10 Best Life Insurance to use for Seniors in 2023 is the perfect way to protect your family or to leave a legacy.
Life Insurance can cover funeral expenses, medical bills, or long-term costs like mortgage payments while your estate is being sorted out.
There are lots of insurance companies with the best rates and benefits for seniors. Read further to get details on the 10 best Life insurance companies for seniors.
10 Best Life Insurance for Seniors
if you are very young and vibrant, and healthy, it might be very easy to find a good life insurance plan for you. However, if you are over the age of 50, finding such places might not be easy. You might have to call in directly with an agent to figure out which of the coverages will best meet your needs.
What Is Life Insurance for Seniors?
Life insurance for seniors is coverage for people aged 65 and above. It will help beneficiaries pay for costs such as;
- Burial costs
- Medical bills
- Remaining debts, such as car payments or credit card bills
The 10 Best Life Insurance to use for Seniors in 2023 listed in this post will give financial protection for the spouse whom you are living with if you are living on your pension and you do not have survival benefits.
Senior Life Insurance Rates
If you are purchasing a life insurance policy for seniors, you are expected to pay between $1,365 to $2,000.
The list below contains some of the best Senior insurance companies you can find in 2022.
Mutual Of Omaha
On most of its policies, Mutual of Omaha has at least two riders, and it offers uncommon disability income rider and return of premium term insurance.
This company has a lot of plans with living benefits. It has a very wide range of riders available. It offers guaranteed issue options, and return of premium terms available.
Transamerica
Transamerica has a wide range of riders available including living benefits for terminal, chronic and critical illnesses. It also offers a disability income rider which makes it a very advisable choice for policy customizable.
Apart from the fact that it has been around for a long time, it has multiple no-medical exam policy options. The living benefits of Transamerica include policies with no upfront costs.
Northwestern Mutual
This is a very reputable company but its services are only available in some states in the country. This company offers term, whole, and universal policies. Whole life policies here can earn dividends.
To determine your level of coverage, you must work with a Northwest Mutual advisor, although you might be able to get an estimate for some kinds of policies from the company’s website.
AIG
This is the best for financial expenses for seniors. Some of the reasons why this company is a favorite amongst its users are the fact that it does not require a medical exam for all policies.
It has lots of rider options available. With AIG, you are guaranteed acceptance for some 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 the year 1845. It has an A++ rating based on financial strength. It has paid dividends for almost 170 years and it offers policies to people aged 90 years old.
The downside of New York life is that it is difficult to locate policy-specific information on the website. its policies allow a Spouse’s paid-up purchase option that lets your spouse buy a paid-up policy with your policy’s death benefits without having to provide evidence of insurability if you die while your policy is in force.
Banner Life
One of the remarkable things about Banner Life is that it has one of the cheapest terms. Banner is one of the two companies that offer 40 years term policies. It has lots of conversion options.
Banner life also has very few customer complaints. Although there is a lot to say about Banner Life, it doesn’t offer many policy options and it doesn’t offer riders to customize policies like its competitors.
State Farm
State Farm is a very good option if you want a plan that is renewable up to 95 years of age. This company offers a wide range of term life policies, and it offers a no-exam term insurance policy.
This company has three term life policy types, select term, return of premium term, and instant answer term.
State farm’s instant Answer Term life policy offers you a %50,000 death benefit for a maximum of 10 years until you are 50 years old. The policies are also available at a cheap cost.
MassMutual
There are a lot of reasons why this insurance company stands out among others. First off, it has A++ ratings from AM best. Its high rating is because of its superior ability to pay claims.
This company has received only a few complaints over the past three years according to NAIC.
MassMutual offers a wide range of policy types. It has a web platform that is easy to navigate and encourages same-day decisions, and its plans have excellent prices.
Nationwide
This is a financially stable life insurance company that’s been in business for a very long time. Nationwide offers a wide range of policies that may be available without a medical exam and with fast approval.
It has had only a few complaints since the time of its inception. It has living benefits on most policies and it allows credit card payments.
This company was ranked A+ by AM best and was the second-ranked out of 21 life insurers for customer satisfaction in J.D. Power’s U.S. Individual Life Insurance Study
Guardian Life
Guardian Life is one of the best. It allows you to renew an expiring term policy for five more years if you want to keep the average coverage a little longer. If you are looking for permanent coverage, consider the Guardian’s Universal and variable life products. These plans are issues at the age of 85.
Guardian life issues policies to people as old as 90 with coverages 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 out for the ones that offer the following benefits;
- Provides funeral and related expenses to close up an estate
- Fund an inheritance that is outside of your estate’s assets.
- Provides enough liquidity for an estate that has mainly illiquid assets,
- Continue income for a spouse or other dependent when your income is primarily from a pension or annuity that has minimal to no survivor benefits.
- Offers funds for survivors to pay large debts.
- Provide funds to cover estate tax liability for heirs.
- Fund a special needs trust for a dependent who needs life support financially
- Make a large sum donation to replace your ongoing financial support for a non-profit.
How To Get the Best Senior Life Insurance
To get the best insurance policies for seniors, make sure you follow these tips;
- Avoid graded death benefits and life insurance
- Don’t rush a purchase
- Don’t be sold to projections that are not guaranteed
- Try to get professional help
- Don’t base your decisions solely on cost.
Frequently Asked Questions
Do Seniors Need Life Insurance?
Of course, it is very important to have life insurance if you are a senior. Life insurance for seniors covers the following Burial costs, 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 out for the ones that offer the following benefits;
- Provides funeral and related expenses to close up an estate
- Fund an inheritance that is outside of your estate’s assets.
- Provides enough liquidity for an estate that has mainly illiquid assets,
- Continue income for a spouse or other dependent when your income is primarily from a pension or annuity that has minimal to no survivor benefits.
- Offers funds for survivors to pay large debts.
- Provide funds to cover estate tax liability for heirs.
- Fund a special needs trust for a dependent who needs life support financially
- Make a large sum donation to replace your ongoing financial support for a non-profit.
How Much Does Life Insurance for Seniors Cost?
If you are 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 will pay an average of $934 to $1,801 for their whole life insurance policies
When Are You Too Old to Buy Life Insurance?
No time is too late to buy your life insurance policy. If you’re in your 40s or 50s and are just considering a midlife life insurance policy, or if you have coverage but want more, there are lots of options for you.
The type of life insurance you need depends greatly on your finances, your health, and your goals. The maximum age for Life insurance for most companies is 90.
How Can I Get Money Out of My Life Insurance Policy?
If you have a cash-value life insurance policy, you can withdraw money from that policy, take a loan against the cash value, or surrender the policy for the cash.