Life Insurance For Seniors – While the perception may be that life insurance is prohibitively expensive for seniors, this isn’t always the case.
Also, you might be wondering if getting life insurance as an older individual is still necessary since your home and children are likely no longer financially dependent on you.
Well, getting one isn’t necessary, but if you’ve got mortgages or other debts to pay, getting one is a good way to cover them after your demise and even cover the cost of your final expenses.
So, you could consider getting one for the financial security of your spouse or dependents. However, while life insurance increases in price as you get older, there are still places where you can get an affordable policy.
Here, we’ve got you covered, so you won’t have to go through an endless search for the best life insurance company on the internet. We’ve curated a list of the 10 best life insurance companies for seniors.
Want to know them? Then we implore you to read through until the end of this blog post.
10 Best Life Insurance For Seniors
Numerous life insurance options exist, but availability can vary by age. Life insurance ensures continuous coverage throughout your lifetime and may accrue value that can be borrowed against or utilized to cover premiums.
However, to aid in your search for senior life insurance coverage, we’ll outline and rank the top 10 options.
Our assessment considers factors such as customer satisfaction, age limits, financial stability, and the variety of insurance types offered.
Mutual of Omaha
Mutual of Omaha excels for seniors’ life insurance due to its diverse policies and generous age limits, making it the best choice.
This insurer accommodates term life policies up to age 80 and extends the availability of whole life policies up to age 85.
Notably, it ensures acceptance for whole life insurance from ages 45 to 85 (in New York, 50 to 75), regardless of health.
Additionally, it stands out with many whole-life policies not requiring a medical exam, offering higher coverage limits than competitors.
State Farm
State Farm has garnered the best customer satisfaction rating of 839 out of 1000, reflecting its commitment to service excellence.
The insurer provides a range of policies, encompassing both term life insurance and whole life insurance, with relatively generous age limits.
Additionally, it’s worth noting that opting for higher coverage limits may necessitate a medical exam. It offers flexibility by allowing the addition of extra coverage through a term rider.
However, it proves beneficial when you require a modest amount of coverage for a partner without the need for a separate policy purchase.
Guardian Life
Guardian Life Insurance is best for its high age limits, especially for whole-life policies, available up to age 90. A key advantage is the ability to convert from term to whole life within the first five years, a free benefit uncommon elsewhere.
However, Guardian boasts high customer satisfaction and financial strength ratings, making it a dependable choice for coverage exceeding $100,000.
Guardian Life emerges as the best coverage choice for many seniors, characterized by minimal complaints and flexible payment options. The insurer offers whole-life policies to applicants as old as 90, providing a robust and lasting coverage option.
MassMutual
MassMutual stands out as an excellent choice for those seeking term life insurance with expansive coverage. Moreover, it allows unlimited term insurance with coverage of $100,000 for applicants up to age 75 without imposing a cap.
Furthermore, MassMutual provides the option to purchase whole life insurance up to the age of 90, extending coverage to $25,000.
Its significant advantage lies in its unlimited term life coverage, making it an attractive choice for those seeking substantial payouts for beneficiaries.
Northwestern Mutual
As the largest insurer in the U.S., Northwestern Mutual stands out with impressive customer satisfaction scores. The company has a strong track record of consistently paying dividends each year to its permanent policyholders.
In addition, it offers whole-life policyholders the potential for dividends, a tradition since 1872, showcasing a commitment to long-term client value. Also, it offers term life coverage ($100,000+) up to age 70 and whole life coverage ($50,000+) up to age 85.
Prudential
Prudential stands as another top-rated choice for life insurance, boasting an A+ rating from AM Best. It provides a range of universal life insurance policies, although availability may vary across different regions.
However, Prudential, a major U.S. insurer, provides diverse life insurance products with notably high age limits, showcasing its extensive industry presence.
The company offers term policies up to age 80 and new-issue universal life policies up to age 85, extendable to age 90 for conversions.
Additionally, its flexibility ensures that individuals of varying ages can secure universal life coverage with Prudential.
New York Life
In contrast to many insurers, New York Life stands out by providing extensive coverage options for seniors. The coverage spans from $25,000 to over $1 million, offering a broad spectrum to suit varying needs.
New York Life provides term life insurance for applicants up to age 75 and extends whole life insurance availability up to age 90.
Typically, it highlights flexible coverage, letting policyholders choose payouts from $25,000 to millions based on individual needs and selected policy types.
In addition, versatility makes New York Life an attractive option for those seeking personalized and comprehensive life insurance coverage.
USAA
USAA life insurance stands out for inclusivity, catering to both military members and civilians, setting it apart from other company offerings.
However, seniors can buy a term policy with $100,000 coverage up to age 70 and whole life insurance with $25,000 coverage up to age 85.
Notably, USAA offers a guaranteed issue policy, underwritten by Mutual of Omaha, allowing individuals to bypass health questionnaires and medical exams for qualification.
Its guaranteed issue policy streamlines the process, providing coverage without health questions or a life insurance medical exam.
This option is available to a broader audience, not limited exclusively to military families, showcasing USAA’s commitment to providing accessible life insurance solutions for a diverse clientele.
Transamerica
Transamerica offers a versatile selection of term, whole, and indexed universal life insurance policies.
In contrast, its two-term policies accept applicants up to age 80, and the necessity for a medical exam depends on the death benefit and risk class.
These policies feature flexible and guaranteed-level premiums, offering policyholders financial predictability.
However, it’s important to note that the entirely online experience is exclusive to Transamerica’s Trendsetter Super Series term life policy.
Furthermore, individuals must collaborate with an agent for quotes and purchasing, ensuring a personalized and guided approach to selecting coverage.
Corebridge Financial
Corebridge Financial provides a range of life insurance policies tailored to suit the needs of seniors. The offerings include both temporary-term and permanent life insurance options.
The term life policies come with flexible terms and coverage amounts, allowing individuals to choose options that align with their specific requirements.
However, for those opting for permanent life insurance, Corebridge Financial offers different optional riders, enhancing the policy’s flexibility.
These riders encompass accelerated death benefits, accidental death benefits, and a waiver of the premium for disability.
Additionally, it offers diverse death benefit options, ranging from $5,000 to policies providing coverage up to $10 million, subject to the underwriting process.
Notably, Corebridge Financials policies are accessible to applicants up to age 80, providing comprehensive life insurance coverage for a wide range of seniors.
Conclusion
For seniors, the cost of life insurance can vary significantly among different providers. Each life insurance company utilizes its underwriting formula to calculate the coverage cost.
However, we recommend obtaining free life insurance quotes from our suggested providers before deciding whether to purchase coverage or opt-out. This approach allows you to compare rates and find the most suitable and affordable option for your needs.
