Choosing the right senior life insurance provider is just as important as choosing the right life insurance policy. You’re choosing a policy to care for your loved ones when you die.
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It’s supposed to provide your loved ones with financial peace of mind knowing they can take care of your final arrangements without stress.
Buying life insurance as a senior can be daunting. The premiums are higher and the requirements much different, but these 8 companies make it a much easier process.
Table of Content
- Best for Term Life Insurance – John Hancock
- Best for Whole Life Insurance – New York Life
- Best for Burial/Funeral Insurance – Nationwide
- Best for Guaranteed Life Insurance – AIG
- Best for No Medical Exam – AARP
- Best for Older Seniors – Security National Life
- Best for Long-Term Care with Pre-Existing Conditions – Brighthouse Financial
- Best for Extended Coverage Amount – Mass Mutual
Best for Term Life Insurance – John Hancock
It’s hard to find term life insurance for seniors. Most companies have a cut-off age of 70, leaving seniors without many options.
John Hancock offers term life insurance up to age 80, giving you 10 more years to secure a term life insurance policy. John Hancock doesn’t automatically disqualify applicants with diabetes, and they offer incentives for applicants who participate in their wellness program.
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John Hancock has an A+ rating with A.M. Best. Applicants should know, though, that they don’t have an online application process. You must talk to a life insurance agent to apply.
Best for Whole Life Insurance – New York Life
New York Life is one of the oldest life insurance companies today. They have a wide selection of insurance products for seniors, including whole life insurance. Most of their policies are available until age 90, and their whole life insurance policies pay out dividends that can be helpful for seniors on a fixed income (they pay them out every year without fail).
Not surprisingly, for a company that’s lasted through just about every economic downturn known to man, New York Life has an A++ rating with A.M. Best to further enhance its reputation and reliability for seniors.
Best for Burial/Funeral Insurance – Nationwide
Nationwide offers final expense insurance for seniors, but only if you’re an existing Nationwide customer. If you have (or get) Nationwide car or home insurance, you’re eligible for their final expense insurance that doesn’t require a medical exam and only asks a few questions.
Nationwide has a reputation for amazing customer service, which is excellent for seniors trying to understand their life insurance options and has an A+ rating with A.M. Best. They also offer a variety of accelerated benefits riders should you become chronically ill or are diagnosed with a terminal illness and need help with the cost of care.
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Best for Guaranteed Life Insurance – AIG
AIG offers guaranteed-issue life insurance for seniors ages 50 – 80. If you apply within the specified age range, you can qualify without a medical exam or medical questions. If you have a chronic illness that would exclude you from coverage, this can help provide your loved ones with money to cover your final expenses.
The policies are for amounts between $5,000 – $25,000 and are meant for funeral or burial expenses rather than providing ongoing income for your beneficiaries. AIG offers flexibility with online account management, and they have a rating of BBB (good) from A.M. Best.
Best for No Medical Exam – AARP
You know AARP for their benefits for seniors, helping them get discounts on the necessities in life, including life insurance. If you aren’t in good health and think you wouldn’t pass a life insurance exam, AARP life insurance through New York Life can help.
They offer term and whole life insurance, both without a medical exam. You (or your spouse) must be a member of AARP, but it’s not hard to join. Term life insurance is available from ages 50 to 74, and whole life insurance is available from ages 50 to 80.
AARP doesn’t underwrite the insurance themselves; they work with partners, such as New York Life, to provide the policies, so you know you are getting good coverage.
Best for Older Seniors – Security National Life
Finding life insurance once you’re over 80 years old is difficult. Life insurance companies take a big risk insuring seniors in their upper ages. Since you’re more likely to have health issues and/or be closer to death than not, insurance companies usually insure only younger seniors. Still, Security National Life offers their policies for purchase up to age 90.
The coverage amounts are lower ($2,500 – $10,000), and there’s a 2-year waiting period, but if you need burial or final expense insurance, this is your best option. Security National Life has an A- rating with A.M. Best, and you’ll need to meet with a life insurance agent to apply for the policy.
Best for Long-Term Care with Pre-Existing Conditions – Brighthouse Financial
If you have pre-existing conditions but want coverage for long-term care, Brighthouse Financial offers a flexible policy. The money is there for payouts should you need it while you’re alive, but if you don’t, your beneficiaries will receive the payout when you die.
You don’t need to provide receipts; you can tie your account to market indices to grow your money even further. If you buy before age 75, you don’t need a medical exam, and you can receive up to 50% of the policy’s benefit for long-term care should you need it. Brighthouse Financial has an A rating with A.M. Best.
Best for Extended Coverage Amount – Mass Mutual
Most senior life insurance policies max out at $25,000. If you’re looking for extended coverage, Mass Mutual is a top competitor. You must be able to pass a medical exam to secure the higher coverage amount, but if you’re in average health, you may not have trouble getting approved.
Their permanent life insurance policies offer a variety of benefits, including a guaranteed death benefit and dividend payouts. Mass Mutual has an A++ rating with A.M. Best and very few customer complaints, making it a solid choice for your life insurance for seniors.
Before you buy life insurance for seniors, do your research. Make sure you’re purchasing a policy from a reputable company that’s been in business for many years and has a history of paying out on time.
Look at their requirements and compare quotes from several agencies to ensure you’re getting the best policy available at the most competitive rates.