Top 10 Best Life Insurance for Seniors

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life insurance for seniors

The later you buy life insurance the expensive it gets. As the life insurance purchased at age 30 will be cheaper to the life insurance at age 50. Still, one should buy life insurance for seniors by comparing quotes and opting for the best life insurance for seniors.

Some of the top 10 best life insurance for seniors are:

  1. Mutual of Omaha
  2. Transamerica
  3. Protective
  4. Foresters
  5. Aetna Insurance
  6. AIG American General Life Insurance Company
  7. Banner Life Insurance
  8. Lincoln Financial Life Insurance
  9. Gerber Life Insurance Company
  10. Fidelity Life Association

1. Mutual of Omaha

It was acknowledged to be the Mutual Benefit Health & Accident Association. It offers policies for universal insurance, term insurance, whole insurance and for children’s too. Moreover, various product choices are also available for customers. Thus, you can categorize Mutual of Omaha among the best life insurance companies.

Financial strength & ratings

  • Rated by the A.M. Best: A+
  • Rated by the Moody’s: A1
  • Rated by the Standard & Poor’s: A+
  • Rated by the Better Business Bureau: A+
Insurance Products Term insurance, Whole insurance, Accidental Death insurance
Issue Age 18 to 68 years
Coverage Amount $ 2,000 to $ 500,000+
Term Lengths 10, 15, 20 or 30 years
Medical Exam Required Depends on the policy
Policy Riders Offered Yes

Products of Mutual of Omaha:

  • Term insurance
  • Universal insurance
  • Whole insurance
  • Children’s insurance

Pros:

  • It has High rated customer service
  • The policy management by the customer is Easy
  • The medical exam requirements are Lenient

Cons:

  • It is not the most affordable option available
  • The policy information available online is Limited
  • The insurance is non-competitive in the market

 

2. Transamerica

 

Transamerica Is categorized among the best all-around company for senior life insurance. The insurance coverage offered are designed to cater to the need of its customers. Its coverage starts from about $ 25,000 to $10,000,000 as the case may be.

Financial strength & ratings

  • Rated by the A.M. Best: A
  • Rated by the Fitch: A+
  • Rated by the Moody’s: A1
  • Rated by the Standard & Poor’s: AA-
Insurance Products Term insurance, Whole insurance, Universal insurance, Index universal insurance, Final expense insurance
Issue Age 18 to 80 years
Coverage Amount $ 25,000 to $ 10,000,000
Term Lengths 10, 15, 20 or 30 years
Medical Exam Required Depends on policy
Policy Riders Offered Yes

Products of Transamerica Insurance Company:

The products offered by Transamerica life insurance are as:

  • Term Life Insurance
  • Universal (and Indexed Universal Life Insurance)
  • Whole Life insurance
  • Final expense insurance

Pros:

  • It offers great Financial strength to its customers.
  • Information is available on the online platform regarding the face value amounts, and riders, etc.
  • It offers various products to cater to the need of different customers.
  • The insurance is affordable life insurance for seniors compared to others in the market.

Cons:

  • There is no medical exam.
  • Limited online access as the changes need to be mailed to the company.

3. Protective

Protective Life Insurance company was originated in 1907. It offers the best value insurance service in the market. We recommend it as trustworthy, as well as offering several choices within the universal life insurance. You can opt Protective Life Insurance in case you want long term insurance and insurance with flexibility.

Financial strength & ratings

  • Rated by the A.M. Best: A+
  • Rated by the Fitch: A+
  • Rated by the Moody’s: A1
  • Rated by the Standard & Poor’s: AA-
Insurance Products Term insurance, Whole insurance, Universal insurance, Variable insurance
Issue Age 18 to 80 years
Coverage Amount $ 100,000 to $ 10,000,000
Term Lengths
10, 15, 20, 25, 30 years
Medical Exam Required Yes
Policy Riders Offered Yes

Products of Protective Life Insurance company:

Their current product line up for Protective Insurance includes:

  • Term insurance
  • Universal insurance
  • Whole insurance

Pros:

  • It has an outstanding reputation in the market offering great satisfaction to its customers.
  • You can Customize insurance according to your needs.
  • It offers a great product selection.
  • It offers flexible life insurance.
  • It is an affordable option.

Cons:

  • There is no medical exam.
  • The process to file Application takes time and is lengthy.

 

4. Foresters

 

Foresters Hold a strong financial position in the market by providing unique member benefits, and quality life insurance. Here the minimum coverage would be around $ 100,000 and the Maximum coverage would be around $ 400,000. And the term or period of insurance is up to 10, 15, 20, 25, or 30 years.

Financial strength & ratings

  • Rated by the Better Business Bureau: A+
  • Rated by the A.M. Best: A
  • Rated by the S&P Rating: A
Insurance Products Term life insurance, Whole life insurance, Final expense insurance, Universal life insurance
Issue Age 18 to 85 years
Coverage Amount $ 10,000 to $ 500,000+
Term Lengths
10, 15, 20, 25, 30 years
Medical Exam Required No
Policy Riders Offered Yes

Products of Foresters Insurance Company:

  • Term insurance
  • Universal insurance
  • Whole insurance
  • Variable insurance
  • Variable Universal insurance

Pros:

  • It has a great reputation in the market.
  • It does not require any medical exam.
  • It offers diversified products.
  • The Financial strength of the company is solidified.
  • Members of the Foresters s life insurance are provided with additional benefits.

Cons:

  • The coverage is limited to some particular locations only.
  • The policy information is not fully disclosed.

5. Aetna Insurance

Aetna Insurance is among the oldest insurance provider providing its health services in the world. It is headquartered in Hartford, Connecticut. It even holds strong financial strength ratings. With Aetna life Insurance seniors, you can save money, participate in an HSA or health savings plan by which you can also save tax. Many insurance options are offered to specifically cater to the needs of each individual.

Financial strength & ratings

  • Rated by the A.M. Best Rating: A
  • Rated by the S&P Rating: AA-
  • Rated by the BBB Rating: A+
Insurance Products Term life insurance, Term No Med Details, Simplified Issue Term Details insurance, Guaranteed UL Details
Issue Age 18 to 85 years
Term Lengths
10, 15, 20, 25, 30 years
Medical Exam Required Depends on policy
Policy Riders Offered Depends on policy

Products of Aetna Insurance Company:

  • Signature Term insurance
  • Signature Term No Med Details insurance
  • Signature Simplified Issue Term Details insurance
  • Signature Guaranteed UL Details insurance

Pros:

  • It offers Excellent financial strength
  • A great customer service rating
  • There are numerous complementary health insurance products as well as plans available.
  • Quotes for coverage are available online.
  • It has a huge assortment of health care providers from which you can choose from.
  • It is a Low-cost insurance option

Cons:

  • Aetna insurance does not offer as many instant insurance options as some other carriers.

6. AIG American General Life Insurance Company

AIG is a financially stable company that offers a wide range of policies to cater to the needs of its customers, as the policies offer flexibility and customization options. It is headquartered in Amarillo, Texas. We recommend it as the best option for people over the age of 50 who require a guarantee of permanent protection.

Financial strength & ratings

  • Rated by the Standard & Poor’s = A+ (Strong)
  • Rated by the Moody’s = A2 (Good)
  • Rated by the Fitch = A+ (Strong)
  • Rated by the A.M. Best = A (Excellent)
  • Comdex Score = 81
Insurance Products
Term life insurance
Issue Age 18 to 75 years
Coverage Amount $ 100,000 to $ 2,000,000
Term Lengths
10, 12, or 15-35 years
Medical Exam Required Depends on policy
Policy Riders Offered Yes

Product of AIG American General Life Insurance Company:

  • Guaranteed Issue Whole Life insurance
  • Convertible Term Life Insurance
  • Universal Life Insurance
  • Variable Universal Life Insurance

Pros:

  • It offers some Prodigious living benefits
  • The insurance is Fully convertible
  • You can Customize your term product
  • It offers Liberal underwriting policies for high risk-taking customers.

Cons:

  • It takes longer than normal underwriting approval time
  • It involves a medical exam.

7. Banner Life Insurance

It offers competitive rates and underwriting options to its customers. Some other common features offered are Waiver of Premium, Policy Conversion, Accelerated Death Benefit to Rider, Disability Income Rider, Flexible Payment Schedule, etc.

Financial strength & ratings

  • Rated by the A.M. Best: A+
  • Rated by the Fitch: AA-
  • Rated by the Standard & Poor’s: AA-
Insurance Products
The term, Universal, Final Expense
Issue Age 20 to 75 years
Coverage Amount $ 100,000 to $ 10,000,000
Term Lengths
10, 15, 20, 25 or 30 years
Medical Exam Required Depends on policy
Policy Riders Offered Yes

Products of Banner Life Insurance:

  • Term life insurance
  • Term rider’s insurance
  • Universal life insurance
  • No exam life insurance

Pros:

  • It offers the customer a Short pay option
  • It has a Compassionate underwriting service.
  • It offers Viable prices for smokers.
  • it offers a Useful learning center for its customers.

Cons:

  • The rider options offered are Limited
  • The policy information is Sparse

Advantages of Banner Life Insurance for seniors:

  • price, and
  • risk underwriting.

8. Lincoln Financial Life Insurance

It is a subsidiary of Lincoln Financial Group having it’s headquartered in Radnor, Pennsylvania. It deals in four segments of the business which include pensions, life insurance, group protection, and retirement plan services.

Financial strength & ratings

  • Rated by the A.M. Best financial strength rating: A+
  • J.D. Power customer satisfaction rating: 3
Insurance Products Term, Universal, Indexed Universal, Variable Universal
Issue Age 18 to 60 years
Coverage Amount $ 100,000 to $ 1,000,000
Term Lengths 10, 15, 20 or 30 years
Medical Exam Required Depends on policy
Policy Riders Offered Yes

Products of Lincoln Financial Life Insurance:

  • Term insurance
  • Universal insurance
  • Indexed Universal insurance
  • Variable Universal insurance

Pros:

  • It offers decent customer service
  • It offers Strong rider selection
  • The insurance option is Ideal for the high-risk applicants
  • It offers Cash value accumulation for its users

Cons:

  • The entry point is quite Expensive.
  • It offers high rates for young applicants.

9. Gerber Life Insurance Company

Gerber Life Insurance is known for its plans for children but it also sells adult insurances. It is the largest U.S. life insurer. Offers small-term and whole life policy options for the adults or seniors as well as whole life with no medical exam to seniors between the age of 50 to 80.

Financial strength & ratings

  • Rated by the S&P: AA- (Excellent)
  • Rated by the A.M. Best: A (Excellent)
  • Rated by the BBB: A+ (Excellent)
Insurance Products Term insurance, whole insurance
Issue Age 1 to 80 years
Coverage Amount $ 5,000 to $ 150,000
Term Lengths 10, 15, 20, 30 years
Medical Exam Required Depends on policy
Policy Riders Offered Premium waiver

Products of Gerber life insurance:

  • Term insurance
  • whole insurance

Gerber life insurance types:

  • Children – Gerber Life Grow-Up Plan
  • Adults – Gerber Life Accident Protection
  • Seniors – Gerber Life Guaranteed Issue

Gerber life insurance for senior’s sample rates:

Age Coverage Premium per month
60 years $ 5,000 $ 32.40
60 years $ 15,000 $ 95.38
60 years $ 25,000 $ 158.38
70 years $ 5,000 $ 50.05
70 years $ 15,000 $ 148.32
70 years $ 25,000 $ 246.59
80 years $ 5,000 $ 124.12
80 years $ 15,000 $ 370.52
80 years $ 25,000 $ 616.92

Pros:

  • It has an easy application process.
  • It offers fast and very professional service.

10. Fidelity Life Association

Fidelity Life Association Insurance company offers diversified products to its customers. Different policy options are available for seniors based on age. It is the best option to consider compared to other available life insurance options.

Financial strength & ratings

  • Rated by the A.M. Best: A-
  • Rated by the Better Business Bureau: A+
Insurance Products Term insurance, Whole insurance, Senior insurance, Final-expense insurance
Issue Age 18 to 60 years
Coverage Amount $ 25,000 to $ 1,000,000
Term Lengths 10, 20, or 30 years
Medical Exam Required Depends on policy
Policy Riders Offered Yes

Products of Fidelity Life Association:

  • Term Life Insurance
  • Whole Life Insurance
  • Accidental Life Insurance
  • Elderly life insurance

Pros:

  • It has a fast underwriting process.
  • No exam required.

What is the average cost of life insurance for seniors?

Average term life insurance rates for senior men compared to younger men

Amount insured 30 year old 40-year-old 50 year old
$ 250,000 $ 14.84 $ 20.85 $ 46.30
$ 500,000 $ 22.93 $ 33.31 $ 79.88
$ 1,000,000 $ 38.61 $5 8.14 $ 147.83

Average term life insurance rates for senior women compared to younger women

Amount insured 30 year old 40 year old 50 year old
$ 250,000 $ 13.13 $ 18.23 $ 35.82
$ 500,000 $ 19.56 $ 28.23 $ 61.74
$ 1,000,000 $ 31.37 $ 48.80 $ 112.14

Choosing the right life insurance for seniors

While choosing life insurance for seniors the age may be a difficult factor to decide the right kind of life insurance. Thus, we here have suggested best life insurance for seniors based on the age as:

  • best life insurance for seniors over 60
  • best life insurance for seniors over 70
  • best life insurance for seniors over 80

I. Best life insurance for seniors over 60

The insurance rates may rise in the 60s but you still have amply of options to choose from. Here, we suggest you go for indexed universal life as it offers low-risk cash value as well as flexibility in offering you coverage.

Here, you can consider the following options:

  • Mutual of Omaha offering Best Simplified Whole Life Insurance
  • Mass Mutual offering Best Simplified Whole Life Insurance
  • Haven Life offering Best Term Life Insurance
  • Protective offering Best Term Life Insurance

II. Best life insurance for seniors over 70

You should opt for insurance that could provide you retirement savings. Here, a policy option for a period of 10 to 15 years is a well-suited option for you to consider.

Here, you can consider the following options:

  • Sprouts Insurance
  • AIG Insurance
  • Bestow Insurance

II. Best life insurance for seniors over 80

You should opt for insurance that could provide you term insurance. Though the death benefit is low in most of the policies no exam is required at this age.

Here, you can consider the following options:

  • Mutual of Omaha Insurance
  • Agile Insurance
  • United Life Insurance

life insurance types

Depending upon the life insurance types the best options are as:

I. Best Term Life Insurance:

  • TIAA Life insurance
  • New York Life insurance
  • Amica Life insurance
  • Transamerica insurance
  • Lincoln Financial insurance
  • State Farm insurance

II. Best Guaranteed Universal Life Insurance:

  • North American Company for Life and Health Insurance
  • American National insurance
  • Mutual of Omaha

III. Whole Life Insurance:

  • Guardian insurance
  • MassMutual insurance
  • Northwestern Mutual
  • State Farm insurance

FAQ

The term life insurance for seniors is an affordable life insurance option to be preferred by seniors as the whole life insurance is proven as a better option for the ones having good health.

The best available term and whole life insurance for seniors are:

  • Amica Life Insurance
  • Transamerica Insurance
  • Lincoln Financial Insurance
  • Guardian Insurance
  • MassMutual Insurance
  • Northwestern Mutual Insurance
  • State Farm Insurance

Yes, 70 years old can get life insurance available. You can easily purchase insurance at this age for the long term too.

Yes, 80 years old can get life insurance available. Mostly the life insurance is available at this age to cover the funeral costs.

Some of the cheapest life insurance for seniors is as:

  • TIAA Life Insurance
  • New York Life Insurance
  • Amica Life Insurance
  • Transamerica Insurance
  • Lincoln Financial Insurance
  • State Farm Insurance

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