Life Insurance Policies For Seniors Over 80 - If you're looking for the best life insurance for seniors as you approach or enjoy retirement, you've come to the right place. Many seniors think that they are uninsurable after their 65th birthday, but that is far from the truth.
While you may have fewer or more expensive life insurance policy options than your children or grandchildren, many major insurance companies offer coverage that may fit your needs. To help you find quality coverage, we've analyzed the best life insurance options for seniors.
Life Insurance Policies For Seniors Over 80
If you're a senior looking for life insurance, it's important to shop around for the best rates. Below we have highlighted five of the best insurance companies for seniors.
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All prices are calculated for a healthy woman of 70 years. Rates are for illustrative purposes only. Actual prices may vary. Rates from NYLAARP.com, LGAmerica.com, StateFarm.com, Chris Abrams at MJLifeInsurance.com and partner Clearlink. The data is valid as of 11/19/2019.
The American Association of Retired Persons (AARP) is known for recommending quality products and services for seniors, and AARP life insurance is no different. Backed by one of the largest life insurers in the United States, AARP policies offer no-medical exam coverage for people age 50 and older.
AARP offers both term and permanent policies. You can purchase life insurance and also convert this insurance into permanent guaranteed coverage before you reach the age of 80. Meanwhile, all AARP policies are backed by New York Life Insurance Company, which receives top marks for financial stability (AM Best is given by Nova). York Life is the highest possible rating
As a mutual company, which means policyholders own the company and can receive dividends each year. This insurer gets high marks for financial stability and has a clean claims record. Meanwhile, J.D. Power ranked this insurer 3 out of 24 for overall customer service in 2019.
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This insurer offers four universal life policies. Two of these policies focus on guaranteeing death benefits up to age 85 (or, if you choose, for life) and focus less on increasing cash value. Choose a universal life policy or an indexed universal life policy.
Finally, while this insurer earned our title of Best Universal Life Insurance for Seniors, its term life policies are also solid. You can apply for them up to age 74 and have coverage until your 80th birthday. These policies also have the option of converting to permanent life insurance.
Banner was founded in 1949 and sells life insurance under the Legal and General brand. This insurer has solid financial strength ratings and a clean claims history, making it a trusted company around the world. Banner also offers some of the best in the market for seniors and seniors final expense insurance.
Banner Life's final expense policy provides a death benefit of up to $15,000 for people between the ages of 50 and 80, which may be enough to cover some funeral expenses. While most insurers offer higher final death costs, Banner provides other benefits that set it apart for seniors. No matter what age you apply for the policy, for example, you won't need a medical exam, acceptance is guaranteed, and you can apply online. However, you may need to answer questions about your health.
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With Banner's end-of-life insurance, you'll only pay premiums until age 90, but you'll be covered for life. Policies of $10,000 or less are covered by fast claims, so your beneficiaries can receive death benefits in as little as one business day.
While Banner won our award for Best Final Cost for Seniors, its terms and universal life policies also offer quality coverage.
State Farm consistently ranks at the top of the J.D. American Life Insurance Survey. Power for overall customer satisfaction, earning #1 in 2018 and #2 in 2019.
Although this insurance company is best known for auto insurance, its transparent approach to service and variety of policies is also a boon for seniors and senior citizens looking for life insurance.
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State Farm offers term life insurance to applicants under the age of 75. The level of premiums is guaranteed throughout the term and then increases annually up to age 95. Or you can convert your policy to permanent life insurance.
As many companies stop offering life annuities or limit conversion options after age 65, State Farm's options stand out. However, this insurance policy is best suited for healthy people and those with no pre-existing medical conditions. That's because State Farm's health assessment standards are more stringent than other insurers. However, if you are in excellent health, you may find this company's rates competitive.
With State Farm, you can also add an Accelerated Death Benefit, which allows you to use a portion of your death benefit early if you need to pay medical bills before you die.
Also known as American General, AIG is a financially stable company that has been in business since 1919. This centenarian has some of the most affordable senior insurance and clean claims, but the customer service could be better.
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AIG offers several products that appeal to seniors and senior citizens. Guaranteed acceptances of whole life insurance policies essentially act as final cost insurance, providing low death benefits with low monthly premiums. Meanwhile, AIG life expectancy is high for juniors, but very competitive for adults 50 and older.
AIG's quality of life products automatically add accelerated death benefits such as chronic, critical and terminal illness coverage to your coverage. Applicants can choose from quality of life versions of AIG's terms, guaranteed universal and indexed universal life insurance policies.
Everyone's situation is different, but seniors in the same age group tend to have similar insurance needs. If you're a senior and don't know what type of life insurance you need, find your age group below. We'll break down some common concerns your peers have that may apply to you.
You may experience some sticker shock when looking at insurance rates when you're over 60. But you'll likely have many life insurance options. You will be able to get quotes for longer term life policies such as 20 and 30 years.
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If you're looking for permanent cover this time around, try indexed universal life. Its flexibility can meet your coverage needs for the rest of your life. This policy can also provide low-risk cash value growth that you can use to supplement your retirement income later.
Finally, if you're looking for a life insurance plan to meet two needs—life and long-term care—a hybrid policy is often less expensive than two separate policies. Just be aware that using long-term care benefits may deplete the death benefits your beneficiaries receive.
If you're over 70 and no longer working, your income probably consists of a mix of Social Security payments and retirement savings. You may not need to protect your income with life insurance, but set aside enough funds to cover your final expenses. Hurray for financial independence!
If you're still building up your savings, you may need a short-term policy to see you through for a few years. A 10- or 15-year term may be a good option for you.
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However, if you think you will need the cover indefinitely, a guaranteed universal policy can be a low-cost, low-risk option.
At age 80 and older, you are unlikely to find a company that will offer you term life insurance. Instead, your cheapest option is probably final cost insurance. The death benefit will be low (usually between $1,000 and $25,000), but most policies do not require a medical examination.
If cost is not an issue and your main goal is to minimize inheritance taxes, consider whole life insurance. Premiums will be among the highest in the industry, but you'll be covered for life and your beneficiaries will receive a tax-free death benefit.
When planning your family's future, consider creating a will with Fabric. Fabric is an online life insurance company that also offers a free origination service and more.
Life Insurance For Seniors
Many life insurance companies offer several products designed for seniors, but the best policy for you depends on your health, goals, age and other factors.
Term insurance is usually the least expensive option for people of all ages. Most insurers start limiting terms once you're 55 or 60, so you may not find many 30-year terms after that. By the time you're 65 or 70, you'll likely have limited options for 20-year terms and so on.
However, if you only need coverage for a limited number of years, lifetime is probably the best choice.
The death benefit for final expense insurance typically ranges from $1,000 to $25,000, making it a popular option for covering final expenses such as funeral expenses. But don't let the name fool you. Your beneficiaries can use the benefit as they see fit.
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Generally, final expense policies are a type of whole life insurance. You are insured for life as long as you continue to pay premiums. Additionally, many of these policies are either guaranteed life or no-exam insurance (although some require you to answer health questions), making them a great choice for those with pre-existing health conditions.
Universal life insurance is permanent insurance that allows the policyholder to adjust their premiums and benefits
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