10 Best Whole Life Insurance for Seniors [Top-Rated Companies]

In this article, we discussed all you need to know about the best whole life insurance for seniors and the ways to get the best policy.

The Bottom Line

• The Policy Never Expires.
• You Can Cancel if You Want.
• Coverage Range Up to $3,00,000.
• Can Be Used as Burial Insurance.
• Fixed Premium & Loan Available.
• Builds Cash Value & Surrender Value.

Old age is a blessing from God and many people desire to acquire old age before their demise.

However, everything that has a beginning has an end too and so is life. It is no secret that one day, the end of each and every person’s life will come to an end.

The only difference is how you will get prepared for this inevitable event whether spiritually or in other ways.

One’s person’s death can cause a lot of pain and agony to their family and friends and it adds salt to injury if they were not well prepared for it especially on the financial part.

At an old age, you need to accept the reality of life and know that on one occasion you will no longer be alive.

Financial burdens that come with funerals can be a big headache to those people left behind to make sure that you are buried in a proper manner.

You love your family and friends and you wouldn’t want them to go through the trouble when you are gone, right? Or if you are a family member and you want to be financially prepared when the eventuality occurs.

Getting whole life insurance is the best option to guarantee yourself or your loved one a wonderful send-off.

There are many companies that offer this policy but before you go ahead and get an insurance policy, there are several things that you need to understand.

10 Best Whole Life Insurance Companies For Seniors Of 2023

1. New York Life
2. MassMutual
3. Guardian Life
4. Northwestern Mutual
5. AARP
6. Mutual of Omaha
7. AIG
8. Transamerica
9. State Farm
10. Nationwide

What Is Whole Life Insurance For Seniors?

Whole life is the technical insurance term used to define insurance for the funeral expenses of old persons.

The terms more understandable by the public and used by insurance providers to make it easy for clients to understand its aim is “burial insurance”, “funeral insurance” or “final expense insurance” and are used interchangeably depending on the company.

This kind of policy is limited in underwriting and does not require any medical checkups and seniors having health problems can still qualify for the insurance.

The death benefits for this policy can range between $1,000 and $300,000 depending on the insurance policy you decide to take.

The whole life plan is applicable to most people in adult age especially from the age of 40 to over 90 years old.

There is no time when a tragedy cannot occur and people from young ages are also invited for the policy and you do not have to pay installments as those charged for people with older age.

The reason why younger people are considered for the policy is that of the life expectations in America and the expenses involved in funerals.

In case of demise for people of such ages, they leave their tender families to deal with the financial burden of having to bear the cost of the burial.

The policy accommodates people of old ages and is specially created for them because of their high prevalence to die plus they have already made peace with death.

However, there is a twist here because the limitations to underwriting only apply for people under the age of 85 while those above that age have to go through health checkups to make sure they are alright.

If their health is not okay, they are exempted from the policy.

Analysis Of The Best Whole Life Insurance Companies For Seniors

For seniors, whole life insurance is one of the cheapest options and most purchased types of policy. Hence, you must choose a company that reflects all your needs.

We created this list of the best whole life insurance companies based on our experience of more than a decade, customer reviews, and ratings.

New York Life

New York Life is our top-rated company for senior whole life insurance. The company is in business since 1845, so, no doubt about their stability. Besides, AM Best rated the company as A++.

The most interesting thing about the company is they offer a whole life policy that is customizable. You can choose payment schedules depending on your financial situation.

Additionally, there are several types of riders available as ads-on, like- chronic care, accidental death, living benefits, etc.

One of the conceivable downsides is you can’t get quotes online, the only way is to contact an agent. But, no problem. We are here to solve this issue. We are always available to give you free quotes and suggestions.

Quick Overview

• Age Criteria: Up to 90 years
• Minimum Coverage: $25,000
• Maximum Coverage: ~
• Available Options: Traditional whole life, custom whole life, custom survivorship, etc.
• States: All states.
• Dividends: Yes

Pros

• Stable insurance company
• Customizable payment structure
• Different types of riders are available

Cons

• Can’t purchase directly from the insurer

MassMutual

Just like the previous one, MassMutual is also an established insurer and in business since 1851. The company offers a wide range of varieties of whole life insurance for seniors and offers up to a 4% cash value interest rate.

However, the payment schedules are not customizable by the clients. There are predefined payment structures and you can choose one.

However, you can customize your policy with the rider you need. They offer various types of riders as ads-on, including long-term care riders.

Quick Overview

• Age Criteria: Up to 90 years
• Minimum Coverage: $25,000, $100,000 for Legacy HECV
• Maximum Coverage: ~
• Available Options: Legacy 10/12/15/20, Legacy HECV, Legacy 65, Legacy 100, etc.
• States: All states.
• Dividends: Yes

Pros

• Established company
• Wide range of optional riders
• Online purchase available

Cons

• Predefined payment structures

Guardian Life

Our third choice is Guardial Life which was established in 1860. It is one of the largest insurers with over 8,000 employees in the USA and more than 70 agencies worldwide.

The insurer offers distinct sorts of whole life insurance plans. One specific policy that attracts seniors is the survivorship policy that also covers spouses. if you want yourself and your spouse to cover, this is the best company.

Another exclusive feature is the “limited payment” policy. This type of policy allows you to pay off all the installments in just 10, 15, or 20 years and after that, there is absolutely no cost to stay covered.

With whole life, you can have riders including- long-term care, disability waiver, IPF rider, index participation.

Quick Overview

• Age Criteria: Up to 80 years
• Minimum Coverage: $25,000
• Maximum Coverage: ~
• Available Options: EstateGuard, 10 Pay Whole Life, 15 Pay Whole Life, 20 Pay Whole Life, Life Paid Up at 65, Life Paid Up at 95, Life Paid Up at 99, Life Paid Up at 121, etc.
• States: All states.
• Dividends: Yes

Pros

• Stable company.
• Limited payment option.
• Wide range of riders.

Cons

• Can’t purchase online.

Northwestern Mutual

Northwestern Mutual holds 4th position in our list because of its AM Best rating A++. The insurer offers diverse payment options like- 15, 20, and 25 years. You can stay covered until you are 100 years old. The company has a decent coverage amount starting from $50,000.

Additionally, you can add riders, like- long-term care, accelerated care. They don’t ask for a medical exam in most cases. Hence, if you have bad health, this one is ideal for you.

The company has a target to pay $6.5 billion in dividends in 2022.

Quick Overview

• Age Criteria: Up to 85 years
• Minimum Coverage: $50,000
• Maximum Coverage: $70m
• Available Options: Whole Life Plus
• States: All states.
• Dividends: Yes

Pros

• Established insurer
• Diversified payment options
• No medical exam

Cons

• Can’t purchase online
• Few whole life options

AARP

AARP is not as an old company as the above ones. However, they are in business since 1958, trustworthy. The company has a partnership with New York Life which makes it easy to purchase policies.

AARP sells traditional and guaranteed issue whole life insurance and doesn’t require a medical exam. But, you or your spouse must be a member of AARP to get the policy.

They sell policies with coverage of up to $50,000 online. For more coverage, you have to contact agents.

Quick Overview

• Age Criteria: Up to 80 years
• Minimum Coverage: $1,000
• Maximum Coverage: $50,000
• Available Options: Whole Life Plus
• States: All states.
• Dividends: Yes

Pros

• Well-Established insurer
• No medical exam required

Cons

• Only 2 options of whole life
• Only members & their spouses can purchase

How To Find The Best Senior Whole Life Insurance?

Once you have clear knowledge about the whole insurance policy for seniors, its benefits, and the reasons it is suitable for you, it is important to find the right insurance.

Here are some tips you can use to find the most appropriate insurance.

• You should look for a policy that has no waiting period as opposed to one that has a two-year waiting period. It limits your options for many things and the insured cause can happen at any time.
• Opt for the policy that offers the best value for money while you pay less for the same thing.
• You should look for a burial cover from a financially stable insurer to have a guarantee that there will be no financial hitches.

Benefits Of Whole Life Insurance Policy

The Monthly Installments are Fixed

It could be very crude if unnecessary charges are placed for your insurance plan for whatever reason whether genuine or genuine. You want to live your last days stress-free and with very little bothering you at this moment.

The monthly payments for burial insurance do not increase for whatever reason whether an illness comes up or other reasons that may look threatening.

This gives you peace of mind knowing well that you will not be bothered more to dig deeper into your pocket in search of money.

This guarantees you freedom of spending your money the way you want and in a more free way without the worry of getting broke while at the same time knowing well that your funeral plans are in place.

The Insurance Coverage Doesn’t Reduce

The biggest insult to one’s death is if what they were promised when alive is not what they get when they are gone.

The insurance coverage you agree on for the funeral service insurance does not change downwards for any reason.

In the eventuality that your demise occurs in the earlier stages of the plan and you may have paid only a few installments, the agreed amount for the arrangement of your burial will not change and it will be paid in full.

That way you are least assured that your family and friends will not have trouble looking for extra money to cover your funeral, expenses.

The Policy Will Not Expire At Any Age

Once you enroll for the insurance policy, it runs for life and cannot be terminated on the basis of age or illness. You are assured that the cover will last until your demise for as long as you pay the agreed monthly payments.

Even if you attain the age of 100 where other people cannot take up the insurance cover, you are guaranteed continued coverage until the day you will die.

The good thing is that there will be no medical checkups to see your health status and you will enjoy the freedom and liberty of the assurance of a good sendoff without any worries.

Note: You cancel the policy if you want.

The Cash Value And Loan

Here is the icing on the cake; you can do business with the whole life policy to cover some personal expenses.

The burial insurance is solid in that it can be used as collateral for a loan and it can cover the loan in case you are unable to pay the loan before your day.

Moreover, in the end, it accumulates cash value, and even if you close the policy earlier you can get cash surrender value.

This fact is pure proof of the genuineness of the policy and the show of its power in ensuring a wonderful final journey for you. The fact that banks can accept the policy as a loan means they have bestowed their trust in it and so should you.

Furthermore, old age does not mean that life has stopped. It is understandable that there are many things you have to do in your life to continue surviving whether it is to pay your medical bills, go for the adventure to fulfill your desires.

For these kinds of expenses, you need finances to support them and the insurance offers you the liberty of borrowing a loan against it. This ensures that life moves on smoothly and your last days become a marvel.

Now You Decide

The information you need to know about the nature of the whole life plan is enough to decide to take it as an option.

Death does not have to be scary worrying about your ultimate end and the manner in which you will leave the world. You can have it planned in advance and be left with the worry of how you are going to enjoy life in your last days.

The policy gives you the option of picking an insurance benefit knowing well the corresponding monthly payments and having definite knowledge about the death benefits accrued.

It leaves you with no fear of having the knowledge that no amount will ever change and start bothering you whether upwards for the monthly payments or downwards for the death benefits.

With this assurance, you can confidently decide for yourself where you want to be buried and in what manner.

When the good Lord comes on that appointed day, you will rest assured that your family will not incur the burden of the burial and that any money left over they will use to make their lives better.

Reasons To Consider Buying Whole Life Insurance For Seniors

There are many benefits that are accrued to the burial insurance cover and they cannot be understated.

However, before picking up the policy you need to understand the reason you are taking up the policy and if you are best suited for it.

To see if you need the insurance policy and that it is the right choice for you, there are some questions that you need to ask yourself.

How Do I Want to Leave?

Not many people have the option of deciding how they would like to be buried because death strikes so suddenly and they might not have had the chance to sit and contemplate it.

As a senior, the advantage of old age gives you the chance to know even if not exactly when but to have a rough idea that death can come any time. This gives you the chance to make plans of how you would have wanted to be buried.

You can decide on the songs you want to be sung on that day, the flowers you want to be displayed, whether it is a cremation program or being buried in traditionally and the like.

With the burial or cremation insurance, you are able to plan the expenses that might be involved and see how much the death benefits will cover and how much you can afford.

How Much Can I Afford?

Everyone is blessed differently and some people have the means to give a lot while others can only afford small amounts of money.

However, death strikes all sides of the financial divide indiscriminately but what remains is that both people deserve a decent send-off.

Before taking up the funeral policy, it is good to determine what you can be able to give on monthly payments without having to get strained financially while at the same time getting value for your money.

You need to go through the policy guidelines given and the insurance plans provided and decide the plan best suited for your financial situation. You can also determine the need you would get from the family in paying the insurance plan.

The biggest tragedy is starting an insurance program and then having it halted due to financial reasons because all the death benefits become forfeited and you have to start again or you might just lose hope.

Do I Want My Family to Carry the Burden?

It is a clear fact that death is imminent and can strike at any time especially for people of an older age if we were to die of natural causes.

That being said, it is important to leave your family and friends stress-free such that during the day of your burial all that matters is celebrating the life you led.

It brings a lot of relief to know that your family is comfortable on the day of your burial and later they have some money left to survive on.

Funerals are quite expensive and when not planned for can leave a family with a lot of financial debts.

With the whole life insurance policy for seniors, you are least assured that you leave your people behind when they are financially stable plus they can use any amount left to improve their lives.