Best Life Insurance for Seniors

  • Life Insurance for Seniors

Best Life Insurance for Seniors

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 that can assist you.

As a senior citizen you will find that you have several different types of life insurance coverage options available to you. Several 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.

Best CompaniesA.M. Best RatingCoverage AgesAffordability
Banner Life
Banner Life for Seniors
A+Term20-75$
Transamerica
Transamerica Life for Seniors
A+Term18-80$
Prudential
A+Term18-75$
AIG
AIG for Seniors
AGUL18-80$$$
ANICO
ANICO Life for Seniors
AGUL18-80$$$
Lincoln Financial
Lincoln Financial for Seniors
A+GUL18-85$$$
MassMutual
MassMutual Life for Seniors
A++Whole Life0-85$$$$$$
Northwestern Mutual
Northwestern Mutual for Seniors
A+Whole Life0-85$$$$$$
Penn Mutual
PennMutual Life for Seniors
AWhole Life0-85$$$$$$
Assurity
Assurity Life for Seniors
AFinal Expense0-80$$$$
Mutual of Omaha
Mutual of Omaha for Seniors
A+Final Expense50-85$$$$
Foresters
Foresters Financial for Seniors
AFinal Expense45-85$$$$
Sagicor
Sagicor Life for Seniors
A-No Exam18-65$$
SBLI
SBLI for seniors
ANo Exam18-60$$
ANICO
ANICO Life for Seniors
ANo Exam18-65$$
AIG
AIG for Seniors
AGuaranteed Issue50-85$$$$
Gerber
Gerber Life for Seniors
AGuaranteed Issue50-80$$$$
Fidelity
Fidelity Life for Seniors
AGuaranteed Issue50-80$$$$

 

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 Features such as Living Benefits & Long-Term Care

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

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

Types of Temporary Life Insurance Coverage

  • Term Life Insurance

Types of Permanent Life Insurance Coverage

  • Guaranteed Universal Life Insurance
  • Whole Life Insurance
  • Final Expense Life Insurance
  • Guaranteed Issue Life Insurance

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

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 duration’s 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 contact but at a much higher rate. This is what is known as an annual renewable term.

Should you choose to keep paying on an expired term policy the insurance company will notify you of the new annual cost a few months prior to the policy anniversary year. Most companies will only allow you to continue paying on an expired term contract up to age 90, but beware that it can become extremely costly.

IMPORTANT: Most term life insurance policies offer some type of conversion options built into the life insurance contract. A conversion option is a feature that allows for the term insurance to be converted to permanent life insurance coverage without evidence of insurability. Depending on the life insurance company, this feature must be used prior to the end of the level term or a specified age based on the life insurance company’s guidelines.

Another issue with purchasing term insurance are the maximum available term lengths that are based on current 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 a type of permanent life insurance coverage. This type of life insurance is often mistaken for whole life insurance, but they are completely different.

For starters, guaranteed universal life insurance is the most affordable forms of permanent life insurance coverage. It is designed to have a fixed premium that is often guaranteed to last to age 121. In many cases the fixed premium duration can be modified to last to other ages of your choice such as 85, 90, 95, 100, 105, 110, 115 or 120.

The majority of guaranteed universal life insurance policies do not focus on building cash values whereas whole life does. A guaranteed universal life insurance focuses on providing on death benefit protection at an affordable cost.

In addition to affordable fixed premium coverage are the many additional features you can find. Many companies offer both built in and optional policy riders such as living benefits, long-term care and even return of premium should you decide you don’t need the coverage later down the road.

Guaranteed universal life insurance is often our recommended choice for senior life insurance coverage. The life insurance coverage will 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.

Whole Life Insurance

A traditional whole life insurance policy is another choice of permanent life insurance coverage available to seniors. However, this permanent coverage is not our top choice for seniors when it comes to affordability. Whole life insurance can provide several great benefits such as guaranteed death benefit protection, fixed premium and cash value growth potential. While this all might sound great, a whole life insurance policy can be costly senior life insurance option.

One of the main reasons for this is because whole life insurance requires a higher premium to pay for the cost of the insurance coverage, but also to work in the growth of the investment component known as the cash values.

For some, purchasing a whole life insurance policy in your senior years can make perfect sense. For example, seniors with high net worth could use a whole life insurance policy in their estate planning needs and minimizing potential estate taxes that their heirs could be facing.    

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 smaller whole life insurance policies 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 and make sure 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 all final expense life insurance policies do 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 3 Best Senior Term Life Insurance Companies

Best Senior Term Life Insurance CompaniesRating Best for...
Banner Life
A+Affordability
TransamericaA+Lower death benefit options
PrudentialA+Higher risk applicants

 

Banner Life Insurance

Banner Life for Seniors

Banner Life Insurance, a subsidiary of Legal & General, offers some of the most affordable term life insurance rates on the market, especially for seniors. Banner OPTerm ranks #1 in price 79% of the time when compared to other life insurance providers.

In addition to affordable rates, OPTerm offers a policy rider called “Term Rider” that allows for the death benefit to be customized or laddered to meet changing insurance needs over time.

As we mentioned earlier, when a term contract expires it can turn into an annual renewable policy or be converted if it is an available option on the coverage. OPTerm allows for coverage to be annually renewed up to age 95 or converted to permanent coverage up to age 70.

Lastly, applicants under the age of 50 may qualify for Banner’s accelerated underwriting should they meet the program’s guidelines. Qualifying applicant may be eligible to bypass the entire lab portion of the application process.

Banner OPTerm

  • Type of Coverage: Term Life Insurance
  • Minimum Death Benefit: $100,000
  • Maximum Death Benefit: $1,000,000+
  • 10 Year Level Contract: Ages 20-75
  • 15 Year Level Contract: Ages 20-75
  • 20 Year Level Contract: Ages 20-70
  • 25 Year Level Contract: Ages 20-60
  • 30 Year Level Contract: Ages 20-55
  • Conversion Option: Yes

For additional information see our, Banner Life Insurance Review.

 

Transamerica Life Insurance

Transamerica Life for Seniors

For seniors looking for the affordability of a term life insurance policy and don’t require a large amount of death benefit, TrendSetter Super can be an excellent senior life insurance choice. TrendSetter Super offers a low minimum death benefit of $25,000 whereas several companies start at $100,000.

Transamerica is also one of the very few life insurance companies to offer a 30 year term contract length to applicants up to age 58. Most companies only offer this option to applicants of age 55 or less. Transamerica is also one of the very few companies to offer a 10 year term option to applicants that have reached the age of 80.

In addition to lower death benefits and higher issues ages than most of their competition, TrendSetter Super offers a conversion option that allows for the term life insurance to be switched to Transamerica’s specially designed guaranteed universal life insurance conversion coverage called TransACE CV.

On a final note regarding TrendSetter Super term life, applicants that are below the age of 70 years old that require less than $50,000 of death benefit coverage will not be required to take a medical exam when applying for coverage.

TrendSetter Super

  • Type of Coverage: Term Life Insurance
  • Minimum Death Benefit: $25,000
  • Maximum Death Benefit: $1,000,000+
  • 10 Year Level Contract: Ages 18-80
  • 15 Year Level Contract: Ages 18-78
  • 20 Year Level Contract: Ages 18-70
  • 25 Year Level Contract: Ages 18-65
  • 30 Year Level Contract: Ages 18-58
  • Conversion Option: Yes

For additional information see our,  Transamerica Life Insurance Review.

 

Prudential Life Insurance

Prudential Life for Seniors

Prudential offers a competitively priced term life insurance coverage called Term Essential. They are our often our go to company for seniors that need affordable term life insurance coverage but may have a history of some medical issues that some companies may not view so favorable.

For example, Prudential is very good with height and weight, cholesterol, diabetes, several different types of cancers, coronary disease, mood disorders and much more. Outside of medical risks, Prudential will consider cigar smokers, as well as, smokeless tobacco users at non-tobacco rates even if your labs test positive for nicotine.

Term Essential also offers a free policy rider called the “Living Needs Benefit Rider”. This rider can advance a large portion of the death benefit if the insured is permanently confined to a nursing home. The money received can be used to help pay for nursing home expenses.

Term Essential  

  • Type of Coverage: Term Life Insurance
  • Minimum Death Benefit: $100,000
  • Maximum Death Benefit: $1,000,000+
  • 10 Year Level Contract: Ages 18-75
  • 15 Year Level Contract: Ages 18-70
  • 20 Year Level Contract: Ages 18-65
  • 30 Year Level Contract: Ages 18-55
  • Conversion Option: Yes

For additional information see our, Prudential Life Insurance Review.

 

Top 3 Best Senior Guaranteed Universal Life Insurance Companies

Best Senior GUL Life Insurance CompaniesRating Best for...
AIG
APolicy features
ANICOALiving benefits
Lincoln FinancialA+Affordability

 

AIG

AIG for Seniors

Secure Lifetime GUL III is an affordable, competitively priced guaranteed universal life insurance option for seniors. In addition to affordability, the life insurance coverage offers many great policy features.

The first policy feature is the Accelerated Access Solution rider. This rider can provide a pre-determined monthly cash benefit due to a qualifying chronic illness. There are no limitations on how the cash benefit must be used.

The Lifestyle Income Solution is an additional policy rider that allows for the policy death benefit to be taken as income beginning at age 85. This rider can turn your death benefit into a monthly stream of supplemental income. Any remaining death benefit will be paid out to your beneficiary.

The last feature included with Secure Lifetime is the Enhanced Surrender Value Rider. This rider is automatically built into the policy and acts as a return of premium feature should the life insurance coverage no longer be needed later in life.

Secure Lifetime GUL III

  • Type of Coverage: Guaranteed Universal Life
  • Issued Ages: 18-80
  • Minimum Death Benefit: $100,000
  • Maximum Death Benefit: $1,000,000+

For additional information see our, AIG Life Insurance Review.

 

ANICO

ANICO Life for Seniors

If you don’t require a large amount of coverage, ANICO’s Signature GUL could be the company for your senior life insurance coverage needs. Signature GUL offers a low minimum death benefit starting at $25,000. This makes ANICO one the very few life insurance companies to offer a guaranteed universal life insurance option with coverage starting less than $100,000.

Along with lower coverage amounts, Signature GUL offers three built in living benefit riders at no additional cost. These riders can pay out a cash benefit due to a qualifying chronic, critical or terminal illness.

An additional built in policy feature is the Guaranteed Cash-Out Rider. Similar to the AIG coverage, ANICO’s Signature GUL offers the policy owner the opportunity to surrender their life insurance coverage for a refund of up to 100% of all premiums paid. This is a great feature to have especially if life insurance needs have changed and coverage is no longer needed.

ANICO’s Signature GUL is also an excellent choice for seniors who want a permanent life insurance option and are below the age of 65. No medical exam will be required if the coverage amount is less than $250,000. The downside of this however is that your risk class will be no better than “standard”

Signature GUL

  • Type of Coverage: Guaranteed Universal Life
  • Issued Ages: 18-80
  • Minimum Death Benefit: $25,000
  • Maximum Death Benefit: $1,000,000+

For additional information see our, ANICO Life Insurance Review.

 

Lincoln Financial Group

Lincoln Financial for Seniors

For the best priced GUL coverage for seniors, Lincoln LifeGuarantee holds the top position. When comparing quotes against other life insurance companies Lincoln regularly appears either as the best priced or within the top three companies. This is especially true for seniors over the age of 70.

Lincoln LifeGuarantee offers three different variations of living benefit which includes a free version that comes with the life insurance coverage as well as two optional version that can be purchased at an additional cost.

The free living benefits version can pay out a cash benefit if you are diagnosed with a qualifying critical illness or terminal illness as well as if you are required to permanently reside in a nursing home.

NOTE: Lincoln states within their underwriting guidelines that if the applicant is age 70 or older and has not had a physical within 12 months of applying for coverage, Lincoln will not consider the applicant for life insurance coverage.  

Lincoln LifeGuarantee UL

  • Type of Coverage: Guaranteed Universal Life
  • Issued Ages: 18-85
  • Minimum Death Benefit: $100,000
  • Maximum Death Benefit: $1,000,000+

For additional information see our, Lincoln Life Insurance Review.

 

Top 3 Best Senior Whole Life Insurance Companies

Best Senior Whole Life Insurance CompaniesRating Best for...
MassMutual
A++Strong dividend history
Northwestern MutualA+Affordability
Penn MutualASeveral policy riders

 

MassMutual

MassMutual Life for Seniors

MassMutual is considered to be one of the top whole life insurance companies in the industry. Whole Life Legacy is the name of their whole life insurance coverage and is available to seniors up to age 85.

In addition to level coverage, guaranteed death benefit and guaranteed cash values, Whole Life Legacy offers a large selection of optional policy riders that can enhance the overall coverage even more.

As we mentioned, Whole Life Legacy offers guaranteed cash value build up. The coverage is also eligible to receive dividends. It’s worth mentioning while dividends are not guaranteed, MassMutual has paid out a dividend to their policyholder every year since 1869.

Whole Life Legacy is available in multiple limited pay options such as 10-pay, 20-pay and a pay to age 65 option all in addition to the standard pay to age 100 option.

Lastly, MassMutual’s Whole Life Legacy offers an optional policy rider called the LTCAccess Rider that works as a living benefit to help pay for certain long term care expenses for both in-home and facility care.    

Whole Life Legacy

  • Type of Coverage: Participating Whole Life
  • Issued Ages: 0-85
  • Minimum Death Benefit: $25,000
  • Maximum Death Benefit: $1,000,000+

 

Northwestern Mutual

Northwestern Mutual for Seniors

Northwestern Mutual is often a front runner when it comes to being the best priced whole life insurance company for seniors. The insurance company offers their whole life insurance coverage in several different limited payment options including a single payment option. The single pay option allows for you to eliminate all future payments by paying for your entire life insurance cost in one shot.

As with any whole life insurance policy, coverage is backed with a guaranteed fixed premium, death benefit and cash value growth. Northwestern Mutual also has a very good track record of paying out an annual dividend to their policyholders. However, as of 2002 their dividend rate has declined every year.    

Whole Life Insurance

  • Type of Coverage: Participating Whole Life
  • Issued Ages: 0-85
  • Minimum Death Benefit: $25,000
  • Maximum Death Benefit: $1,000,000+

 

Penn Mutual

PennMutual Life for Seniors

As the name states, Penn Mutual Guaranteed Choice whole life insurance coverage provides three strong guarantees: death benefit, cash accumulation and premium. The insurance coverage is priced very competitively among other whole life insurance policies especially within the senior market.

Guaranteed Choice whole life offers a wide variety of different policy riders that can be added to the coverage. One of the more popular riders is their Chronic Illness Accelerated Benefit Rider that comes free with the life insurance coverage. This rider allows for early access the policy’s death benefit due to a qualifying chronic illness.  

Along with several policy riders, Penn Mutual Guaranteed Choice whole life insurance has multiple dividend options you can choose from. Although dividends are not guaranteed, Penn Mutual has a long history of paying one out to their policyholders. In fact, in 2018 they had the second highest dividend rate compared to the top largest whole life insurance companies. It is also worth mentioning that within the last 10 years Penn Mutual has either maintained or increased their dividend rate.

Guaranteed Choice Whole Life Insurance

  • Type of Coverage: Participating Whole Life
  • Issued Ages: 0-85
  • Minimum Death Benefit: $50,000
  • Maximum Death Benefit: $1,000,000+

 

Top 3 Best Senior Final Expense Life Insurance Companies

Best Senior Final Expense Life Insurance CompaniesRating Best for...
Assurity
A-Higher death benefits
Mutual of OmahaA+Affordability
ForestersAAll around good plans

 

Assurity

Assurity Life for Seniors

LifeScape Simplified Whole Life is available to seniors up to age 80 who are in need of a small life insurance policy to cover final expenses. This coverage provides permanent life insurance with a fixed premium as well as guaranteed cash value growth. Coverage starts as low as $5,000 and up to a maximum of $50,000.

The entire application process is designed to be quick and simple with minimum health questions. There is no medical exam required when applying as it is underwritten under simplified guidelines.

LifeScape Simplified Whole Life offers three different plan types that include a level death benefit, graded death benefit and lastly a modified death benefit. Qualification for each plan type will be dependent on the outcome of underwriting.

By having three different available plans, applicant with a less than favorable health history may qualify for one of the three different options.  

Guaranteed Choice Whole Life Insurance

  • Type of Coverage: Final Expense Whole Life Insurance
  • Issued Ages: 0-80
  • Minimum Death Benefit: $5,000
  • Maximum Death Benefit: $50,000

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.

For additional information see our, Assurity Life Insurance Review.

 

Mutual of Omaha

Mutual of Omaha for Seniors

A final expense company that we tend to work a lot with, especially for our seniors who need the affordable life insurance coverage, is Mutual of Omaha.

Mutual of Omaha or MOO for short offers their Living Promise whole life insurance coverage. This final expense life insurance is very similar to Assurity’s coverage as they both offer more than one plan type.

Applicants can qualify for either a level death benefit plan or a graded plan which is also determined on the results of underwriting. The application is rather simple and because it is simplified underwriting, applicants are not required to take a medical exam.

Mutual of Omaha’s Living Promise whole life insurance is priced very well. In fact, when compared to most final expense life insurance companies, Living Promise often comes out on top.

Since this is whole life insurance coverage you can expect a permanently locked in premium along with a guaranteed cash value growth.

Living Promise Whole Life Insurance

  • Type of Coverage: Final Expense Whole Life Insurance
  • Issued Ages: 50-85
  • Minimum Death Benefit: $2,000
  • Maximum Death Benefit: $40,000

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 in 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 in coverage.

For additional information see our, Mutual of Omaha Life Insurance Review.

 

Foresters

Foresters Financial for Seniors

For an all around great senior final expense life insurance option, we tend to look towards Foresters PlanRight Whole Life Insurance.

PlanRight comes available in three different death benefit plans which are all dependent on the results of underwriting.

Seniors up to age 80 can apply for up to $35,000 provided they can qualify for the level plan type.

Foresters is very good when it comes to seniors that have a health history of diabetes both type 1 and 2.  

PlanRight Whole Life Insurance

  • Type of Coverage: Final Expense Whole Life Insurance
  • Issue Ages: 45-85
  • Minimum Death Benefit: $2,000
  • Maximum Death Benefit: $35,000

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

 

Top 3 Best No Medical Exam Senior Life Insurance Companies

Best Senior No Medical Exam Life Insurance CompaniesRating Best for...
Sagicor
A-Several policy options
SBLIAHigher death benefits
ANICOAFree living benefits

 

Sagicor

Sagicor Life for Seniors

Sagicor is often our top choice when it comes to no medical exam senior life insurance coverage. Whether it is a term life insurance policy, guaranteed universal life or a whole life insurance policy Sagicor can offer it.

Their no medical exam life insurance options are available to applicants up to age 65. Approval can be made anywhere from 24-72 hours from submitting the application. With regards to the application, the entire process can be done online or by paper if preferred.

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 GUL

  • 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

For additional information see our, Sagicor Life Insurance Review.

 

SBLI

SBLI for seniors

For seniors that require a higher amount of life insurance coverage and would like the ease of skipping the medical exam, SBLI offers their accelerated underwriting process. SBLI’s accelerated underwriting is available on their level premium term life insurance which allows for applicants up to age 60 to apply for up to $500,000 without a medical exam.

What makes SBLI Level Term stand out from the competition is that qualifying applicants can qualify for preferred rates. Their rates at all classes are very competitively priced compared to companies that would generally require a medical exam when applying for their coverage.

When applying for SBLI Level Term, the application is simple, as it consists of a 20-30 minute telephone interview. Approval can be made in less than a week as long as additional underwriting requirements are not needed.    

Level Premium Term

  • Type of Coverage: Simplified No Medical Exam Term Life Insurance
  • Minimum Death Benefit: $100,000
  • Maximum Death Benefit: $500,000
  • 10 Year Level Contract: Ages 18-60
  • 15 Year Level Contract: Ages 18-60
  • 20 Year Level Contract: Ages 18-60
  • 25 Year Level Contract: Ages 18-55
  • 30 Year Level Contract: Ages 18-50
  • Conversion Option: Yes

For additional information see our, SBLI Life Insurance Review.

 

ANICO

ANICO Life for Seniors

ANICO makes our list for being a great senior guaranteed universal life insurance option, but they also offer an excellent no medical exam term life option as well. ANICO Signature Term Express is available to applicants up to age 65 with no medical exam required.

The maximum amount of coverage that can be purchased without a medical exam is $250,000.

Outside of being an affordable no medical option for seniors, Signature Term Express also offers three built in living benefit riders with the coverage. These riders offer the applicant the ability to access their death benefit for cash if they are diagnosed with a qualifying chronic, critical or terminal illness.

Signature Term Express

  • Type of Coverage: Simplified No Medical Exam Term Life Insurance
  • Minimum Death Benefit: $50,000
  • Maximum Death Benefit: $250,000
  • 10 Year Level Contract: Ages 18-65
  • 15 Year Level Contract: Ages 18-65
  • 20 Year Level Contract: Ages 18-60
  • 30 Year Level Contract: Ages 18-50
  • Conversion Option: Yes

 

Top 3 Best Senior Guaranteed Approval Life Insurance Companies

Best Senior Guaranteed Approval Life Insurance CompaniesRating Best for...
AIG
AFree living benefits
GERBERAGood prices
FidelityAEasy application

 

AIG

AIG for Seniors

Very few life insurance companies offer a guaranteed approval life insurance coverage. However, this is not the case with AIG as they offer one of the best in the industry. With guaranteed approval life insurance you cannot be turned down.

The application process takes roughly 15 minutes to complete and can all be done online or by paper application if preferred.

One of the best features to AIG’s Guaranteed Approval Whole Life are the two built in living benefits that come free with the life insurance coverage. These two living benefits include a chronic illness benefit as well as a terminal illness benefit that can pay out lump sum payout due to a qualifying illness.

AIG Guaranteed Issue Whole Life Insurance

  • Type of Coverage: Guaranteed Approval Whole Life Insurance
  • Issue Ages: 50-85
  • Minimum Death Benefit: $5,000
  • Maximum Death Benefit: $25,000

Graded Death Benefit First 2 Years: The full death benefit will only be paid after policy year 2. If death occurs before policy year 2, the death benefit will be 100% of all premiums paid plus 10% interest. If death is due to an accident 100% of the death benefit will be paid regardless of the policy year.

 

Gerber

Gerber Life for Seniors

Another excellent guaranteed approval option offered by a very well known company is with Gerber. The same company that is known for their popular line of baby food products also offers life insurance coverage for both children as well as adults and seniors.

Their Guaranteed Life coverage is available to seniors up to age 80

Gerber Guaranteed Life Insurance Plan

  • Type of Coverage: Guaranteed Approval Whole Life Insurance
  • Issue Ages: 50-80
  • Minimum Death Benefit: $5,000
  • Maximum Death Benefit: $25,000

Graded Death Benefit First 2 Years: The full death benefit will only be paid after policy year 2. If death occurs before policy year 2, the death benefit will be 100% of all premiums paid plus 10% interest. If death is due to an accident 100% of the death benefit will be paid regardless of the policy year.

For additional information see our, Gerber Life Insurance Review.

 

Fidelity

Fidelity Life for Seniors

It’s not uncommon to own more than one life insurance policy, especially if life insurance needs are constantly changing. Since guaranteed issue life insurance is limited to just $25,000 there may be times when that is just not enough coverage, especially if you cannot qualify for traditional life insurance coverage due to health related risks.

This is where Fidelity’s Rapid Decision Guaranteed Issue whole life insurance can come in. Coverage is available to seniors up to age 85. Like AIG and Gerber, Fidelity’s guaranteed issue whole life insurance offers a guaranteed fixed premium along with cash value growth potential.

**One of the downsides to Fidelity Rapid Decision Guaranteed Issue coverage is that it has a 3 year graded death benefit, whereas AIG and Gerber is only 2 years.

Fidelity Rapid Decision Guaranteed Issue

  • Type of Coverage: Guaranteed Approval Whole Life Insurance
  • Issue Ages: 50-80
  • Minimum Death Benefit: $5,000
  • Maximum Death Benefit: $20,000

Graded Death Benefit First 3 Years: The full death benefit will only be paid after policy year 3. If death occurs before policy year 3, the death benefit will be 100% of all premiums paid plus 10% interest. If death is due to an accident 100% of the death benefit will be paid regardless of the policy year.

For additional information see our, Fidelity Life Insurance Review.

 

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.

 

Can Adult Children Buy Life Insurance on their Senior Parents?

When it comes to senior life insurance, a frequently asked question is from adult children wanting to know if they can purchase a life insurance policy on their senior parents. In most cases this is not a problem as long as there is insurable interest.

If you’re a child considering purchasing a life insurance on mom and dad there are couple things you will need to know.

  • Parents must be in agreement with the purchase of life insurance on their life. Consent will be required in the form of their signature on the life insurance application.
  • If an adult child will be the owner or beneficiary of a parents life insurance policy there must be insurable interest. This means that the child stands to suffer from a financial burden should the parent pass away.
  • Coverage amount must make financial sense. When it comes to purchasing life insurance, the amount being requested must be inline with the financial loss the beneficiary could be impacted with due to the loss of the parent. This is what is known as financial justification.

 

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.

Best Life Insurance for Seniors by Jeffrey Manola

2018-11-17T12:06:34+00:00

About the Author:

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance. His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, he also wants you to be well informed about life insurance coverage options and its importance. Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency we want to help you save money, protect your future, and earn your trust (888) 777-7574.