Every day, people turn to insurance products to protect the people and assets they care about. If you have an expensive car, you likely get more than the required minimum liability coverage on it. You have homeowner's insurance plans to protect your house against a variety of perils. You keep up your health insurance plan each year to protect against high medical expenses in the immediate future. But what about your life? You need the right life insurance policy, so you can have peace of mind knowing that your beneficiaries will be protected financially should the worst come to pass.

COVID-19 was an unprecedented situation with the spread of this virus and how rapidly it turned into a worldwide public health crisis. At the time of writing, there have been 4,146,068 verified deaths in face of the COVID-19 virus. Seniors are particularly at risk during times of hardship like these, and you may be wondering what kind of life insurance coverage you should be using. Here's what you need to know.

Is your existing life insurance good enough?

If you obtained a life insurance policy when you were younger, it may still cover you well enough in your senior years. This is unlikely to be the case if you bought a term life policy, though. While term life tends to have low rates for those who are young and in good health, the premium payment to renew a term may be too much for many individuals in the senior market.

If you purchased a whole life policy or another form of permanent life insurance, they may provide sufficient coverage in your senior years, but you'll find that age does increase the monthly premiums. Rather than let such a policy lapse due to the lack of premium payment, it's likely better to either sell the policy or look for a different one.

Final expense insurance may be all you need

If you've made it to your senior years, then there's a good chance that you've seen your children through school, and you now just need to worry about your spouse and any outstanding debts you may have. In such a case, you may not need an insurance policy with a lot of extras. Final expense insurance, also called funeral insurance, is a specific type of policy meant to cover medical expenses and funeral costs when you pass. You can obtain such a policy from Old American Insurance Company.

Of course, this type of policy isn't offered exclusively to seniors. Juvenile policies are even offered to cover final expenses for anyone of any age. Old American just provides policies that might be better deals for seniors who no longer require extras in their policy. Since these policies are typically for smaller coverage amounts, they're generally available at affordable prices, and you're unlikely to need a medical exam to qualify.

Look into guaranteed universal life insurance

This type of policy seeks to strike a balance between term policies and whole life. The guarantee in the name refers to the number of years the policy is good through, and you can purchase policies that guarantee death benefits up to 121 years of age. The lower rates for these policies mean that they can be great options for seniors, even if you've never had a life insurance policy before. Like with final expense insurance, you may be able to dodge the medical exam requirements of most policies as well.

A GUL policy won't accrue cash value, or at least not at the same rate as a traditional whole life policy, but managing a GUL plan is as simple as possible. Ultimately, the best advice for seniors seeking life insurance is to be sure that you actually need, and will use, all the benefits offered in a plan.