Life Insurance for Nursing Home Residents (Discounts & Rates)

Life insurance for nursing home residents is not always a necessary purchase. Seniors only need life insurance if they have outstanding debt or want to leave money for their families when they pass. Life insurance is not an ideal way to pay for nursing home fees. Instead, investing in long-term care insurance will allow seniors to easily put money away in the event that they need long-term care in the future.

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: Dec 14, 2021

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

  • Not all seniors require life insurance unless they have outstanding debts
  • The most affordable life insurance options for seniors in or out of nursing homes is term life insurance
  • The best way to pay for nursing home expenses is to invest in long-term care insurance

If you or someone you love will be living in a nursing home, you likely have many questions, one of which may be the need for life insurance for nursing home residents.

If you already have a policy, will it cover the costs of living in a nursing home? Do you need additional insurance now that you are no longer living alone? Keep reading to answer these questions and to learn more about life insurance quotes for nursing home residents.

Do you want to start looking for affordable life insurance for nursing home residents right away? Enter your ZIP code above, and we will help you find a policy at a price that is right for you.

Can you buy life insurance for a nursing home resident?

You can purchase life insurance for anyone in your family with their consent, regardless of their living situation.

However, life insurance is only necessary for seniors if they have outstanding debts to be paid upon their deaths or wish to leave money to their families.

If they want a life insurance policy to cover debts, the best options would be term life insurance or final expense insurance, like that offered by Prosperity Life.

These policies are cost-effective and cover final expenses to ease the family’s financial burden.

Are you looking for free insurance quotes?

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

secured lock Secured with SHA-256 Encryption

Can a life insurance policy pay for a nursing home stay?

Technically yes, but it is not ideal.

If you have a pre-existing whole life insurance policy that accrues cash value, many policies will allow you to take that money out early to pay for unexpected expenses.

These exceptions are usually designed for one-time large expenses like medical bills.

One of the biggest reasons using life insurance to pay for a recurring cost is not ideal because the money used is generally the death benefit.

This is the money meant to cover any remaining expenses after a person has passed, and if it is used up to pay for a nursing home, any remaining debt falls back onto the family or estate to cover.

What is the best way to pay for nursing home care?

Insurance for nursing homes or rest home insurance is better known as long-term care insurance, and it is available from many insurance providers.

Long-term care is a reality for many individuals. However, it is expensive, and many seniors living in retirement cannot afford the costs.

Nursing home insurance rates can vary, so finding a way to pay ahead of time with a policy you can afford is essential for securing your future.

Long-term care insurance is designed specifically for this eventuality. Long-term care insurance has a similar structure to life insurance.

The main difference is that instead of a death benefit, you would have a monetary benefit that you can use in the event you need to live in a nursing home or other long-term care facility.

According to the National Institutes of Health, every situation is unique. Only about 6.5% of seniors live in nursing homes or assisted care facilities.

However, health and family situations can change unexpectedly. Hence, it’s important to speak with those you love about the future regarding your care and the care of others in your family.

Now that you’ve finished this review on life insurance for nursing home residents, enter your ZIP code below, and we will help you find the right provider to protect your financial future.

Are you looking for free insurance quotes?

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

secured lock Secured with SHA-256 Encryption