Top 5 Life Insurance Companies For Seniors - 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 believe that they are uninsured after their 65th birthday, but this is far from the truth.
While you may have fewer or more expensive life insurance options than your children or grandchildren, many excellent life insurance companies offer coverage that can meet your needs. To help you find quality coverage, we've broken down the best life insurance options for seniors.
Top 5 Life Insurance Companies For Seniors
If you're a senior looking for life insurance, it's important to shop around for the best deals. Below we have highlighted the top five life insurance companies for seniors.
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All values are for a healthy 70-year-old woman. Prices are for indicative purposes only. Actual prices may vary. Prices sourced from NYLAARP.com, LGAmerica.com, StateFarm.com, Chris Abrams at MJLifeInsurance.com and partner Clearlink. Dates effective 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 insurance companies in the United States, AARP policies offer insurance coverage without a medical exam for people age 50 and older.
AARP offers long-term and permanent policies. You can buy term life insurance and even convert this policy into permanent guaranteed acceptance cover, up to the age of 80. Meanwhile, all AARP policies are backed by the Life Insurance Company of New York, which earns superior marks for financial stability (AM Best gives New York Life its highest possible rating
As a mutual company, meaning policyholders own the company and can receive dividends every year. This insurance company receives high marks for financial stability and has a clear claims history. Meanwhile, JD Power ranked this insurance company #3 out of 24 for overall customer service in 2019.
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This insurance company offers four universal life policies. Both of these policies focus on ensuring a death benefit at age 85 (or, if you choose, your lifetime) and focus less on building cash value. Choose from a simple universal life or an indexed universal life policy.
Finally, while this insurance company earns our title of Best Universal Life Insurance for Seniors, its life policies are also strong. You can apply for them up to the age of 74 and have cover until your 80th birthday. These policies also have the option to convert to permanent life insurance.
Banner was founded in 1949 and sells life insurance under the Legal and General brand. This insurance company has solid financial strength ratings and a clean claims history, making it a reliable company overall. Banner also offers some of the best final expense insurance on the market for seniors and senior citizens.
Banner Life's final expense policies provide a death benefit of up to $15,000 for people aged 50 to 80, which may be enough to cover some funeral expenses. While most insurance companies offer a higher final death expense, Banner provides other benefits that make it stand out for seniors. It doesn't matter at what age you apply for an insurance policy, for example, you don't need to take a medical exam, acceptance is guaranteed and you can apply online. However, you may need to answer health questions.
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With Banner's final expense insurance, you'll only pay premiums up to the age of 90, but you'll get lifetime coverage. Policies of $10,000 and under come with fast claims so your beneficiaries can receive death benefit payments in as little as one business day.
While Banner wins the Best Final Expense award for seniors, its term and universal life policies also offer quality coverage.
State Farm consistently tops J.D.'s US Life Insurance Study. Power for overall customer satisfaction, ranking #1 in 2018 and #2 in 2019.
While this insurance company is best known for its auto coverage, its transparent approach to services and variety of policies is also a boon for seniors and seniors looking for life insurance.
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State Farm offers term life insurance to applicants up to age 75. Premiums are guaranteed at the same level for the duration of your term and then increase annually until age 95. Or, you can convert your policy into permanent life insurance.
As many companies stop offering term life or limit conversion options starting at age 65, State Farm's options stand out. However, this insurance is best for healthy people and those with no pre-existing medical conditions. That's because State Farm's health evaluation standards are more stringent than other insurance companies. If you are in excellent health, however, you may see competitive rates with this company.
With State Farm, you may also be able to add a death benefit acceleration rider, which allows you to use some of your death benefit early if you need to pay medical bills before you pass.
Also known as American General, AIG is a financially stable company that has been in business since 1919. This centurion has some of the most affordable life insurance for seniors and a clean claims history, but the customer service could be better.
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AIG offers many products aimed at seniors and older adults. The guaranteed acceptance of this whole life insurance essentially works as final expense insurance, providing low death benefits with low monthly premiums. Meanwhile, AIG's lifetime rates are high for young people, 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 insurance, to your coverage. Applicants can choose between Quality of Life versions of AIG's term, universal and indexed universal insurance.
Each person's situation is different, but seniors in the same age group tend to have similar insurance coverage needs. If you're a senior not sure 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 as well.
You might get sticker shock if you're looking at insurance rates when you're in your 60s. But chances are, you still have plenty of options to buy life insurance. You can get offers for longer lifetimes, such as 20 and 30 years.
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If you're looking for permanent coverage this time, try indexed universal life. Its flexibility could 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 cover two needs—life and long-term care—a hybrid policy is often cheaper than two separate policies. Just keep in mind that using long-term care benefits can override the death benefit payment your beneficiaries receive.
If you're in your 70s and no longer working, your income likely consists of a mix of Social Security benefits and retirement savings. You may not need to protect your income with life insurance, but instead set aside enough funds to cover your final expenses. Yay for financial independence!
If you're still building your savings, however, you may want 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 coverage indefinitely, a guaranteed universal policy could be a low-cost, low-risk option.
At the age of 80 and over, it is unlikely that you will find a company that will offer you term insurance. Instead, your lowest cost option is potential final expense insurance. The death benefit will be low (usually $1,000 to $25,000), but most policies do not require a medical exam.
If cost is not an issue and your main goal is to minimize estate tax on an inheritance, consider whole life insurance. Premiums will be some of the highest in the industry, but you'll be covered for life and your beneficiaries will receive a tax-free death benefit.
As you plan for your family's future, consider creating a will with Fabric. Fabric is an online life insurance company that also offers a free will creation service and more.
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Many life insurance companies offer many products designed for seniors, but the best policy for you depends on your health, goals, age and other factors.
Whole life insurance is generally the cheapest option for people of all ages. Most insurers start limiting terms once you reach 55 or 60, so you may not find many 30-year options later. When you reach your 65s or 70s, you will likely have limited options of 20 years and so on.
However, if you only need coverage for a limited number of years, term will probably be your best bet.
Death benefit payments for final expense insurance are typically $1,000 to $25,000, making it a popular option for covering end-of-life expenses such as funeral and burial expenses. But don't let the name fool you. Your beneficiaries can use the benefit as they see fit.
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Typically, final expense policies are a type of whole life insurance. You are covered for life as long as you continue to pay your premiums. Additionally, many of these policies are guaranteed issue or no-exam life insurance (although some will 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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