Life insurance and Medicare serve different purposes. Medicare is health insurance for people over 65 or those with specific disabilities, covering medical expenses. Life insurance provides a financial benefit to beneficiaries after the policyholder’s death, often to cover final expenses, outstanding debts, or to leave an inheritance. While Medicare may cover health-related expenses, life insurance can supplement financial security, particularly for funeral costs or estate planning.

Seniors often choose final expense insurance (a type of whole life insurance typically with simplified underwriting) for funeral and burial costs, term life insurance for a fixed period, or whole life insurance for lifelong coverage with a cash value component. Guaranteed issue whole life insurance (with no medical exam required) is also common, particularly for seniors with health issues. 

Seniors may face more stringent underwriting compared to younger individuals. For traditional life insurance, insurers typically require a medical exam or a health questionnaire. For guaranteed issue policies, there are no health questions or exams (simplified issued policies have minimal health questions and require no medical exam), but premiums are higher, and coverage might be limited in the first few years. 

Life insurance itself does not directly cover healthcare costs. However, some policies, like critical illness or accidental death and dismemberment insurance, may provide benefits in the event of health-related issues.

Position life insurance to secure their family’s future and cover potential final expenses. Emphasize peace of mind, knowing that loved ones won’t bear the financial burden of funeral expenses, unpaid debts, or unexpected medical costs not covered by Medicare. It is also very important to ensure the policy premium will be affordable. Many seniors live on fixed incomes, and a life policy should never be a financial burden on their finances, or they will not keep it.

To sell life insurance, agents typically need to obtain a state insurance license (lifeline of authority required), which requires completing pre-licensing courses and passing a state exam. Some states also require continuing education to maintain the license. Life insurance carriers may require additional training to ensure you keep the client’s best interest in mind (anti-money laundering is most common).