What is the best life insurance for seniors? If you’re a senior and wondering what the answer is to this question, Top Quote Life Insurance is here to help. Whether it’s your first time purchasing a life insurance policy or you’re looking for an alternative option to an existing policy, we have solutions to help.

As a senior citizen you will find that you have several different types of life insurance coverage options available to you. Most of these options are the same types of coverage that are available to 20, 30, 40 and even 50 year olds.

Before we get into the different types of senior life insurance coverage options, we need to narrow down the main objective and goal of the life insurance coverage in the first place. Choosing the right coverage can meet your overall objective, but picking the wrong one can leave you with problems later in life.

 

Do Senior Citizens Need to Buy Life Insurance Coverage?

This is a very tough question, as it will depend on the individual asking and whether or not it really is necessary to have. Life insurance can solve many financial goals and objectives however for some it may not be needed.

Purchasing a life insurance policy is the most affordable in your younger years. As you get older the cost of the life insurance will increase as your risk to the life insurance company paying out a claim increases with age, as well as possible changes in health.

As you age and enter into retirement years, the need for life insurance coverage will begin to diminish over time. Overall financial obligations may not be as great as they were in your younger years, making life insurance coverage a non-necessity.

If you have built up a large enough savings and have a well laid out plan to cover all possible financial risks that may arise at the time of your death, there may not be any reason to purchase a life insurance policy.

However, with changing times, we tend to see that this is not the case for many senior citizens and the need for senior life insurance coverage is greater than ever.

Top Reasons Why Seniors Purchase Life Insurance Coverage 

  • Rates on a Current Life Insurance Policy Have Suddenly Increased
  • A Spouse or Family Member Depends on your Income
  • Replace Lost Social Security Income for Spouse
  • Remaining Mortgage Balance
  • Pre-Paying Funeral Expenses
  • Estate Taxes
  • Leaving Money to a Charity, Church, School or Foundation
  • New Life Insurance Feature such as Living Benefits & Long-Term Car

If you notice that one or more of these reasons apply to you, we are ready to move onto the different types of available senior life insurance coverage.

 

Types of Life Insurance Coverage for Seniors

So know that you know there is a need for life insurance protection, the next step is to figure out which type of life insurance coverage to purchase. Life insurance can be broken down into two types of coverage, which are temporary and permanent.

Temporary coverage, commonly referred to as term life insurance, provides protection for only a specific amount of years whereas permanent, which includes universal life and whole life, is meant to last forever.

Let’s discuss the different types of senior life insurance policies.

Term Life Insurance

Out of every available type of life insurance coverage, term life insurance is the most affordable, but it can be a risky purchase at older ages. Since term life insurance is only temporary, you must understand that there is a good chance of outliving the life insurance coverage and there is a possibility of not being able to re-qualify for new coverage.

Term life insurance works by choosing a contract duration offered by the life insurance company. These durations are generally available in contract lengths of 10, 15, 20, 25 or 30 years. Throughout the entire term duration your premium payments will be guaranteed to remain the same price until the end of the contract.

The main issue with term life insurance for seniors is that it can end up being a very costly option after the contract expires. When a term policy expires you will often have the option to continue paying on life insurance coverage at a much higher rate. The cost will increase year after year. Even then most companies will only allow you to continue paying up to age 90.

Another issue with term insurance is the maximum available term lengths based on your age. Currently, an 80 year old can purchase a maximum term length of 10 years only taking the life insurance coverage to age 90. This can be a problem if you have a great family history of living well into the 90’s.

Maximum Term Lengths by Age:

10 Year – Up to age 80
15 Year – Up to age 78
20 Year – Up to age 70
25 Year – Up to age 65
30 Year – Up to age 58

*Maximum term lengths will vary with each company.

Guaranteed Universal Life Insurance

Guaranteed universal life insurance, also named GUL for short, is permanent life insurance coverage. This type of life insurance is often mistaken for whole life insurance but they are completely different.

Universal life insurance is designed to have a fixed premium that is often guaranteed to last to age 121 but can be modified to also last to age 90 or 100. The majority of guaranteed universal life insurance policies do not build up cash values whereas whole life does. Guaranteed universal life insurance is the cheapest type of permanent life insurance.

Guaranteed universal life insurance is often our recommended choice for senior life insurance coverage. The life insurance coverage may cost more than a term policy but it is guaranteed to last forever and if you’re not looking to build up cash values it is much cheaper than a whole life insurance policy.

NOTE: If you still require a significant amount of life insurance in your senior years, but know that it will not be long term, consider doing a combination of both term insurance and guaranteed universal life insurance. This way you can offset the temporary needs with term insurance while keeping a smaller death benefit to cover permanent needs.

Be sure to check out our list of the best guaranteed universal life insurance coverage options and the companies that offer them. 

Final Expense / Burial Insurance (Whole Life)

Final expense life insurance is one of the most well known senior life insurance coverage options in the entire insurance industry. Final expense life insurance policies are really whole life insurance with smaller death benefits that range from $2,000 – $50,000.

Final expense is generally purchased with the main intention of the death benefit to be used to pay for any small debts such as medical expenses or remaining bills. In addition, final expense life insurance is most commonly used to prepay for funeral expenses.

A final expense policy can be assigned to the funeral home of your choice. Should you pass, the proceeds will go to the funeral home to cover all expenses. This is one of the best ways to take any burden off of family members by having a plan set in place at the time of your death.

NOTE: Studies show that the average basic funeral costs can range up to $7,181. These cost include the viewing, burial, embalming, transferring, service fees and more. Outside of a basic burial, costs can range up to $25,000 or more.

Final expense life insurance is often one of the best types of life insurance for the elderly. For additional information be sure to check out our review of the best final expense companies.

Guaranteed, Modified or Graded Death Benefit

This type of coverage is most similar to final expense life insurance. In fact, it’s nearly identical to a final expense policy with one major difference, which is how and when the death benefit will be paid at death.

You need to be very careful if you purchase this type of coverage that you understand the details of the coverage. Nearly every type of guaranteed issue, modified or graded death benefit life insurance policy will only pay out a refund of all premiums paid for the life insurance coverage if death occurs within the first two years. Many companies will pay out the full death benefit if death is due accident only in the first two years. After year two 100% of the death benefit will be paid regardless if death has occurred due to an accident or non-accidental.

The upside to purchasing this type of life insurance is that you cannot be turned down. It can be the only option to some people with severe or high risk health conditions that would otherwise be a decline with traditional or simplified underwriting.

 

Types of No Medical Exam Life Insurance for Seniors

Many life insurance companies offer life insurance plans for senior citizens to skip the medical exam. Whether it’s a term life insurance policy or permanent coverage you’re seeking, there are a few companies that will not require you to take a medical exam.

Looking to skip the Exam? Be sure to refer to our list of the best no medical exam life insurance.

Term Life Insurance: Currently there are a handful of companies that offer term life insurance coverage up to age 65 with no exam. Coverage amounts can range from $25,000 up to $500,000 depending on the life insurance company.

Guaranteed Universal Life Insurance: Similar to term insurance we currently have a few companies that offer up to $400,000 of guaranteed universal life insurance without a medical exam. The current cutoff age for no medical underwriting is 65.

Final Expense Life Insurance: The majority of final expense life insurance does not require a medical exam regardless of age. Death benefits range between $2,000 up to $100,000.

Understanding the meaning of the phrase “Simplified Issue”

IMPORTANT: When applying for no medical exam life insurance, most applications go through an underwriting process often referred to as simplified issue. Simplified issue underwriting does not require the need for a medical exam. Depending on the life insurance company being applied with, the underwriting process generally consists of a background check of your medical history, a prescription check that lists any prescribed medications and a check of your motor vehicle report.

Most simplified issue life insurance applications will also consist of a series of medical questions that could determine your eligibility to qualify for the life insurance coverage. In addition, the medical questions will assist the underwriter as to whether or not a copy of your medical records will be needed to help aid in the underwriting process.

Top 10 Best No Medical Exam Senior Life Insurance Companies  

  1. Assurity
  2. ANICO
  3. Americo
  4. Fidelity
  5. Foresters
  6. Gerber
  7. Mutual of Omaha
  8. Sagicor
  9. Transamerica
  10. United Home Life 


Assurity Senior Life Insurance

Assurity

LifeScape NonMed 350

  • Term Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $50,000 to $350,000
  • Ages 18-65 can qualify for both 10 & 15 year level term lengths
  • Ages 18-60 can qualify for 10, 15 & 20 year term lengths
  • Available health classes of Select+, Select & Standard
  • Coverage can be converted to permanent life insurance if needed
  • 100% of death benefit will be paid from day one

LifeScape Simplified Whole Life Insurance 

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 80
  • Death benefits range from $5,000 to $50,000
  • Ages 0-80 can apply for level death benefit coverage
  • Ages 40-80 can apply for a graded or modified death benefit
  • Available health classification of Standard
  • Level death benefit coverage are for applicants that answer “no” to all health questions
  • Graded and modified death benefit will be determined on health questioned answered “yes” on the application
  • Guaranteed cash values 

Level Death Benefit $5,000 to $50,000: The full death benefit will be paid upon death related to accident or non-accident death.

Graded Death Benefit $5,000 to $35,000: The full death benefit will be paid upon an accidental death only. 40% will be paid in year one for non-accidental death, 75% in year two and 100% year three and beyond.

Modified Death Benefit $5,000 to $25,000: The full death benefit will be paid upon an accidental death only. If death is non-accidental, 110% of the annual premium will be paid in year one, 220% in year two and 100 of the death benefit in year three and beyond.

  

ANICO Senior Life Insurance

American National Life Insurance Company

ANICO Signature Term Express 

  • Term Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $50,000 to $250,000
  • Ages 18-65 can qualify for both 10 & 15 year term lengths
  • Ages 18-60 can qualify for 10, 15 & 20 year term lengths
  • Ages 18-50 can qualify for 10, 15, 20 & 30 year term lengths
  • Available health classification of Standard
  • Coverage can be converted to permanent life insurance if needed
  • Comes with living benefit riders of chronic, critical and terminal
  • 100% of death benefit will be paid from day one

Signature Guaranteed Universal Life Insurance Express 

  • Universal Life Insurance
  • Coverage guaranteed to age 121
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $25,000 to $250,000
  • Ages 18-65 can qualify for express no medical exam underwriting
  • Available health classification of Standard
  • Comes with living benefit riders of chronic, critical and terminal
  • Comes with a built in return of premium feature
  • 100% of death benefit will be paid from day one

Affinity 7 NW Whole Life Insurance Express

  • Whole Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $10,000 to $250,000
  • Ages 18-65 can qualify for express no medical exam underwriting
  • Available health classification of Standard
  • Comes with living benefit riders of chronic, critical and terminal
  • Guaranteed cash values
  • 100% of death benefit will be paid from day one

 

Americo Senior Life Insurance

Americo

Ultra Protector Series I, II & III

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 85
  • Death benefits range from $2,000 to $30,000
  • Ages 50-85 can apply for Ultra Protector I & II
  • Ages 50-75 can apply for Ultra Protector III
  • Level death benefit coverage are for applicants that answer “no” to all health questions
  • Graded death benefit will be determined on health questioned answered “yes” on the application
  • Guaranteed cash values

Ultra Protector I $2,000 to $30,000: The full death benefit will be paid upon death related to accident or non-accident death. Issue ages are 50-85. All health questions on the application must be answered “no” to qualify. 

Ultra Protector II $2,000 to $30,000: The full death benefit will be paid upon death related to accident or non-accident death. Issue ages are 50-80. Health questions on part one must be answered “no” and one or two are answered, “yes” on part two of the application.

Ultra Protector III $2,000 to $10,000: If any health question is answered, “yes” on part one of the application. Death benefit in year 1 will equal return of premiums paid plus 5%. Death benefit in year 2 will equal return of premiums plus 10%. Death benefit in year 3 and beyond will equal full death benefit.

 

Fidelity Senior Life Insurance

Fidelity Life Association

Rapid Decision Express (Simplified Issue)

  • Term Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $25,000 to $250,000
  • Ages 18-65 can qualify for 10 term length
  • Ages 18-60 can qualify for 10 & 15 year term lengths
  • Ages 18-55 can qualify for 10, 15 & 20 year term lengths
  • Available health classification of Standard Plus & Standard
  • 100% of death benefit will be paid from day one

Rapid Decision Senior Life Term

  • Term Life Insurance
  • Simplified no medical exam underwriting up to age 70
  • Death benefits from $10,000 to $150,000
  • Ages 50-55 can qualify for 10, 20 & 30 year term lengths
  • Ages 56-60 can qualify for 30 year term length
  • Ages 56-65 can qualify for both 10 & 20 year term lengths
  • Ages 66-70 can qualify for 10 year term length
  • Ages 50-55 $10,000 – $150,000
  • Ages 56-60 $10,000 – $100,000
  • Ages 56-65 $10,000 – $100,000
  • Ages 66-70 $10,000 – $50,000
  • Available health classification of Standard

Policy Years 1-3: The full death benefit will be paid if death results from an accident. If death occurs from a non-accident, the death benefit will only be premiums paid plus 5% interest.

Policy Year 4 and beyond: After year for until the end of the level premium term contract, 100% of the death benefit will be paid regardless of type of death.

Rapid Decision Senior Whole Life

  • Whole Life Insurance
  • Simplified no medical exam underwriting up to age 85
  • Death benefits from $10,000 to $150,000
  • Ages 50-55 $10,000 – $150,000
  • Ages 56-65 $10,000 – $100,000
  • Ages 66-75 $10,000 – $50,000
  • Ages 76-85 $10,000 – $25,000
  • Available health classification of Standard

Policy Years 1-3: The full death benefit will be paid if death results from an accident. If death occurs from a non-accident, the death benefit will only be premiums paid plus 5% interest.

Policy Year 4 and beyond: 100% of the death benefit will be paid regardless of type of death.

 

Foresters Senior Life Insurance

Foresters

LifeFirst Non-Medical Exam Term

  • Term Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $50,000 to $250,000
  • Ages 18-55 can qualify for 20, 25 & 30 year term lengths
  • Ages 18-60 can qualify for 20 & 25 year term lengths
  • Ages 18-65 can qualify for 20 year term lengths
  • Ages 18-55 can qualify for up to $250,000
  • Ages 56-65 can qualify for up to $150,000
  • Available health classification of Standard
  • 100% of death benefit will be paid from day one

PlanRight Whole Life Insurance

  • Final Expense Whole Life Insurance
  • Ages 50-85 can apply
  • Simplified no medical exams underwriting up to age 85
  • Death benefits range from $2,000 to $35,000
  • Three types of available death benefits, level, graded and modified
  • Level death benefit coverage are for applicants that answer “no” to all health questions
  • Graded death benefit will be determined on health questioned answered “yes” on the application
  • Guaranteed cash values

PlanRight Level $2,000 to $35,000: The full death benefit will be paid upon death related to accident or non-accident death. All health questions on the application must be answered “no” to qualify.

Ages 50-80 can qualify for up to $35,000 of coverage

Ages 81-85 can qualify for up to $15,000 of coverage

PlanRight Graded $2,000 to $20,000: Limited death benefit in the first two years which is based on the greater of total premiums paid plus 4.5% interest or 30% of the death benefit if in year one and 70% if in year two. After year three, 100% of the death benefit will be paid. 

Ages 50-80 can qualify for up to $20,000 of coverage

Ages 81-85 can qualify for up to $10,000 of coverage

PlanRight Modified $2,000 to $10,000: Limited death benefit in the first two years equal to 100% of premiums paid plus 10% interest. After year three, 100% of the death benefit will be paid. 

Ages 50-80 can qualify for up to $15,000 of coverage 


Gerber Senior Life Insurance

Gerber Life Insurance Company

Guaranteed Issue 

  • Guaranteed Approval Whole Life Insurance
  • No medical exam required up to age 80
  • Death benefits range from $5,000 to $25,000
  • Ages 50-80 can apply for coverage
  • 2 year graded death benefit
  • Guaranteed cash values

Graded Death Benefit: Death benefit for the first two policy years is equal to all premiums paid plus 10% interest for non-accidental death. After year three, 100% of the death benefit will be paid.

 

Mutual of Omaha Senior Life Insurance

Mutual of Omaha Life Insurance Company

Term Life Express

  • Term Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $25,000 to $300,000
  • Ages 18-65 can qualify for 10 & 15 year term lengths
  • Ages 18-60 can qualify for 10, 15 & 20 year term lengths
  • Ages 18-50 can qualify for 10, 15, 20 & 30 year term lengths
  • Ages 18-50 can qualify for up to $300,000
  • Ages 51-65 can qualify for up to $250,000
  • Available health classification of Standard
  • 100% of death benefit will be paid from day one

Guaranteed Universal Life Express

  • Universal Life Insurance
  • Coverage guaranteed to age 121
  • Simplified no medical exam underwriting up to age 65
  • Death benefits from $25,000 to $250,000
  • Ages 18-65 can qualify for $25,000 up to $99,999
  • Ages 18-50 can qualify for $100,000 up to $300,000
  • Ages 51-65 can qualify for $100,000 up to $250,000
  • Available health classification of Standard
  • 100% of death benefit will be paid from day one

Living Promise Whole Life

  • Final Expense Whole Life Insurance
  • Ages 45-85 can apply
  • Simplified no medical exam underwriting up to age 85
  • Death benefits range from $2,000 to $40,000
  • Two types of death benefits, level and graded
  • Level death benefit coverage are for applicants that answer “no” to all health questions
  • Graded death benefit will be determined on health questioned answered “yes” on the application
  • Guaranteed cash values

Level Benefit Plan $2,000 to $40,000: The full death benefit will be paid upon death related to accident or non-accident death. All health questions on the application must be answered “no” to qualify.

Ages 45-85 can qualify for up to $40,000 of coverage

Graded Benefit Plan $2,000 to $20,000: Limited death benefit in the first two years, which is equal to all premiums paid, plus 10% interest. After year three, 100% of the death benefit will be paid.

Ages 45-80 can qualify for up to $20,000 of coverage

 

Sagicor Senior Life Insurance

Sagicor Life

Sage Term

  • Term Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits from $50,000 to $500,000
  • Ages 18-65 can qualify for 10, 15 & 20 year term lengths
  • Available health classifications of Preferred & Standard
  • Can convert to permanent life insurance if needed
  • 100% of death benefit will be paid from day one

Sage NLUL

  • Universal Life Insurance
  • Coverage guaranteed to age 121
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $25,000 to $400,000
  • Available health classifications of Preferred & Standard
  • Comes with living benefit riders of chronic and terminal illness
  • 100% of death benefit will be paid from day one

Sage Whole Life

  • Whole Life Insurance
  • Simplified no medical exam underwriting up to age 65
  • Death benefits range from $25,000 to $250,000
  • Available health classifications of Preferred & Standard
  • Guaranteed cash values
  • 100% of death benefit will be paid from day one

 

Transamerica Senior Life Insurance

Transamerica Life Insurance Company

Final Expense

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 80
  • Death benefits range from $2,000 to $50,000
  • Available health classifications of Standard
  • Guaranteed cash values
  • 100% of death benefit will be paid from day one

Immediate Solution 

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 85
  • Death benefits range from $1,000 to $50,000
  • 0- 55 can qualify for up to $50,000
  • 56-65 can qualify for up to $40,000
  • 66-75 can qualify for up to $30,000
  • 76-85 can qualify for up to $25,000
  • Available health classifications of Preferred & Standard
  • Guaranteed cash values
  • 100% of death benefit will be paid from day one

Easy Solution

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 80
  • Death benefits range from $1,000 to $25,000
  • Guaranteed cash values
  • 2 year graded death benefit

Approval and death benefit will be determined on health questioned answered, “yes” on the application. Graded death benefit in the first two years, which is equal to 110% of premiums paid for all death other than non-accidental. After year three, 100% of the death benefit will be paid.

 

United Home Life Senior Life Insurance

United Home Life 

Express Issue Deluxe 

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 80
  • Death benefits range from $5,000 to $50,000
  • Available health classification of Standard
  • Guaranteed cash values
  • 100% of death benefit coverage from day one

*Ideal coverage for insulin dependent diabetics, individuals receiving on disability compensation, or individuals decline with other insurance carriers.

Express Issue Premier

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 80
  • Death benefits range from $5,000 to $100,000
  • Ages 20-60 can qualify for up to $100,000
  • Ages 61-80 can qualify for up to $50,000
  • Available health classification of Standard
  • Guaranteed cash values
  • 100% of death benefit coverage from day one

*Ideal coverage with minor health issues, such as controlled high blood pressure or controlled high cholesterol, or Type II Diabetes (non-insulin dependent).

Provider

  • Final Expense Whole Life Insurance
  • Simplified no medical exam underwriting up to age 80
  • Death benefits from $10,000 to $150,000
  • Ages 18-50 can qualify for up to $150,000
  • Ages 51-60 can qualify for up to $100,000
  • Ages 61-80 can qualify for up to $50,000
  • Available health classification of Preferred & Standard
  • Guaranteed cash values
  • 100% of death benefit coverage from day one

Express Issue Whole Life

  • Graded Death Benefit Whole Life Insurance
  • Ages 50-80 can apply
  • Simplified no medical exam underwriting up to age 80
  • Death benefits from $2,000 to $25,000
  • 2 year graded death benefit
  • Guaranteed cash values

Graded Death Benefit: Death benefit in year one is equal to a full refund of premiums paid plus 12% interest. Death benefit in year two is equal to a full refund of premiums plus 24% interest. The full death benefit will also be paid if death is due to accidental causes or after year two due to accidental or non-accidental.  

Guaranteed Issue Whole Life 

  • Guaranteed Approval Whole Life Insurance
  • No medical exam required up to age 75
  • Death benefits range from $5,000 to $10,000
  • Ages 45-75 can apply
  • 3 year graded death benefit
  • Guaranteed cash values

Graded Death Benefit: Death benefit in year one is equal to a full refund of premiums paid plus 6% interest. Death benefit in year two is equal to a full refund of premiums paid plus 12% interest. Death benefit in year three is equal to a full refund of premiums paid plus 18% interest. The full death benefit will also be paid if death is due to accidental causes or after year three due to accidental or non-accidental.

*Some coverage options may not be available in certain states.
*Benefits and rider subject to state availability 

Other honorable mentions offered through Top Quote Life Insurance

  • American Continental Insurance
  • Baltimore Life

 

What about AARP Life Insurance for Seniors?

More than likely you are here for guidance in your search for getting the best senior life insurance coverage. It is also very possible while in your search you have heard or come across the company AARP.

AARP is a huge life insurance company with a large customer base. They also do an excellent job in marketing to senior citizens in search for simple, fast and affordable coverage. The question is, how affordable are they compared to the significant amount of competition that is available?

AARP offers three types of life insurance coverage for seniors that include term, universal and guaranteed acceptance. Although Top Quote Life Insurance is not affiliated with AARP and does not provide quotes for their coverage on our instant quote tool, their rates are published on their website.

Compared to other available companies many that are offered through Top Quote Life Insurance, AARP often falls short in price. In addition, their term insurance is only level for 5 year increments and the maximum amount of permanent coverage is limited to $50,000.

 

How to find the Best Senior Life Insurance Policy 

Finding the best senior life insurance coverage will depend on the individual. Budget, health conditions and overall goals all come into play when purchasing life insurance coverage. Top Quote Life Insurance has several options to help assist in your search for finding the perfect life insurance coverage that meet all your needs.

If you need help finding the best senior life insurance coverage, be sure to contact us to help you in your search.

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Best Life Insurance for Seniors by Jeffrey Manola