Life Insurance is one of the most trusted ways to provide for loved ones after you’ve passed. However, deciding which policy is best for you might be difficult.

Many people want to know what form of life insurance should they get as a senior? How much is sufficient? What kind of life insurance do they need at your age?

Life insurance for seniors varies by company and can include a medical exam (also known as a life insurance exam) or simply answering health questions. It can cost anywhere from $15 to several thousand dollars per month and can be used to pay off large debts like a mortgage or cover small bills like funeral costs. Although life insurance indeed costs more as you get older, that doesn’t imply you don’t have options. Cheap senior life insurance policies are available for folks who want to leave monetary benefits to their family or ensure that their final needs are covered. You could be able to pay as little as $15 per month or as much as $1,000 per month. We’ll go over all of your options in this post, including final expense insurance for seniors, so you can make the best selection possible.

The Best Life Insurance for Seniors

  1. Northwestern Mutual

Northwestern Mutual

When it comes to life insurance, Northwestern Mutual is a great choice. It has a 4.6 rating and is our No. 1 overall Best Life Insurance Company. Northwestern Mutual receives excellent marks because of offers multiple alternatives and coverage kinds, which let customers evaluate and choose the best plan for them.

It’s beneficial to the customer experience and pays benefits. Northwestern Mutual is a dependable choice, with significantly fewer complaints than one might expect from a corporation of its size. Furthermore, whole life policyholders may be eligible for dividends, which the firm has routinely paid out since 1872. It offers two plans for seniors and these are as follow:-

Best Term Life Insurance for seniors

Policy name: Term life.

Max issue age: 70.

Coverage: $100,000+.

Best Whole Life Insurance for seniors

Policy name: Whole life.

Max issue age: 85.

Coverage: $50,000+.

  1. Guardian Life

Guardian Life

Extended coverage and a wide range of policy alternatives are advantageous to this policy. If you want to extend the coverage of an expiring term policy for another five years, Guardian allows you to do so. If you’re searching for a different sort of permanent insurance, check out Guardian’s universal and variable universal life products, which are available up to the age of 85. It offers two types of policies to seniors and these are as such:-

Policy name: Term life.

Max issue age: 75 (10-year term), 70 (15-year term), 65 (20-year term).

Coverage: $250,000+.

Policy name: Whole life.

Max issue age: 90.

Coverage: $25,000+.

  1. MassMutual

Mass Mutual

This insurance is good for seniors and anyone seeking a lot of coverage. Few insurers offer whole life packages to those above the age of 85, so this company is a strong pick for elderly people searching for long-term coverage. Additionally, if you’re searching for a larger death benefit, MassMutual’s $3 million maximum coverage may be intriguing. It provides the following plans to seniors:-

Policy name: Term life.

Max issue age: 75 (10-year term), 60 (25-year term).

Coverage: $100,000 to $3 million.

Policy name: Whole life.

Max issue age: 90.

Coverage: $25,000+.

  1. USAA

USAA Insurance

It’s great for allowing you to be more flexible and prevent having to take a medical exam. Before your term policy expires, USAA allows you to change it to permanent coverage, which can be handy if you think you’ll need lifelong coverage in the future. If you want to avoid taking the medical test, the company’s simplified whole life plan may be a suitable option – you simply have to answer a few health questions to be covered. Military families aren’t the only ones who can benefit from USAA life insurance. Below are the plans for seniors:-

Policy name: Level term life.

Max issue age: 70 (10-year term), 65 (15-year term).

Coverage: $100,000+.

Policy name: Simplified whole life.

Max issue age: 85.

Coverage: $20,000+.

  1. AARP

AARP

It’s a good option for senior applicants and those who want to avoid taking the medical exam. To qualify for either term or whole life coverage, applicants must answer a few health questions. Because acquiring coverage when you’re over 75 can be difficult, AARP’s high-issue age for term plans is a crucial benefit.  And, although AARP products are for members only, coverage is also available to spouses. Below are the plans for seniors:-

Policy name: Level benefit term life.

Max issue age: 80 (AARP members only).

Coverage: Up to $100,000.

Policy name: Whole life.

Max issue age: 74 (AARP members only).

Coverage: Up to $50,000.

  1. State Farm

State Farm

A term rider from State Farm allows you to add more coverage for yourself or another individual. Add-ons and client satisfaction are both good according to the customer reviews. If you only need a limited amount of coverage for a spouse and don’t want to buy a separate policy, this is a good option. If you’re looking for a reputable firm, State Farm came in #1 out of 23 organizations in J.D. Power’s 2020 life insurance assessment for overall customer satisfaction. Plans for the seniors are as follow:-

Policy name: Select term life.

Max issue age: 75 (10-year term), 65 (20-year term).

Coverage: $100,000+.

Policy name: Final expense whole life.

Max issue age: 80 (75 in New York).

Coverage: $10,000.

 

Bottom Line- Top Life Insurance for the Elderly

For individual life insurance, we use weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, as well as complaint index scores from the National Association of Insurance Commissioners.

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