Life insurance is important at any age, but it’s top-of-mind for senior citizens.
You may have heard that life insurance premiums, options, and available policies can change as you get older, and that’s true. Depending on your specific situation you may want to compare one or two different life insurance companies and policies so you can attain the best policies and premiums for you.
But rest assured, you can still find life insurance policies to meet your needs at any age, so that you and your family will have peace of mind, knowing you’ve planned for the future. And because everyone is at different stages in their life insurance journey, we’ve tried to provide the most relevant information to make your decision easier.
Top 10 best life insurance companies for seniors
When we recommend a life insurance policy for a senior citizen, we consider much more than age; we take into consideration your lifestyle, health and pre-existing conditions, and overall needs.
|Insurance company||Death benefit ranges (No Medical Exam)||Learn more|
|Assurity||$50,000 – $350,000||Quote|
|Banner||Not available for clients over 50||Quote|
|Fidelity||$25,000 – $250,000||Quote|
|Foresters||$2,000 – $35,000||Quote|
|Gerber||$5,000 – $25,000||Quote|
|Lincoln Financial||$100,000 – 1,000,000||Quote|
|Minnesota Life||$50,000 – $249,000||Quote|
|North American Company||$50,000 – $500,000||Quote|
|Prudential||Up to $1,000,000||Quote|
|Transamerica||$25,000 – $249,000||Quote|
It’s true that senior citizens tend to pay higher life insurance premiums if they’re purchasing life insurance for the first time when compared to younger people who purchase life insurance. However, there are plenty of life insurance companies that we can offer the best life insurance policy for any age at an affordable price. Here are a few samples to consider:
Life insurance quotes over 50
The following sample monthly 10-year term life insurance for seniors quotes are based on premiums for a preferred plus non-tobacco male as of February 21, 2017. Rates are subject to change and must be qualified for.
Life insurance quotes for seniors ages 60 to 80
The following sample monthly 10-year term life insurance for seniors quotes are based on preferred plus non-tobacco premiums for a male as of February 21, 2017. Rates are subject to change and must be qualified for.
Finding the best life insurance for seniors
Because life insurance is not one-size fits most service, the best life insurance policy will vary based on your individual circumstances. Only after an agent gathers ample information can they make the best life insurance recommendation for a senior citizen, and find the best-suited policy for you. Whether you’re looking for guaranteed universal life insurance, survivorship life insurance, guaranteed acceptance life, no medical exam life insurance policies, or final expense and death benefit life insurance, consider filling out the free quote form below to get started on your comparison process.
Investigating life insurance can be intimidating at first. There are a lot of terms thrown around: death benefit, final expense, guaranteed acceptance. Don’t worry. We’ll help clear up some of the jargon to make it easier for you to find the policy need. Here are some key life insurance terms to know:
Survivorship life insurance
Survivorship life insurance (formerly called second-to-die insurance) is a joint life insurance policy between two people, and it’s especially beneficial if you pay hefty estate taxes. Basically, it helps your family or heirs inherit your estate and avoid liquidating your assets, but it doesn’t pay out until the second person on the life insurance is deceased (hence the second-to-die insurance coined name).
The term “death benefit” may sound a bit off-putting, but in the context of life insurance, it simply refers to the amount of money that a beneficiary will receive from a life insurance policy at the time of the policyholder’s decease.
Face value is the amount of money the beneficiary would receive when the policyholder passes away. In other words and in the context of the policies we’re discussing in this article, the face value is the death benefit of the policy.
Term life insurance
A term life insurance policy means that beneficiaries receive a death benefit if the policyholder passes away within a specific period of time.
Guaranteed acceptance life insurance
For many senior citizens, guaranteed acceptance life insurance is the way to go. Like the name suggests, it’s easier to obtain than other types of life insurance, meaning that if you have medical concerns or pre-existing conditions, you can still easily qualify for this type of policy. In fact, you don’t have to answer very many health-related questions at all, which isn’t the case with every life insurance policy. Guaranteed acceptance life insurance can help pay for outstanding medical expenses, funeral expenses, and some unpaid bills.
Final expense life insurance
Final expense insurance, also known as a burial insurance policy, is meant to cover expenses after the policyholder’s decease. Like guaranteed acceptance life insurance, the policy can help pay for outstanding bills and medical expenses and burial/funeral costs.
The main difference is that final expense life insurance may ask a few more health related questions in order for people to qualify. If you have pre-existing conditions or health issues, it may be easier to qualify for a guaranteed acceptance life insurance policy, but everyone’s circumstances are unique and different, so you should consult with a life insurance expert to help you find the right life policy.
Reviews of best senior life insurance companies
With dozens of companies and policies to choose from, the following may or may not be the right choice for you. Compare quotes from multiple providers to make sure you are applying with the right senior life insurance company and to make sure your family receives the care and peace of mind that comes from the right life insurance policy, whatever your needs for the death benefit may be.
When you purchase whole life insurance coverage for seniors from Assurity, you get coverage starting from the day you sign the agreement. Before 65, the amount can go up to $50,000 but once you cross 65, then the max is $25,000, which would be more appropriate for covering funeral expenses and other expenses.
You will have to answer a few questions about your health before the policy will get underwritten. If you are looking for life insurance coverage that will cover your funeral expense and burial insurance expenses, then a policy from Assurity is a great option.
For more, see our Assurity Life Insurance Company Review.
Banner life insurance pops up on our top ten lists time and time again. The main reason is Banner is an excellent company for sub-standard risk clients, offering some of the most competitive life insurance plans, premiums, and coverage for seniors. Banner offers both term and universal life insurance coverage.
For more, see our Legal and General Life Insurance Company Review.
We recommend Fidelity Life Insurance to a lot of seniors. We also consider Fidelity Life Insurance to be one of the best no medical exam life insurance companies.
Fidelity’s “hybrid” term life insurance policy allows clients to get life insurance coverage within 48 hours. This policy offers 1/3 of your coverage as term insurance and the remaining as accidental death insurance. You also have the option of taking a medical exam up to six months after signing up. If you pass the medical exam you can convert your policy into a traditional policy. Don’t worry; if you fail, you still get to keep your existing policy.
For more, see our Fidelity Life Insurance Review.
Foresters Life Insurance may not be a household name like other insurance providers, but the company provides one of the best life insurance policies and coverage for seniors. Even if you have a really complicated medical history, Foresters won’t shy away from taking you on as a client. They also have competitive pricing—something that is important to a lot of senior citizens, particularly after retirement. Currently included in our best whole life insurance companies list.
For more, see our Foresters Life Insurance Review.
Being most famous for their life insurance policies for children and youth, it may surprise you to find Gerber Life Insurance on our list of most top-rated insurance companies for senior citizens. However, they deserve it!
Gerber Life Insurance tends to offer no health questions and no medical exam life insurance policy for the elderly who simply need coverage from the top final expense or burial insurance companies. When a senior is uninsurable by most life insurers due to a pre-existing condition, Gerber Life Insurance still offers a great policy. For this reason, we continue to recommend Gerber Life Insurance policies to seniors time and time again.
For more, see our Gerber Life Review.
Lincoln Financial senior life insurance coverage caters to clients 70 and older, including whole and term life insurance policy for seniors over 80. This is evident with the company’s liberal body mass index chart for males and females 70 and up.
Further, the company increases limits for diabetic life insurance for seniors 70 and above, as well as blood pressure and cholesterol limits. In addition, the company offers competitive senior life insurance rates and policies, often ranking in the top 3 for price on coverage 70 and above.
The one thing to be aware of is that Lincoln Financial will not consider a prospective insured if he or she has not seen their personal physician in the past 12 months.
For more, see our Lincoln Financial Review.
An up and comer in life insurance coverage for seniors, Minnesota Life ranks #1 for senior term life insurance rates in a lot of categories.
From the company’s website:
To remain competitive, it’s crucial to understand how to submit business for older-age applicants. Minnesota Life and Securian Life, a New York admitted insurer, have expertise in mature underwriting, with cognitive and mobility screenings, allowing us to offer Preferred Select, Preferred and Non-Tobacco Plus underwriting classes to many applicants – up to age 85.
That pretty much sums it up. Minnesota Life is definitely one of the best term life insurance companies and policies for seniors in the marketplace. However, Minnesota Life, via Securian Life, also has great cash value life insurance policies.
For more, see our Minnesota Life Review.
Another great option among the best life insurance for seniors is North American Company. North American has an A+ rating from, A.M. Best. In particular, North American is great for life insurance 60+ because it has a solid product offering and extremely competitive rates on older clients. The cheap premiums alone is enough to make almost every senior happy.
For more, see our North American Company Review.
Pruco Life Insurance Company has great brand recognition—and the reason for it isn’t simply good marketing. Prudential Life Insurance policies have been our go-to life insurance company in many scenarios, including special situations for seniors. They are a unique company because they have special underwriting guidelines that can work in your favor if you are:
- a tobacco user,
- a cancer survivor, or
- if you are in need of diabetic life insurance.
Pruco’s guidelines help you get coverage no matter what—with the most affordable premiums!
For more, see our Prudential Life Insurance Review.
Transamerica is the senior term life insurance company. The company consistently offers some of the best whole and term life insurance for seniors 70 and above.
Unlike some big name competitors, Transamerica proves to work with seniors, not against them. The company even offers elderly term life insurance for seniors over 80.
Some examples on where Transamerica excels at underwriting seniors: if you are 71 or older and have a blood pressure reading of 145/85, then you can likely qualify for the best rate class. You will also be able to get the best rate and premium class if you have up to 5.5 cholesterol ratio. Other companies will allow a cholesterol ratio only up to 4.5.
And Transamerica has some of the lowest rates and premiums on life insurance for seniors over 75, making it a top choice for older clients.
For more, see our Transamerica Life Insurance Review.
Kemper Senior Solutions
Guaranteed issue whole life insurance plan: Guaranteed acceptance with face amounts from $2,000 – $25,000. Available for ages 40-80 (75 in Missouri). The only reason this company is not in our top ten list for senior life insurance is because it is not currently available in California or New York.
For more on this company visit our Kemper Life Insurance review.
The bottom line
Finding a life insurance policy as an older adult may seem intimidating at first, but with the right knowledge and some some comparison shopping, it can be done.
A few brief pointers to help you get the best life insurance policy and death benefit as a senior citizen:
- Risk factors matter. No matter what your age, whether you smoke or engage in a risky lifestyle, then you will almost always pay a premium. This is also true as a senior citizen. One of the few exceptions is for seniors who developed diabetes at a late age. There are companies who will give a better rate class for someone who has diabetes at age 55 than someone who was diagnosed with diabetes at 40.
- Purchase life insurance today! The sooner you purchase your life insurance coverage, generally the cheaper it will be. If you wait until you are 65+, then you will likely pay a higher premiums than if you buy your policy at a younger age.
- Choose the right policy! Even if you choose the right insurance company, if you don’t choose the best type of life insurance policy and coverage, you’ll be in trouble later. For more on this, see our article that covers term versus permanent life insurance.
- Permanent coverage: Consider indexed universal life policies for estate planning with life insurance, such as funding an irrevocable life insurance trust.
- Term policy: A term policy for seniors can get pricey due to the cost of insurance increasing as you get closer to your life expectancy, so be sure to lock into the correct number of years you need.
- Senior business owner life insurance: Have you considered a business succession plan? Many seniors need key man life insurance or life insurance to fund a buy sell agreement in order to provide a way to pass the business on or allow time to sell a business.
Have any additional questions? Leave us a comment below!
FAQs about life insurance
What is No Medical Exam Life Insurance?
Great news! Like the name suggests, no medical exam life insurance means that you can skip a visit to the physician’s office and still qualify for life insurance policies. For many seniors, no medical life insurance is a great option because it saves you time and effort. In many cases, obtaining a no medical exam life insurance policy can go from application to approval in 24 hours. Depending on your unique circumstances, you may still be asked medical-related questions during your application process, or if your best bet is guaranteed life insurance, you can skip most medical history related questions for a very easy life policy process.
How do I find that right senior citizen life insurance policy?
As we mentioned, there is no way to simply recommend a single best senior citizen life insurance company for all older clients. Each person is unique and therefore a life insurance policy recommendation must be too. For some people who are battling serious disease or illness, choosing burial insurance policies from among the top final expense life insurance companies is probably the best route.
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