Best life insurance for elderly men and women

life insurance for elderly

It is difficult to define what “elderly” means, but we can find some help around the world wide web. According to most sources, elderly refers to someone past middle age.

In American society, it seems to mean anyone 65+ or older, although with people living longer than ever, that number may no longer be correct.

Whatever the case, elderly men and women are in need of life insurance for seniors and TermLife2Go is here as a valuable resource.

Best Elderly Life Insurance

When comparing what the best life insurance for elderly men and women is it is important to remember this one thing: it pays to have options!

At TermLife2Go, we spend a lot of time seeking out the best life insurance companies available for a wide array of niches, including the niche of older clients ages 60+.

What we have found is specific companies offer more competitive elderly life insurance than others. We then use this data to align each client with the most appropriate company, which caters to each clients specific need, age, health and lifestyle.

The result? Huge savings for you, our client!

Best types of life insurance for the elderly

There are still a large array of different types of life insurance for the elderly. What will determine the “best” type of life insurance for you will be the type that offers you the coverage you need. You might be looking for coverage to cover you final expense, your estate taxes, or to simply leave a legacy for your family or charity.

Your specific reason for the life insurance will determine what the best type of life insurance will be. There are several different types of policies to choose from.

Comparing elderly life insurance policies

Life insurance comes in two main flavors: permanent and term. A lot of websites and financial journals create quite a stir on the battle between term life and whole life. But it really comes down to the simple fact that you need the policy that best suits your need.

Term Life Insurance for Elderly

Fully Underwritten: This type of term coverage requires a medical exam. For those considered high risk life insurance, this might be the best route to take if you need a sizeable amount of coverage.

Sample Elderly Life Insurance Quotes

The following sample 10 year term life insurance for elderly rates based on a preferred plus non-tobacco male as of February 21, 2016 from A rated carriers and above. Rates are subject to change and must be qualified for.

Ages 100,000 250,000 500,000
60 2.863,00 6.013,00 11.283,00
65 5.273,00 10.542,00 20.298,00
70 8.934,00 17.962,00 31.934,00
75 15.848,00 34.313,00 66.622,00
80 35.621,00 74.834,00 149.056,00

Not all policies or contracts on which the above chart is based may be available in all states.

No Medical Exam/Simplified Issue: Usually there are a few health questions. If you can pass the health questions you will qualify for this type of coverage.

Be aware that many of these types of simplified issue life insurance policies for the elderly do not come with fixed premiums. Rather than buy direct with a specific company, check with your trusted life insurance agent to be sure.

Permanent Elderly Life Insurance

Universal Life: There are three types of universal life insurance policies: guaranteed, indexed and variable.

Guaranteed universal life offers a fixed premium and it typically the cheapest permanent coverage available.

Indexed universal life offers coverage with cash value build up that is tied to an index, such as the S&P 500 or Nasdaq 100.

Variable universal life offers life insurance and an investment account so the owner can buy and sell equities.

Whole Life: Whole life offers cash value permanent life insurance. Probably the most popular coverage for elderly is guaranteed issue whole life insurance.

Guaranteed Issue: no health questions or exam life insurance, guaranteed issue life insurance is available to everyone as long as you fit the age requirements (typically available for ages 45-80, depending on the carrier).


Best Elderly Life Insurance Companies

When considering who the best companies are for elderly clients we really need to know what type of policy you can get and what type of policy you need. Our best elderly life insurance companies are broken down in categories based on the type of policies offered.

Best Elderly Term Life Insurance Company

transamerica logo

One company jumps to mind when considering term life for elderly clients. Although there is definitely competition in this space, Transamerica takes the cake due to its vast offering of various face amounts as low as $25,000 and term lengths for older clients up to 80+.

Best Elderly Whole Life Insurance Company

MassMutual_Life_Insurance_logoWhen it comes to whole life, MassMutual is a force to be reckoned with. MassMutual is a mutual company, which means the company operates for the benefits of its owners, the policyholders, and not investors or stockholders.

MassMutual’s participating whole life insurance policies are among the top in the industry. Further, the company has paid dividends for over 150 years.

Best Elderly Universal Life Insurance

North-American-Life logoNorth American Company offers some of the best universal life policies available, including indexed universal life. Another great option available from North American for elderly clients is survivorship life insurance.


Best Elderly Guaranteed Issue Life Insurance

gerber life insurance logoIf you need life insurance but you have an existing medical condition then guaranteed issue life insurance is a great option. Among the top companies offering guaranteed coverage with no exam or health questions is Gerber Life Insurance. Gerber offers whole life coverage with cash value accumulation for clients ages 50-80. And with face amounts as low as $5,000, there is sure to be a plan for everyone.


Challenges the elderly face when purchasing a life insurance policy

The main challenges the elderly face when buying life insurance is going to be age and price. Age and price go hand in hand, because, let’s face it, the older you are the closer you are to that inevitable day.

But don’t despair, there is affordable life insurance for elderly men and women.

You just need to know where to look!

Elderly Life Insurance Features to Consider

Steady premium: Make sure the policy you choose offers a fixed premium. There are many policies out there that start off with low premiums, only to hike the premium every five years (Globe and AARP). What occurs is the policy becomes much too expensive to keep. As a result, the insured is forced to let the policy lapse and he or she loses their coverage.

Term vs whole life: If you need whole life make sure to read the fine print. Some policies are marketed in a way that leads people to believe it is permanent coverage, only to have the policy end upon a specific age, typically 80 years old. The end result is, the person outlives their coverage and dies uninsured.

Convertibility: One advantage of term life is the convertibility option. The owner of the policy can convert the coverage to permanent life insurance with no medical exam or health questions. The one drawback for elderly considering this option is most policies must be converted by age 70.

Long term care rider: Adding a long term care rider might be a great way to provide benefits in life and in death. A long term care rider offers additional coverage if the insured develops a disability or illness.

Accelerated death benefit: Many policies include this feature but it would be prudent to ask your agent if you are not sure. The accelerated death benefit allows the owner to receive a portion of the death benefit if they are diagnosed as terminally ill.

Elderly Life Insurance Planning

So which policy will be the “best” choice for you? It comes down to why you need the coverage. What are your goals? The following are some of the most common reasons for life insurance.

Family planning: Many people seeking out elderly life insurance are concerned about leaving an inheritance to family members, primarily to children. Two things you need to consider are:

  1. How much coverage you need; and
  2. How much coverage you qualify for

How much coverage do you need to leave to your family? Of course you probably want to leave as much as possible. How much life insurance you can qualify for is dependent on certain underwriting criteria.

Life insurance companies consider different factors to determine how much coverage you can qualify for. One of the factors considered is your income. The more money you make the more life insurance you can get.

Therefore, if you are near retirement and are considering life insurance, get it before you retire!

Business succession planning: If you have not begun to consider how you will pass your business on to the next generation, today is the day to begin. Buy-sell agreements funded with life insurance allow money to flow back into the business to purchase a business owner’s interest in the business.

Estate planning: For those of you who desire to maximize your estate with life insurance, consider permanent coverage, such as cash value life insurance.

The main advantage of coverage for estate planning: Life insurance proceeds are not taxed as long as you keep the proceeds out of your estate if your estate exceeds the federal estate tax exclusion amount, currently $5,450,000 in 2016.

The solution: set up an irrevocable life insurance trust.

Burial and final expense: let’s face it, some people just need enough to be buried. With the rising cost of burial, the median funeral coming in around $7,500, having a small burial insurance or final expense insurance policy may be a huge blessing to your loved ones.

On someone else: If you are looking for elderly life insurance on someone else, such as your elderly parents, we can help. A lot of times we get children calling about an elderly parent that does not have coverage. Our goal is to provide the easiest policies for your elderly parents to get so that you can have peace of mind knowing that they are covered.

When comparing elderly life insurance plans, choose TermLife2Go

We work with companies representing the best life insurance for elderly age 60+. We will help guide you to the best policy for you based on your unique need, age, health and lifestyle.

So, what are you waiting for?  Give us a call today or visit our Online Life Insurance Quotes page and see what we can do for you!

Thank you for reading our article, Best life insurance for elderly men and women. Please leave any questions or comments below.

6 comments... add one
    • TermLife2Go

      Hi McCoy,

      We’ll need some more details to get you an accurate quote. You can fill out our get a quote form or call us at 888-234-8376.

      Thank you.

  1. Peter G

    Peter is 78 years old and in excelent health. He takes one pill to please the Doctor, a Statin. He has not had any life threating illness in the last 78 years. Peter’s family has a long life record. Mother passed at 89, Father passed at 94. There were family members who were self sufficient at over 100. Most passed in their mid 90’s.

    • TermLife2Go


      We’d love to help you out in your search for life insurance, but we would first need to learn a little bit more about you and how much coverage you’re looking for.

      For this reason, why don’t you just give us a call when you have a chance and we’ll do our best to help you out!



  2. Nicole D

    Looking for the right insurance for my mother she is 72 non smoker , She runs a small business and also is on social security for retirement. I am looking into a policy that will have a payout of 200-250,000. 10 – 15 year term But I need to know which is the best option

    • TermLife2Go


      Sounds good, just give us a call when you have a chance so we can learn more about what type of policies your mother will be eligible for.



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