Some people may wonder whether life insurance for seniors is necessary because their children are likely no longer financially dependent on them and their family home is likely paid off. Some older persons may still have mortgages or other obligations. They can also worry about the financial security of their dependents or relationships.
Age affects how much life insurance costs. However, it might still be possible to find affordable coverage. You can determine whether or not to buy life insurance as you enter your golden years using the information below. Best Life Insurance Companies for Seniors are listed below.
New York Life Insurance
For customers with a range of needs, New York Life is one of best life insurance companies for seniors that provides a selection of life insurance products. For instance, the company’s term life insurance policies offer maturities of between 10 and 20 years with the opportunity to convert to permanent coverage for an additional charge. Its permanent life insurance offers a variety of cash value growth options, as well as specific death benefit levels. New York Life doesn’t offer the possibility for customers to request a quote or buy a policy online. To buy a policy, you’ll need to engage with an agent.
Pros
Available policies include term, entire, universal, and variable universal life.
Available custom coverage quantities
Cons
Some policies may require a medical exam.
No online application available
Prudential Insurance
Although not all of Prudential’s term and universal life insurance plans are offered nationwide, they both exist. In comparison to the majority of the other firms in this list, this insurer offers nine different universal life insurance plans, making it unique in this regard. Many of them allow you to alter the terms of the policies by adding riders. Enhanced cash value, overloan protection, estate protection, and accidental death benefit are a few of these.
Online applications are available for some of Prudential Life’s term life insurance products, but you might not be able to know what premiums you might be paying until you meet with an adviser.
Pros
Some policies accept applications from people up to 90 years old.
Various riders are available.
Cons
Premium increase possible for some term life insurance after the first year or policy period
Some policies are not available in New York
State Farm Insurance
For people who might wish to get a policy fast, State Farm offers term life insurance that doesn’t require medical exams to qualify. Additionally, there is a Guaranteed Issue Final Expense coverage that accepts candidates up to the age of 80 without requiring a medical test.
State Farm provides a variety of extra riders for its other plans, including payor insurance, guaranteed insurability, flexible care benefit, and premium waiver for disability. Additionally, State Farm provides whole life plans with two-person death payouts. Although you can begin an online application, you’ll need to engage with a State Farm agent to complete your policy.
Pros
Life insurance policies without a medical exam are available.
There are whole, universal, and term insurance options.
Cons
Policies only available by working with an agent
Corebridge Financial Insurance
Seniors may find numerous life insurance policies from Corebridge Financial insurance, including term and permanent life insurance options, to be suitable. While its whole and universal life plans offer many optional riders, both of its term life policies offer various term durations and coverage amounts. These consist of the accidental death benefit, accelerated death benefit, and premium waiver for disability.
For some policies, you’ll also benefit from guaranteed level premiums, which ensures that your rates won’t change for the duration of the policy’s validity. However, depending on your policy, you might not be allowed to submit an online application. You must instead work with an agency.
Pros
No medical exam requirement for some policies
Accelerated death benefit available
Cons
Possible limited availability of online quotes or applications
Guardian Life Insurance
The age restrictions for Guardian Life’s life insurance products will vary depending on the sort of policy and terms you’re interested in. For instance, the maximum age to apply for a variable universal policy is 85 while the maximum age for a term life policy is 75.
By adding riders like long-term care, premium waivers, guaranteed insurability, expedited terminal illness, guardian involvement indices, and charitable benefits, applicants can virtually always tailor their insurance coverage. While you can apply for a term life policy online, like many insurance companies, you may need to interact with an agent to get a whole life policy.
Pros
Depending on the policy, the option can choose between flexible or guaranteed level premium
Multiple riders available to customize policies
Cons
Online applications only available for term life
Some policies not available in New York
Mutual of Omaha Insurance
Two alternatives for term life insurance are available from Mutual of Omaha, with death benefits beginning at $25,000. Depending on the particular insurance you select, you can pick between a guaranteed level or a flexible premium for its whole and universal life policies. An examination for its Guaranteed Issue Whole Life policy is not necessary.
Optional riders include residential damage, guaranteed refund, long-term care, waiver of premium, and accidental death compensation for terminal sickness or chronic illness, depending on the policy. You might be able to submit an application online depending on what kind of policy it is.
Pros
Available policies include term, complete, and global.
Up to age 94, term insurance may be renewed
Cons
Not all insurance are eligible for online application and quoting tools.
Transamerica Insurance
Term, entire, and indexed universal policies are available from Transamerica which is one of the best life insurance companies for seniors of 2023. There is no medical exam necessary for its last expense policy, a sort of whole life insurance, which provides coverage up to $50,000 and is open to applicants up to age 85. The company’s two term plans are open to applicants up to the age of 80, and depending on the death benefit amount and your risk class, these policies could not even need a medical exam. Transamerica offers insurance with adjustable and dependable level premiums.
You are only able to choose from its Trendsetter Super Series term life policy if you’re seeking for a totally online experience. You must contact an agent for pricing or purchase for all other insurance.
Pros
Policies with either flexible or guaranteed level premium payments available
Medical exam not required for its final expense policy
Cons
Limited availability of online applications and quotes
