As you age, you can’t stop thinking about when your body will finally shut down, ushering you out of this world. But while death is inevitable, you should think about leaving the world in grand style regardless of the size of your pocket.
With a good senior life insurance policy, your family won’t have to spend a dime from their pocket to plan your funeral. To help you afford the burial of your dreams, We’ll walk you through some of the best life insurance for seniors.
We’ll examine some of the top life insurance companies and their life insurance policies as well as age & health requirements.
It’ll help make a comparison of their policy offerings and rates. In the end, you’ll make an excellent choice.
Let’s dive in.
10 Best Life Insurance Companies For Seniors
#1. New York Life
New York life is one of the best life insurance companies for seniors that offer various life insurance options.
Regardless of your age, you’ll find a policy that’s compatible with your needs. But there’s more! This company offers a good number of riders to customize your chosen policy.
Aside from that, you’ll have the luxury of building cash value as a policyholder. More so, some insurance policies from New York Life avail you of the luxury of getting dividends from the company.
According to third-party ratings, New York Life is one of the top-rated insurance companies. With an A++ AM best rating, you’re confident that they have a solid financial standing. That’s enough reason to trust them with your money and your life.
Some of the policies they offer include; term, whole, variable universal, and universal policies. They also provide different types of term life insurance policies.
They include the Million Plus level term 10, Yearly Convertible, and the Level Premium Convertible. The maximum age for any New York Life term life insurance is 75 years, while seniors at 90 can get whole life insurance.
Pros
- Financially stable
- Some of their whole life policies make policyholders eligible for a dividend.
- Seniors who are 90 years of age can get a whole life policy from New York Life.
- There are diverse riders to enable policyholders to customize their policies.
Cons
- You won’t get any quotes on their website- you’ll have to go through their agents.
#2. Prudential Life insurance
One feature that makes Prudential stand out amongst some of the best life insurance companies is their living benefits and policy conversion options. They also offer a variety of riders to suit your taste.
One thing you should know about prudential life insurance is that its policies are not entirely affordable. Nevertheless, they are rated A+ by AM best, and it’s not hard to see why.
With their ability to give out tons of insurance policies to policyholders and hold the end of the bargain, their AM best score is not too surprising.
As with most life insurance policies, you’ll pay higher premiums based on your age and other factors. As a senior, your premiums would naturally be higher.
Prudential has a fantastic lineup of policies for policyholders and potentials. They have term life insurance with three subcategories.
The categories include Term Essential, available for seniors up to 75 years old with a $65 million maximum death benefit; PruTerm One, which seniors up to the age of 85 can apply for to qualify for a $10 million maximum death benefit.
There’s also the SimplyTerm with a maximum application age of 75 and $1million as the maximum death benefit.
Prudential offers universal life insurance too. The policies under this category usually last a lifetime, as long as you’re faithful with paying your premiums.
They also grant you the opportunity to build cash value. The best part is that you can borrow the cash value to cater to any need. There are two categories under this.
They are PruLife SUL Protector and PruLife Essential UL. There’s also the Variable Universal Life Insurance and the Indexed Universal Life Insurance.
Pros
- Helps you build cash value
- You can borrow your death benefit to cater to other needs.
- Living benefits come with riders that are attached to the coverage already.
- They offer a fantastic term conversion option.
Cons
- Their term life insurance policy is expensive.
- Poor customer satisfaction rating.
#3. Guardian Life Insurance
Two top features that make Guardian Life stand out are its impeccable customer satisfaction service and a space for chronically ill people, especially those with HIV.
The company is a mutual life insurance company. That’s part of why it is customer-oriented. They offer four major types of policies; term, whole, universal, and variable universal life insurance policy.
The best part about Guardian life is that they have a special policy for HIV patients. There are some requirements that seniors with HIV need to fulfill to qualify for the policy.
For starters, you have to be at least 60 years old. You must also have no AIDS-defining illness. More importantly, you should have been active on anti-retroviral therapy for two years.
Of course, your result should display improvement and you must be under the supervision of a specialized HIV doctor. You also have to identify as an HIV patient.
Some of the features you’ll enjoy with Guardian life insurance include the premium refund. If your term life expires while still alive, you’ll get a refund.
You’ll get a guaranteed death benefit and a level premium with whole life insurance. You also qualify for dividends, etc.
Pros
- They offer life insurance policies with no medical exam but have a $3million maximum death benefit.
- Policies and service satisfy their policyholders.
- Seniors at 90 years of age can buy some of the available policies.
- Whole life insurance holders get dividends.
Cons
- You have to purchase through an agent.
#4. Mutual of Omaha
Mutual of Omaha is another good option for seniors, thanks to their whole life policies. It is another mutual insurance company that offers terrific life insurance policies.
Their whole life insurance policy is guaranteed and affordable. There are three major insurance policies you can buy at Mutual of Omaha. They include; term life, guaranteed whole life insurance, and universal life insurance.
You can get term life insurance from Mutual of Omaha that will last for 10 to 30 years. The least death benefit from term life insurance is $100,000.
Their guaranteed whole life insurance offers permanent coverage to policyholders. This policy also provides a death benefit and fixed premium. More so, you don’t need to take a medical exam. As a senior, you can get this insurance policy from Mutual of Omaha if you’re 85 years old.
People older than 85 won’t be able to access this policy. But there are other policies. With Universal life insurance, you’ll get access to lifetime insurance coverage.
Mutual of Omaha also offer flexible policies that allow you to easily alter how often you pay your premiums. Rated A+, seniors should check out Mutual of Omaha for their life insurance policies.
Pros
- They offer a variety of insurance riders.
- You don’t need to write a medical exam to qualify.
- Maximum age 85 years.
Cons
- Limited whole life policy coverage.
#5. Transamerica
The best part about Transamerica is that they offer one of the best term insurance policies. Seniors can also get fantastic final expense insurance from Transamerica. It is the perfect place for smokers to pitch their tent.
The only downside is that smokers have to pay higher premiums for unique life insurance. Transamerica is also that insurance company that’ll help you secure your family’s future after you’ve gone.
Also, if you’re new to the life insurance world, this company has what it takes to help you understand how to navigate through the world of life insurance. Guess what? You can rely on them, thanks to their solid financial standing. AM Best rated them an A which indicates their solid financial stance.
They offer three basic life insurance policies: term life, whole life, and universal life insurance. They also provide an excellent final expense life insurance policy to help your loved ones cover your burial expenses. You can modify your final expense insurance policies with the various available riders.
One of the benefits of using a Transamerica life insurance policy is that you can take out of your death benefit to cover expenses for certain illnesses, especially illnesses that are either critical, terminal, or chronic.
Pros
- Smokers can get term life insurance.
- You can build cash value with some insurance policies
- The death benefit can be borrowed to cover some health conditions.
Cons
- You can only buy their insurance policy from a trusted agent.
#6. Pacific Life
Sit tight because you’re going to love Pacific life and its policies. The first thing you should know about Pacific life is that their insurance policies for seniors with medical conditions are affordable.
These conditions include sleep apnea and depression. However, it doesn’t mean that seniors with no medical illness can’t get insurance policies from Pacific life at an affordable rate.
Aside from their affordable policies, pacific life provides different riders with easy insurance policy modification. The end result is life insurance policies that leave policyholders pleased.
Some of the available riders are chronic illness riders, estate protection riders, additional insurance riders, child life insurance riders, long-term care riders, overload protection riders, etc. there’s an insurance rider for everyone
Generally, they offer term life, whole life, indexed universal life, and variable universal life insurance. But these policies have subcategories. Rated A+ by AM Best, Pacific Life is another financially stable life insurance company you can rely on.
Simply find the right one that fits your condition. There are not enough details regarding the requirement for Pacific life. So, you’ll have to talk to an agent to get the details.
Pros
- Their customer service is top-notch.
- Wide range of policies, add-ons, and riders to satisfy policyholders maximally.
- You can get some insurance policies at 90 years old.
Cons
- There are no detailed information on the application; you have to go through an agent.
#7. Penn Mutual
One of my favorite things about Penn Mutual is that they offer juicy dividends to their policyholders. They also have an A+ AM best rating. It’s no wonder why they can easily give their policyholders affordable life insurance policies.
And guess what? They won’t fail at paying your death benefit as agreed. Like every other life insurance company, Penn Mutual offers term life and whole life insurance. But there’s more.
They also offer universal, variable, and indexed life insurance. The best part about these insurance policies is that they all have subcategories. For instance, a term life insurance policy is divided into three- One-Year Term, Guaranteed Convertible Term, and Protection Non-Convertible Term.
The other life insurance policies from Penn Mutual also have 2-3 subcategories, each with unique defining features. You should know that not everyone would get the same rate from Penn Mutual.
Your rates on any Penn Mutual policy depend on your gender and age. The rule of thumb is that older people pay higher premiums. Nevertheless, women over 60 would most likely get fairly affordable rates.
Pros
- Term policies are affordable regardless of your rates.
- Policyholders receive dividends.
- There are zero customer complaints.
Cons
- You can’t get quotes online.
#8. AIG
If you’re tired of taking a medical exam to get an insurance policy from insurance companies, you should consider getting an insurance policy from AIG.
You don’t have to take any medical exam to get any of their life insurance policies. If you’re wondering, AIG is an acronym for American international group.
They have an A AM best rating, which puts them around the top of the pyramid of insurance companies with solid financial strength. With up to 10 insurance policies, AIG provides life insurance policies that every policyholder would need.
Generally, AIG offers Term life, whole life, and guaranteed life insurance. One feature that stands out with the term life insurance policy is that term life insurance offers 18 coverage lengths.
So, feel free to choose which one suits you. Aside from the death benefit, you’ll gain from any AIG, there are many more benefits, like mutual funds. AIG also offers retirement services to seniors who have come to the end of their careers.
Beyond your age as a senior, other factors determine how much premium you’ll make monthly. Some of these factors are driving record, alcohol, drug, or nicotine use, your location, etc.
Pros
- You can skip medical exams when applying for some policies
- You can borrow parts of your death benefit to care for particular needs.
- Term life insurance policy is affordable
- Multiple term life insurance periods.
Cons
- Customer service is not excellent.
#9. Northwestern Mutual
Another insurance company seniors can shop at is Northwestern Mutual. This insurance company is famous for putting a smile on your face as a senior. Of course, the National Association of Insurance Commissioners (NAIC) confirms this with their record of the company.
So, it is not surprising that Northwestern mutual can easily win the hearts of their customers. First, they’ll give you dividends based on the policy you opt for. Next, they’ll provide seniors and policyholders with a lot of money in death benefits. For instance, you can get up to $1 million as a death benefit from this company.
Of course, you’ll have to consistently pay your premiums to be eligible for a death benefit. Some of the policies they offer are term life insurance, whole life, universal and variable universal life insurance.
There are riders to help you get the best out of any policy you choose, and their insurance rates are fair. The only downside is that you’ll have to reach out to an agent to get a quote for the desired insurance policy.
Pros
- Their customer satisfaction game is top-notch
- Rates are affordable
- They are financially stable.
- You won’t need to take a medical exam to qualify.
- Maximum age 85 years.
Cons
- You can only buy or request quotes from an agent.
#10. John Hancock
Seniors looking to invest in a term life insurance policy should try out John Hancock life insurance. They have the best term life insurance features that seniors would find intriguing.
For instance, you can buy life insurance policies that last up to 30 years with maximum death benefits of $65 million. Nevertheless, you might have to take a medical exam to acquire some available policies.
Some of the policies John Hancock offers prospective policyholders include the Term and permanent life insurance. Permanent life insurance is further split into variable universal insurance, universal life insurance, and indexed universal life insurance.
This insurance company offers benefits to policyholders. For example, the John Hancock Vitality Plus gives you a 25% policy discount on any item you purchase from products like Apple watches.
It also gives you a food and travel discount. They keep their policyholders enlightened on juicy topics like investments, estate planning, etc., via the Insights blog.
Pros
- Benefits like the vitality are available to policyholders
- You can get up to a $65 million death benefit.
- Solid financial stability.
- Maximum age 80 years.
Cons
- Their policy features vary in different states.
Senior Life Insurance Sample Rates By Age
If you’re not financially stable or have too many financial obligations, getting life insurance is a great idea- especially if you’re a senior.
Different factors affect the rates anyone would pay as a premium. However, this section would only examine how your age as a senior affects your premium rates.
Over 60
Seniors over 60 should generally expect to pay $62 monthly for 10-year term life insurance.
For a 15-year term life insurance, the price is usually around $82. For a 20-year term life insurance, people over 60 should expect to pay $115. Nevertheless, this price rate varies.
Over 65
When you’re 65 and healthy, you can expect to pay within $38.26 to $222.65, but it depends on the insurance company and the amount of death benefit you’ll get. Seniors with health issues in this age category would pay from $63.65 to $355.45.
Over 70
When you’re over 70, you’ll most likely still get term life insurance. In that case, prepare to spend anything from $57.53 to $398.50 if you’re healthy. If you’re not fit, you’ll pay anything from $117.69 to $701.45 for a 10-year term policy.
Over 75
As a 75-year-old senior, your premiums should range from $102.00 to $453.90. The price varies for tobacco users or seniors over 75 with medical issues. If you fall in the second category, expect to pay a $220.53 to $820.52 monthly premium.
Over 80
For a $5,000 death benefit, to get life insurance over 80, one should prepare to pay $68 – $88. Policyholders can opt for term life insurance with a $10,000 benefit. The price to pay for this ranges from 133 – $173.
Over 85
Seniors over 85 can expect to pay a monthly premium ranging from $93 – $145. For a $10,000 insurance, they would pay $183 – $286. To find a decent policy, read our article on life insurance for seniors over 85.
Over 90
It is advisable for seniors over 90 to approach a life insurance company that offers insurance to their age range. There isn’t a lot, but you’ll find many of them on this list. It’s best to get the insurance premium amount directly from the insurance companies.
Which Type Of Life Insurance Is Best For Seniors?
Different types of life insurance are available for older people. Generally, any of these life insurance policies are perfect.
However, you’ll have to consider factors like your health condition, finances, etc., to decide which type of life insurance is the best for you.
Nevertheless, we’ve highlighted all the types of life insurance that are best for seniors. This list would expose you to the life insurance options available for you.
You’ll easily narrow your options down to make the right choice. But the first thing you should know about life insurance is that there are two major types.
They are term life insurance and whole life insurance. These two major insurance types are further split into subcategories.
Let’s dig in
Term Life Insurance
The best thing about term life insurance is that it is affordable. You can get term life insurance at the lowest price. The premium on this insurance type is mostly the same all through the time you pay for it.
You’ll have to pay your premiums monthly- unless you’re on a prepaid term life insurance policy where you can pay everything once. Term life insurance usually lasts from 5 to 30 years.
But as a senior, there’s usually a limit to how long you can hold on to a term life insurance. Seniors between the ages of 60-65 can get good term life insurance that’ll last for 20 years.
But if you’re in your 70s, you’ll only have access to a 10-year term life insurance policy. Seniors older than 79 might need to purchase a shorter-term life policy. That is policies that last for 1-5 years. Then, they can extend it. However, premiums would be expensive.
There are three different types of term life insurance. They are the Annual Renewable Term Insurance (ART), Level Term Life Insurance, and Convertible Term Life Insurance.
Annual Renewable Term Insurance
The first thing you should know about this policy is that it is renewable, just like its name suggests.
However, you can only renew it annually. But that’s not the bombshell. This policy is expensive, but it doesn’t offer coverage for an extended period.
You can only get coverage under this type of term life insurance for 5 years.
Level Term Life Insurance
This insurance type is quite interesting. While you’ll have this insurance type for the stipulated time, the death benefit and premiums will remain the same until your policy expires.
If the death benefit is $100,000, you’ll get that amount regardless of when you die. If you die on the second day of activating this policy, your beneficiary will be paid the #100,000.
You’ll still get the agreed $100,000 death benefit if you die a day before the policy expires. Aside from that, you’re entitled to pay the same premium all through the period the insurance lasts for.
You won’t be surprised by a sudden increase or decrease in the premium amount. This level of death benefit and premium makes this policy suitable for budget-conscious people.
Convertible Term Life Insurance
This insurance policy is the easiest to convert to a permanent life insurance policy.
You can convert it into a policy of your choice, but you have to do the conversion before the policy expires or before you reach the age of 70.
Hence, if your convertible term life insurance policy extends until 70 years old, you’ll have to convert it before age 70.
Whole Life Insurance
Another name for this type of insurance is permanent life insurance. Unlike term life insurance, whole life insurance doesn’t expire. It continues till the policyholder decides to end it or die.
Two thing you should know about whole life insurance is that it is not easy to get. And you have to undergo a medical exam to secure this type of policy. Also, it can be expensive- especially for seniors.
Surprisingly, there are whole life insurance plans that you might not need a medical exam to qualify for the policy. There are some types of whole life insurance.
Some of the best ones for seniors include the guaranteed universal life, final expense life insurance, and no exam life insurance.
Guaranteed Universal Life Insurance
If your term life insurance would expire in a couple of days or has already expired, you should consider this policy- especially if you’re older.
It would last you a lifetime. The only downside is that there’s no option to build cash value.
Nevertheless, this policy comes with a guaranteed death benefit and fixed premiums. But only seniors with good health would enjoy this.
Final Expense Insurance
This policy is perfect for seniors with little to no assets.
It issues older people a reasonable sum of money to help them take care of their funeral rites. The only downside to this policy is that most of this insurance policy offers a maximum of $35,000 as a death benefit.
Depending on the insurance company you obtain this insurance policy from, you might enjoy the luxury of building cash value. Interestingly, premiums and death benefits are fixed.
Senior Life Insurance FAQs
Does Term Life Insurance End At Certain Age?
Yes, term life insurance ends at a certain age. It depends on how long you got it for. For instance, if you got a 5 years term life insurance, it would end after 5 years.
But you can choose to renew your term life insurance. You can also convert your term life insurance into another insurance policy.
Is Term Or Whole Life Insurance Better For Seniors?
Frankly speaking, it all depends on your financial standing. For instance, whole life insurance policies can be more expensive than term life insurance policies.
In fact, a whole life policy might have the same death benefit as a term life policy but could be more expensive than term life insurance. Generally, term life insurance and whole life insurance are great for seniors.
However, you should make your decision based on your finances. For instance, term life insurance is better for you if you’re shopping on a budget. On the flip side, if you do not mind, stick to whole life insurance.
What Is The Oldest You Can Get Life Insurance?
Generally, the oldest you can get life insurance as a senior is age 85. However, you could be lucky to find companies that’ll offer their life insurance policies to seniors at a much older age. For example, some companies issue life insurance to seniors at the age of 90.
At What Point Do You Not Need Life Insurance?
The only time seniors won’t need life insurance is when they’re financially independent. If you’ve grown your wealth impressively before you aged, you might not need life insurance.
But it’s still advisable to invest in a good life insurance policy, especially those that pay dividends to policyholders.
What Should You Consider Before You Buy Senior Life Insurance?
There are a couple of factors you should consider before buying life insurance. For starters, educate yourself on life insurance. Then, determine your financial condition.
Does your entire family depend on you? Etc. Check out all the life insurance offers from as many insurance companies as possible. Compare their offers. Don’t forget to figure out how much you can afford to pay for life insurance.
That way, you’ll choose a policy that you can afford. Most importantly, before you settle for any insurance company, check out their resettlement history and records. Do they have any bankruptcy records? Etc.
Conclusion
The truth is, that all life insurance policies could be great for seniors. However, the feature of the life insurance policy is the varying factor. Different insurance companies offer different life insurance policies with different features.
That’s why you have to make a detailed comparison of the policy offers you’ll get from the various life insurance company you want to buy from.
Hopefully, you’ll easily make a wonderful decision after going through our list of the best life insurance for seniors. We’ve done the comparison for you. All you need to do is make a choice.
