Hey there! Are you searching for the best life insurance for seniors? If yes, this article is for you. This article aims to outline some of the best life insurance for seniors. In the meantime, life insurance is important because it can provide a family with a sense of security and support after someone’s passing.
Furthermore, it covers funeral expenses and financial burdens that would otherwise fall on a spouse or family member. However, finding the best life insurance as an older adult that fits your financial goals and physical health can be taxing and overwhelming.
Not to worry, we have got you covered. We have highlighted some of the best life insurance for older adults. Our selection is based on the coverage they offer, customer reviews, ratings, and more.
Best Life Insurance for Seniors
In this section of the article, we have outlined some of the best life insurance for seniors. Check out the list below:
Guardian Life Insurance
This is one of the best life insurance companies for seniors thanks to its excellent financial strength and high-level customer review. It offers life insurance coverage such as term, whole, and universal life insurance.
In addition, you can convert your term life into whole or universal life policies. Also, they offer whole-life policies that are paid up by ages 65, 95, 99, and 121.
And if you’re searching for other types of permanent coverage, you can consider universal and variable life products, which are issued to up to age 85.
Some of the advantages of this company include few complaints from customers and unique coverage options such as policies for HIV-positive applicants.
However, a drawback of this company is that there are minimal policy details on the site, and you can’t purchase a policy online.
MassMutual
Another popular life insurance for seniors is MassMutual. With this company, there is no limit to how much term life coverage you can purchase.
And their whole life insurance plan offers a lifetime coverage option that builds cash value with the potential to earn dividends. Other life insurance coverage for seniors includes universal and variable insurance.
In addition, this company rank has the third highest offering customer satisfaction. The only drawback of this company is that term life policies’ maximum issue age is lower than for whole life policies.
New York Life
This company specializes in life insurance, retirement planning, and long-term care. Also, they offer term, whole, universal, and variable life insurance for seniors.
Rider options include a spouse insurance rider and living benefits options, which allow your spouse to buy insurance without a medical exam if you pass away. In addition, they offer life insurance to seniors up to age 90.
Ultimately, they offer high-level customer satisfaction, which makes the company an ideal one for seniors. However, there are no mobile apps available; you cannot get a quote for term life insurance online, and coverage details are only offered through New York Life agents.
State Farm
If you need a good option for the best term life insurance for seniors, then you need to check out State Farm Life Insurance. It provides many term options and has a selection of coverage that does not require medical exams.
This company offers a strong mix of affordable and flexible options with customizable coverage provided through a local agent.
Furthermore, this company has won the best insurance company for term and universal life insurance. Its customer service satisfaction is also top-notch.
Prudential Life Insurance
This company offers two basic types of life insurance, which include term and universal life. It is an ideal company for seniors looking to customize their policies, as policyholders may be able to choose from over a dozen riders.
Some of which include overloan protection and survivorship benefit access. In addition, they have local agents across the country.
In addition, Prudential offers retirement products and other financial services that appeal to shoppers who prefer to manage all their insurance and financial needs with a single company.
What Type of Life Insurance is Best For Seniors?
There are several types of life insurance for seniors. Below are the top coverages to purchase:
Whole Life Insurance
Provides coverage for your entire life, and the benefits are typically paid to your beneficiary regardless of when you pass away.
Whole life insurance also includes a cash value that grows tax-deferred and can be borrowed against or withdrawn from. However, premiums for seniors can be higher.
Guaranteed issue Life Insurance
A type of whole life insurance that doesn’t require a medical exam. This can be a good option for seniors who have a hard time getting approved for a life insurance policy.
However, these policies usually don’t offer high face-value amounts.
Term Life Insurance
A good option for those with short-term coverage needs. You can choose a term length of 10 to 30 years, with longer lengths costing more in premiums.
Final Expense Insurance
A small whole-life insurance policy that helps cover funeral costs, medical bills, and other end-of-life costs. This policy has a smaller death benefit but lower overall premiums. A medical exam may not be required.
How much is Life Insurance for Seniors?
The cost of life insurance for seniors depends on several factors, which include age, health history, gender, and lifestyle. Generally, younger individuals pay less for life insurance than older ones.
In addition, healthy individuals pay less for life insurance compared to those with pre-existing health conditions or those who smoke.
Thus, it is important that before purchasing life insurance, you shop around and get quotes from multiple life insurance companies to find the best option for your specific needs.
In addition, you should consider consulting a financial advisor, as they can help you in making an informed decision tailored to your financial goals and situation.