If you’re more than 65 years old, it’s essential to have a life insurance policy that will offer the financial security your family needs if the unthinkable happens.
There are many different types of life insurance policies available on the market today. However, not all are ideal for seniors. Here, we’ll take a look at the ten best insurance options for seniors in 2021.
Choosing the life insurance company that’s best for you can prove challenging. There are so many options out there, and it’s hard to know which one will suit your needs the most. With a few life insurance tips, however, you can narrow down your choices.
For the ten best life insurance for seniors in 2021, keep reading.
Why Seniors Need Life Insurance
In relatively recent years, human life expectancy has doubled. As a result, life insurance is more important than ever before.
If you’re a senior, you might find that you have a tough time finding a great life insurance policy. The great news is that there are worthwhile options on the market.
As you age, however, you may find that life insurance is more costly. Still, there are many underwriters who will provide a life insurance policy for an adult in their retirement years. Some will even work with you if you’re not in optimal health.
Best Life Insurance for Seniors
In every stage of life, life insurance plays an important role. For instance, young adults typically consider their dependents when purchasing a life insurance policy. These individuals need financial security in case something happens.
Even after children become seniors, however, life insurance is still important. Furthermore, everyone is thinking more about securing their future in light of the pandemic.
Seniors may want life insurance for completely different reasons. Nevertheless, there are many benefits of life insurance for older adults.
When buying life insurance, this group of individuals may want to make sure their families are protected from funeral expenses and outstanding debt. They may also want to protect their family from potential remaining medical bills from a chronic or terminal illness.
With these points in mind, the following entries highlight the best life insurance policies for seniors.
10. AIG
AIG offers the best final expense insurance on the market. The company offers guaranteed life insurance for adults up to age 80. Many life insurance companies establish a cut-off age for their policies at a much younger age.
You can purchase AIG life insurance with a coverage amount that ranges from $5,000 to $25,000. Furthermore, they offer accelerated death benefits for chronic and terminal illnesses at no additional cost.
For the first two years, however, you’ll find that AIG life insurance coverage is limited. Also, AIG limits the living benefit to 50% of the death benefit.
Final expense life insurance is a form of whole life coverage with a lower benefit. If final expenses are your only concern, AIG insurance may serve you well.
9. Banner
Banner is our pick for the best term life insurance. The underwriter offers exceptionally competitive pricing.
What’s more, there have been few complaints about Banner life insurance. In fact, there were only five consumer complaints against Banner in 2020.
However, you can only sign up for a Banner life insurance policy if you’re under age 75. Furthermore, the company offers limited insurance options.
The company started writing insurance policies in 1836 in the United Kingdom. Banner has written policies in the United States for more than 70 years. Now, it’s a subsidiary of the well-known Geico Life Insurance company.
Today, Banner offers both term and universal life insurance. Still, the scope of its policies is limited compared to other offerings on the market.
8. MassMutual
MassMutual offers the best whole life policies for seniors. It’s unique in that it’s a convertible policy.
Also, MassMutual offers a comprehensive set of online tools. Although, you can only apply for MassMutual life insurance if you’re younger than 65.
In addition, you must complete a medical exam 90 days after applying for MassMutual insurance. Furthermore, MassMutual does not offer living benefits for seniors.
Still, MassMutual has been around for a long time. The company started writing insurance policies in 1851. Today, they offer life insurance coverage anywhere in the United States.
Now, MassMutual maintains the best possible rating with AM Best. What’s more, it’s a good company for younger seniors who are in good health.
7. Gerber
Again, the best insurance policies for seniors vary depending on an individual’s needs. Some seniors are only concerned about the welfare of their grandchildren. If you’re in this group of policy shoppers, you may find that a Gerber life insurance policy meets your needs.
However, Gerber life insurance offers a lower return compared to other investment options. You might also think about other financial options such as savings accounts for this reason.
Gerber insurance policies never increase. Also, you can save 10% on your policy by setting up automatic payments. For instance, policyholders can use their credit cards to set up recurring premium payments.
However, the maximum death benefit of Gerber life insurance is $300,000. In addition, the company has only earned average consumer ratings.
Nevertheless, you may want to contribute to your grandchildren’s financial future. If so, you can purchase a Gerber life insurance policy for them. The company created the Gerber Grow-Up Plan especially for this purpose.
You’d purchase a Gerber life insurance policy when your grandchild is young. When they turn 18, your grandchild will automatically become the policy owner. At that time, they can cash in the full value of the policy or take over the policy in their own name.
6. Transamerica
Transamerica is a great insurance option for seniors over age 80. In fact, the company issues select policies for adults over the age of 85.
However, Transamerica it’s only available to agents. In addition, the underwriter has received less than stellar customer ratings.
Nevertheless, you can purchase many kinds of policies from Transamerica. They offer lower premiums for older adults.
Transamerica has been around since 1904. The company’s rating with AM Best is an A.
Still, many life insurance companies will not issue a policy for seniors over the age of 80. What’s more, they will not provide term life insurance policies for adults over the age of 70 or 75. Conversely, with Transamerica, you can purchase final expense insurance up to the age of 85.
5. Prudential
Prudential offers a great advantage for older adults. Its policies include accelerated death benefits.
In fact, Prudential offers the best living benefits. The insurer will pay up to 100% of the full death benefit.
The company gives you access to a wide range of policies. It also offers competitive pricing.
However, its living benefit is not available in all states. Also, Prudential does not underwrite whole life insurance.
Prudential has been in business since 1875. Today, the company also has an A+ rating with AM Best.
You can purchase more than ten kinds of life insurance products from Prudential. These products include different term and universal life insurance policies.
4. New York Life
New York Life is a good overall insurer. If you purchase a policy from the company, you’ll enjoy peace of mind from working with the largest life insurance company in the United States.
New York Life has been around since 1845. Today, the company offers all kinds of life insurance products, including universal, whole and term life insurance. What’s more, you can purchase a New York life policy well past the age of 60.
New York Life also does a good job of catering to older adults. For instance, the company sells whole life policies for individuals up to the age of 90.
The company ranks well overall in all categories. Older adults can also collect dividends on their policies.
The insurer also offers a policy purchase option. The option works well for any budget.
This option allows you to purchase permanent life insurance coverage. Even better, with this option, you won’t need to take a medical exam.
3. John Hancock
John Hancock is our second runner-up for best overall life insurance for seniors. The company’s been around since 1862. Now, you can purchase several types of life insurance policies from John Hancock, including final expense, term, whole and universal life insurance.
The underwriter offers all the policies that an older adult may need. Also, John Hancock has flexible underwriting policies regarding existing health conditions.
With John Hancock, you may also enjoy a premium refund based on your activity level. This perk is a great bonus for active seniors.
You can purchase John Hancock insurance in 10 to 30-year terms. If you’re 75, for instance, you can purchase 15 years of coverage.
Here, you could also qualify for coverage without a medical exam. You’ll have to answer the company’s health questions. If approved, John Hancock will provide you with a policy without the need for an in-person doctor’s visit.
2. Northwestern Mutual
Since 1857, Northwestern Mutual has underwritten life insurance policies. Now, the company is one of the largest insurers in the United States.
Northwestern is another insurer that pays dividends to policyholders. Also, the company offers 17 different insurance plans.
Northwestern is a good insurer if you’re interested in building or transferring wealth. The company’s policies are also ideal for estate planning.
For instance, you may want to minimize your estate tax. If so, you might find that Northwestern Mutual works well for your needs.
You can purchase either term, whole or universal life insurance from Northwestern. The company offers individual plans as well as survivorship life insurance.
You can buy Northwestern life insurance in terms of 10, 20 or 30 years. Alternatively, you can purchase coverage that lasts until a specific age.
1. Mutual of Omaha
Mutual of Omaha is our pick for the best overall senior life insurance. The company has excellent customer service ratings.
It also offers competitive pricing. Furthermore, you can purchase a wide range of policies from Mutual of Omaha.
The company sells policies to older adults up to age 85. However, you may need a medical exam to purchase some of its life insurance products.
There are several reasons why we picked Mutual of Omaha as our top choice for seniors. First, the company offers term, whole and universal life insurance. It also offers flexible policy provisions.
Mutual of Omaha underwrites term life insurance policies for adults up to the age of 80. You can renew your policy annually up to the age of 95. Coverage starts at $100,000.
You can purchase a whole life policy from Mutual of Omaha up to the age of 85. These policies offer coverage options that range between $2,000 and $25,000.
You Can Find the Perfect Whole Life Insurance!
Now you know the ten best life insurance for seniors in 2021. Still, it can prove challenging sorting through different life insurance options. Luckily, you’ve come to the right place for help.
Top Whole Life is an independent, unbiased and trusted advisor that will help you find the best whole life insurance policy for your needs. We’re committed to providing exceptional service and advice so you can make confident decisions about your future.
We’ll stay by your side every step of the way as we explore different options together. Let us know what matters most to you in a whole life insurance policy, and we’ll show you how it compares side-by-side with other plans.
Together, we can find one that meets all your needs—now and in the future. Best of all, we make it easy for you to access the right life insurance quotes.
Contact Top Whole Life now at (855) 946-5353 or connect with us online to get a free quote.
