There are plenty of insurance companies with the best rates and benefits for seniors. Read more to get details of 10 best life insurance companies for seniors.
10 Best Life Insurance for Seniors
If you are very young and lively and healthy, finding a good life insurance plan for you can be very easy. However, if you are over 50 years of age, finding such a place may not be easy. You may need to call an agent directly to determine which of the coverages will best meet your needs.
What is life insurance for seniors?
Life insurance for seniors is coverage for people age 65 and older. This will help beneficiaries pay for expenses such as;
- Burial expenses
- Medical expenses
- Outstanding debt, such as car payments or credit card bills
Seniors life insurance will provide financial protection for the person you are living with if you are outliving your pension and have no survivor benefits.
Senior life insurance rates
If you purchase a life insurance policy for seniors, expect to pay between $1,365 and $2,000.
Listed below are some of the best senior insurance companies you can find in 2022.
Mutual of Omaha
In most of its policies, Mutual of Omaha has at least two riders and offers an unusual disability income rider and return of premium term insurance.
This company has many plans with lifestyle benefits. It has a wide range of riders. It has guaranteed issue option and return of premium terms available.
Transamerica
Transamerica has a wide range of riders available, including lifestyle benefits for terminal, chronic and critical illnesses. It also offers a disability income rider which makes it a very advisable choice for customizing the policy.
Apart from the fact that it has been around for a long time, it has multiple no-medical testing policy options. Transamerica’s lifestyle benefits include policies with no upfront cost.
Northwestern Mutual
It is a very reputed company but its services are available only in some states of the country This company offers term, complete and universal policies Here whole life policies can earn dividends.
To determine your level of coverage, you must work with a Northwest Mutual advisor, although you may be able to get an estimate for some types of policies from the company’s website.
AIG
It is best for financial spending for seniors. Some of the reasons why this company is a favorite among its users is that all its policies do not require a medical exam
It has many rider options. With AIG, you have guaranteed acceptance for certain policies. This is the best option if you are looking for an insurance policy to cover your funeral and burial expenses.
New York Life
New York Life has been in the insurance world since 1845. It has an A++ rating based on financial strength. It has paid dividends for almost 170 years and offers policies for people aged 90 years.
The downside of Life in New York is that policy-specific information is difficult to locate on the website. Its policies allow a spousal paid-up purchase option that allows your spouse to purchase a paid-up policy with the death benefit of your policy without having to prove insurability if you die while your policy is in force.
Banner Life
One of the notable things about Banner Life is that it has one of the cheapest terms. Banner is one of two companies that offer 40-year term policies. It has lots of conversion options.
Banner Life also has very few customer complaints. While there’s a lot to like about Banner Life, it doesn’t offer as many policy options and it doesn’t offer riders customization of policies like its competitors.
state farm
If you want a renewable plan up to age 95, State Farm is a very good option. This company offers comprehensive term life policies and it offers a no test term insurance policy.
This company has three types of term life policies, election term, return of premium term and immediate answer term.
State Farm’s Instant Answer term life policy gives you a %50,000 death benefit for a maximum of 10 years till you turn 50. Policies are also available cheaper.
Mutual
There are many reasons why this insurance company stands out among others. First, it received an A++ rating from AM Best. Its high rating is due to superior ability to pay claims.
According to the NAIC, the company has received only a handful of complaints over the past three years.
MassMutual offers a variety of policies. It has a web platform that is easy to navigate and encourages same-day decisions, and its plans have great prices
Nationwide
It is a financially stable life insurance company that has been in business for a long time. Nationwide offers comprehensive policies that can be availed without medical exam and with fast approval.
There have been only a few complaints since its inception. It has lifetime benefits on most policies and allows credit card payments.
The company ranked AM Best A+ and ranked second among 21 life insurers for customer satisfaction in JD Power’s US Individual Life Insurance Study
Guardian Life
Guardian Life is one of the best. It allows you to renew the expired term policy for another five years if you want to keep the average coverage a bit higher. If you’re looking for permanent coverage, consider Guardian’s Universal and Variable Life products. These plans are problematic at age 85.
Guardian Life issues policies for 90-year-olds with coverage ranging from $25,000 to $100,000.
What to Look for in a Senior Life Insurance Policy
If you are looking for life insurance, look for those that offer the following benefits;
- Pays funeral and related expenses to close an estate
- An inheritance fund that is out of your estate’s assets.
- Provides adequate liquidity for an estate that has predominantly liquid assets,
- Continue income for a spouse or other dependent when your income is primarily from a pension or annuity with a minimum to no survivor benefit.
- Offers funds to survivors to pay off large debts.
- Provide funds to cover estate tax liability for heirs.
- Fund a special needs trust for a dependent who needs financial life support
- Make a large donation to replace your ongoing financial support for a nonprofit.
How to Get the Best Senior Life Insurance
To get the best insurance policy for seniors, make sure you follow these tips;
- Avoid graded death benefits and life insurance
- Don’t rush into a purchase
- Don’t sell to projections that aren’t guaranteed
- Try to get professional help
- Don’t base your decision on cost alone.
Frequently Asked Questions
Do Seniors Need Life Insurance?
Of course, life insurance is very important if you are a senior. Life insurance for seniors covers the following funeral expenses, medical bills and remaining debts, such as car payments or credit card bills
What should seniors look for in a life insurance policy?
If you are looking for life insurance, look for those that offer the following benefits;
- Pays funeral and related expenses to close an estate
- An inheritance fund that is out of your estate’s assets.
- Provides adequate liquidity for an estate that has predominantly liquid assets,
- Continue income for a spouse or other dependent when your income is primarily from a pension or annuity with a minimum to no survivor benefit.
- Offers funds to survivors to pay off large debts.
- Provide funds to cover estate tax liability for heirs.
- Fund a special needs trust for a dependent who needs financial life support
- Make a large donation to replace your ongoing financial support for a nonprofit.
How much does life insurance cost for seniors?
If you’re buying whole life insurance for seniors, you should expect to pay between $1,122 and $2,089 a month for a $250,000 death benefit. And healthy women pay an average of $934 to $1,801 for their whole life insurance policies
When are you too old to buy life insurance?
It is not too late to buy your life insurance policy. If you’re in your 40s or 50s and just considering a midlife life insurance policy, or if you have coverage and want more, there are plenty of options for you. The type of life insurance you need depends on your finances, your health and your goals. The maximum age for life insurance for most companies is 90.
How do I get money from my life insurance policy?
If you have a cash-value life insurance policy, you can withdraw money from the policy, take out a loan against the cash value, or surrender the policy for cash.
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