To ensure the financial stability of their family, seniors frequently purchase life insurance. But in contrast to younger people, they can have a different purchasing process, with higher rates and stricter health checks. In this article, we look at the best life insurance for seniors over 60 years old.
What is Life Insurance for Seniors?
Life insurance for seniors is usually for those 65 years of age and older. The death benefit may assist beneficiaries in covering costs like burial expenses Medical expenses and remaining debts, including credit card bills or auto payments
Note that:
- If your spouse is dependent on your pension and you do not receive survivor benefits, having senior life insurance in place during your later years will also safeguard your finances.
- A life insurance policy can also be a means of leaving an inheritance for your offspring, grandkids, or other loved ones.
- A life insurance policy that includes a rider for a critical illness, chronic sickness, or long-term care insurance can pay out while you’re still living. Riders like this might safeguard your investments if your condition satisfies the eligibility standards.
- Seniors still have the choice to purchase life insurance, despite the fact that life insurance rates rise with age. As you get older, you might still be able to acquire whole-life or term insurance at a reasonable price.
- Burial insurance, commonly known as funeral insurance or final expense insurance, is a resource that frugal seniors may use. Usually with modest coverage amounts, these whole life insurance plans are intended primarily to pay for funeral fees and other parting obligations.
- A medical exam is usually not necessary for burial insurance, and you are usually not denied coverage.
- Depending on your age, you might also be able to get senior-term life insurance with a short duration, like 10 or 15 years.
Best Life Insurance for Seniors Over 60
#1. Guardian Life Insurance:
Guardian provides whole life insurance that matures at 65, 95, 99, and 121 years old. The universal and variable universal life products from Guardian, which are issued up to age 85, can be of interest to you if you’re searching for alternative permanent coverage options.
#2. MassMutual
You can purchase an unlimited amount of term life insurance with MassMutual (subject to restrictions). If you want to give your life insurance beneficiaries a sizable settlement, you might find this tempting.
#3. Northwestern Mutual
Northwestern Mutual has significantly fewer complaints than one might anticipate for a business of its size, making it a reliable option. Whole-life policyholders of Northwestern Mutual may be entitled to dividends, which have been regularly distributed by the business since 1872.
#4. Mutual of Omaha life insurance:
Seniors can greatly benefit from Mutual of Omaha life insurance because of its wide range of products and stringent age restrictions for policy purchases. This insurer offers whole life and term life insurance up to age 85 and 80, respectively.
Additionally, it ensures that you will be accepted for whole life insurance from 45 to 85 years old (50 to 75 years old in New York), no matter how healthy you are. Mutual of Omaha’s whole-life policies frequently have greater limits than those of other insurers and can be obtained without a medical exam.
#5. State Farm Life Insurance:
In addition to other insurance products, State Farm provides a range of options for term, whole, and universal life insurance. It has excellent ratings for both customer service and financial soundness. However, higher coverage levels may require a medical assessment.
#6. Prudential Life Insurance
One of the biggest insurers in the United States, Prudential has a history of providing a range of life insurance products with comparatively high age restrictions. Many people will be able to obtain universal life coverage with Prudential at any age, as term policies are provided up to age 80, and universal life policies are offered up to age 85 for new issue policies (and up to age 90 for conversion).
#7. USAA
USAA provides a guaranteed issue policy for those who wish to forego the medical examination. To be eligible for coverage, you don’t have to complete a life insurance medical exam or respond to any health-related questions. Additionally, the company’s life insurance isn’t just available to military families, in contrast to some of its other financial offerings.
Term Life Insurance for Seniors
#1. New York Life:
With an A++ (superior) AM Best rating, having paid dividends for 169 years, and a longer operation history, New York Life has been in the industry since 1845.
Pros:
- Policies accessible to applicants who are 90 years old
- A++ AM Top Rank
- A long record of paying dividends
- A few grievances from clients
- large range of riders
Cons:
- To acquire a price and apply, you must speak with an agent.
- It has restricted online policy information.
Offers:
- Maximum age: 90 years old
- Policy types: Term, variable universal life, universal life, whole life, accumulation-focused life insurance
- Coverage amounts: Start at $25,000 (whole life).
#2. Guardian Life:
Guardian Life has a very low number of complaints on file with the National Association of Insurance Commissioners (NAIC) and an A++ (superior) financial stability rating from AM Best.
Pros:
- A++ AM Top Rank
- There are very few grievances from clients.
- Policies accessible to applicants who are 90 years old
- They provide profits for entire life insurance.
Cons:
- The application requires an agent.
- There are some policy details that cannot be found online.
Offers:
- Maximum age: 90 years old
- Policy types: Term, variable universal life, universal life, whole life
- Coverage amounts: $25,000 to at least $5 million (term)
#3. Pacific Life:
Pacific Life has a stellar record with the NAIC and ranks high in the customer satisfaction survey conducted by J.D. Power.
Pros:
- There are very few grievances from clients.
- Term coverage is offered to candidates who are 75 years old.
- Numerous riders and advantages for accelerated death are offered.
Cons:
- No online quotation or application is available on the page.
Offers:
- Maximum age: 75 years old for term life, possibly higher for permanent coverage
- Policy types: Term, index universal life, variable universal life, universal life, indexed universal life
- Coverage amounts: Up to $3 million and higher
#4. John Hancock:
Of our top-ranked firms, John Hancock provides the most attractive term life insurance options for seniors.
Pros:
- The highest age limit to apply for term insurance
- provides diabetics with insurance
- The optional critical illness rider does not lower the death benefit under the policy.
- Wellness initiative
Cons:
- Most riders of living benefits pay more for term life insurance.
- No live chat, online application, or quote is available for candidates
Offers:
- Maximum age: 90 years old
- Policy types: Term, variable universal, index universal, universal
- Coverage amounts: $50,000-$65 million
Cheapest Life Insurance for Seniors Age 55
| Life insurance company | Annual life insurance rate for females aged 55 |
| Transamerica | $556 |
| Pacific Life | $596 |
| Protective | $596 |
| Symetra | $596 |
| Penn Mutual | $603 |
| Source: Forbes Advisor research | |
Cheapest Life Insurance for Seniors Age 60
| Life insurance company | Annual life insurance rate for females age 60 |
| Thrivent Financial for Lutherans | $759 |
| Protective | $870 |
| Pacific Life | $871 |
| Symetra | $871 |
| Penn Mutual | $881 |
| Source: Forbes Advisor research | |
Cheapest Life Insurance for Seniors Age 65
| Life insurance company | Annual life insurance rate for females aged 65 |
| Thrivent Financial for Lutherans | $1,342 |
| Protective | $1,461 |
| Pacific Life | $1,462 |
| Penn Mutual | $1,479 |
| Illinois Mutual | $1,484 |
| Source: Forbes Advisor research | |
Cheapest Life Insurance for Seniors Age 70
| Life insurance company | Annual life insurance rate for females age 70 |
| Lincoln National | $2,393 |
| Penn Mutual | $2,393 |
| Principal | $2,393 |
| Pacific Life | $2,365 |
| Protective | $2,365 |
| Source: Forbes Advisor research | |
Cheapest Life Insurance for Seniors Age 75
| Life insurance company | Annual life insurance rate for females aged 75 |
| Illinois Mutual | $4,530 |
| Thrivent Financial for Lutherans | $4,861 |
| Transamerica | $4,911 |
| Ameritas | $5,114 |
| Cincinnati Life Insurance Company | $5,185 |
| Source: Forbes Advisor research | |
Cheapest Life Insurance for Seniors Age 80
| Life insurance company | Annual life insurance rate for females aged 80 |
| Independent Order of Foresters | $11,592 |
| Transamerica | $11,929 |
| United of Omaha | $12,449 |
| Pacific Life | $13,566 |
| Source: Forbes Advisor research | |
What type of life insurance is best for seniors?
For seniors who wish to leave their heirs with more than what a final expense policy could cover, whole life insurance policies or universal life insurance policies are suitable options as they are permanent.
Is it worth getting life insurance at 70?
Many people in their 60s and 70s find they no longer require life insurance. They have paid off their debts, are retired, and their children are now adults. Others, on the other hand, would rather maintain life insurance later in life in order to pay for final expenses and leave an inheritance.
Is term life insurance worth it for seniors?
Whole life insurance might be a better fit for a senior’s financial strategy, even while term life insurance might make sense for younger seniors who just want short-term coverage—for example, until their homes are paid off.
No, you cannot directly get life insurance through Social Security. Survivor benefits are a type of financial support that Social Security offers to surviving family members, but they are not a life insurance policy.
Is AARP life insurance legit?
AARP Life Insurance may be a wise option if you’re looking for a small whole life or term insurance and don’t want to answer a series of health-related questions or have a medical exam. Remember that in order to apply, your AARP membership must be current. Additionally, you’ll need to go elsewhere if you require more coverage than a minimal level or wish to add riders to your policy.
At what age is it too late to get life insurance?
When a person reaches a certain age, different terms and conditions apply to whole and term life insurers. After about age 65 or 70, several firms prohibit the purchase of term life insurance. Whole-life insurers typically permit the purchase of coverage for a longer period of time, frequently up to age 85 or even 90.
Why should you not buy term life insurance?
You should not buy a life insurance policy because the coverage expires and becomes worthless if you live longer than the period of your term life insurance. Term life insurance is probably not the best option if you’re trying to leave money behind. not worth the money. The cash value of term life insurance has not increased.
How much is AARP life insurance?
Insurance from AARP is limited to those who are at least 50 years old. Depending on your age and health, monthly costs for $100,000 of coverage are approximately $160. Up to age 75, premiums rise gradually in 5-year age groups.
What is the best life insurance policy to get?
Whole Life Insurance:
Although the initial cost of this solution could be higher, the long-term advantages might be more reliable. If you want your loved ones to be supported no matter what, whole life insurance can be the ideal option.
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