurance.

Some policies marketed specifically for grandparents, such as guaranteed universal life insurance, term life insurance, and final expense insurance.

Guaranteed Universal Life Insurance

As the name implies, guaranteed life insurance guarantees approval for all who apply. There are usually no medical questions or exams required.

Universal life insurance is a permanent policy that will follow the policyholder for the remainder of their life and, in many cases, will build a cash value over time.

Term Life Insurance

Term life insurance provides coverage for a set term. It does not grow any cash value but can be purchased to cover specific expenses or debts, like mortgages or medical bills.

As they age, your grandparents may be able to qualify for shorter terms, but there are often no medical requirements.

Final Expense Insurance

Depending on where you purchase the policy, final expense insurance may partner directly with the funeral home of choice so the policyholder can plan out their preferred services.

This can be a great relief to the family, and can help lift any sort of financial burden during such a tragedy. The last thing anyone wants to worry about at such a time involves payments of any sort.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

secured lock Secured with SHA-256 Encryption

What is the most affordable life insurance option for grandparents?

Term life insurance is the most affordable life insurance for seniors. In fact, term life insurance is the most affordable type of life insurance on the market for all ages.

Final expense insurance is the next most affordable insurance option. It is only second because of the limited scope of the coverage provided, making it less versatile than term coverage.

Lastly, guaranteed life insurance. Guaranteed life insurance is the most expensive option of the policies geared toward seniors.

Because it offers more coverage and can build a cash value, this life insurance policy option is by far the most expensive of the three.

Who can buy life insurance for grandparents?

The question of, “Can I get life insurance on my grandmother or my great-grandfather?” is very common in the industry.

The National Association of Insurance Commissioners states that you can purchase life insurance for family members, but you need their permission. The insured person needs to be aware of the fact that there is a policy in existence for them.

Life insurance is a large decision and should always be discussed with the policyholder in depth before a purchase is made.

Take the time to look at several life insurance options with them, and find the right policy type for their situation. It’ll leave the policy owner feeling much more confident, and could provide everyone involved with much needed peace of mind.

The next step should be finding the right provider. The policies listed above are all very popular, and most life insurance companies, like MassMutual, Prosperity Life Group, Mutual of Omaha, all offer at least one of them.

If you’re ready to begin getting life insurance quotes for grandparents from different life insurance companies, enter your ZIP code below. We will help you find the right fit for your family.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

secured lock Secured with SHA-256 Encryption