Life Insurance for Nursing Home Residents

Life insurance for nursing home residents is around $57/mo. However, life insurance quotes for nursing home residents vary by age, gender, health, policy type, and coverage limit. The best way to secure affordable life insurance for nursing home residents is to shop around and compare multiple companies to find the best rates.

Free Insurance Comparison

 Secured with SHA-256 Encryption

Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

Full Bio →

Written by

Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

Full Bio →

Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 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 company and cannot guarantee quotes from any single insurance company.

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 above 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 Rundown

  • Life insurance for nursing home residents is around $57 per month
  • Most nursing home residents are females over the age of 85
  • A long-term care insurance policy can supplement life insurance for seniors

Life insurance for nursing home residents is five times higher than average. But why is that?

Your life insurance rates depend on several factors, such as age, gender, policy type, health, and lifestyle. Nursing home residents have lower life expectancies, which increases the chances of life insurance payouts.

So how much is life insurance rates for nursing home residents? Read through our guide to learn more about life insurance for nursing home residents, how much it costs, and other insurance policies that help out-of-pocket costs.

Are you ready to start searching for life insurance quotes for nursing home residents? Enter your ZIP code in the free comparison tool above to compare the top companies in your local area.

How much are life insurance rates for nursing home residents?

Life insurance rates for nursing home residents can range from $50 to $5,000 per month. However, the cost of life insurance varies by policy limit, age, and gender.

Check out the average cost of life insurance for policyholders 60 years and older to get an idea of how much senior life insurance costs.

Average Monthly 10-Year Term Life Insurance Rates for Seniors based on Age, Gender, and Death Benefits
Age & GenderAverage Monthly Rates for $250,000 Death BenefitsAverage Monthly Rates for $500,000 Death BenefitsAverage Monthly Rates for $750,000 Death BenefitsAverage Monthly Rates for $1,000,000 Death BenefitsAverage Monthly Rates for $2,000,000 Death Benefits
60-Year-Old Female$56.86$102.37$149.34$189.50$373.49
60-Year-Old Male$76.12$138.64$204.05$255.08$504.64
70-Year-Old Female$172.38$295.61$440.76$556.17$1,089.38
70-Year-Old Male$242.02$444.63$664.29$846.83$1,676.36
80-Year-Old Female$722.74$1,375.68$2,061.10$2,573.20$5,086.77
80-Year-Old Male$927.86$1,776.11$2,661.75$3,455.01$6,901.88
Get Your Rates Quote Now

Compare RatesStart Now →

These rates reflect a ten-year term life insurance policy.

Age is a significant factor when determining life insurance. Gender isn’t an important factor until you’re a senior looking for life insurance.

According to AGS Health in Aging Foundation, most nursing home residents are 85 years and older, and 72 percent of nursing home residents are female.

Policy limit (or death benefits) is the most significant here. The higher the coverage amount, the more you’ll pay for life insurance per month.

So how do you buy life insurance? Life insurance is available like any other insurance policy. Shop around and compare the best companies until you find the price that fits your budget.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

 Secured with SHA-256 Encryption

Life Insurance for Nursing Home Residents: What are the best life insurance policies?

The cheapest life insurance type for nursing home residents is term life insurance. Since most seniors are nursing home residents, they can expect their life insurance policies to be more expensive than average.

Permanent life insurance as a senior is massively expensive even if policy limits are around $100,000.

When life insurance gets too expensive, try burial insurance or guaranteed issue life insurance. Both policies have premiums around $50 per month, but they carry fewer perks and lower coverage limits.

While some may not recommend guaranteed issue life insurance, the best method is to look into what it offers before you make a final decision.

Life Insurance for Nursing Home Residents: What is burial insurance?

Burial insurance, also called final expense life insurance, is insurance that pays for funeral and burial costs. Some policies can even take care of any debts if the policy limit is high enough.

Funeral funds can prevent or lower the chance of financial loss in your time of grief.

Is long-term care insurance connected to life insurance for nursing home residents?

It depends. Term life insurance policies can be customized to include long-term care riders. However, you can get a separate long-term care insurance policy.

A rider is an add-on that covers the gaps of life insurance coverage.

Nursing home insurance rates and long-term care insurance rates can be expensive, but it’s better than paying out-of-pocket costs.

Some of the best insurance companies carry various insurance types, including the types mentioned in this section and beyond.

When is the best time to buy life insurance for nursing home residents?

The sooner you buy life insurance, the better your chances of getting coverage.

Nursing home residents with permanent policies, such as whole life insurance and universal life insurance, have a cash value to fall back on if long-term care insurance doesn’t work out.

But it’s not too late. You can be shopping around for life insurance for a loved one as you read this article.

Can nursing homes take life insurance payouts for nursing home resident beneficiaries?

One of the conditions of some life insurance policies is paying off debts.

Debts are deducted from the policyholder’s estate, but debtors don’t come after beneficiaries. Therefore, any death benefits won’t be taken from beneficiaries.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

 Secured with SHA-256 Encryption

Life Insurance for Nursing Home Residents: What’s the bottom line?

Insurance for nurse home residents can be insanely expensive, but the right company can get you affordable life insurance for nursing home residents.

Shop around for the best life insurance and rest home insurance. Insurance for nursing homes costs a lot, but it’s better than spending thousands per year from your pocket.

Now that you know more about life insurance for nursing home residents, try using our free online quote tool to compare the best insurance companies near you.

Free Insurance Comparison

Compare quotes from the top insurance companies and save!

 Secured with SHA-256 Encryption