Those over 65 might have varied reasons to get life insurance, such as covering funeral expenses or securing the family’s financial future. And while life insurance for seniors is a good option, many of these come with high premiums. This is because life insurance premiums typically increase with age. That said, quite a few insurance policies for seniors are worth the money. But to pick the right plan, seniors must compare them using different parameters.
New York Life Insurance Company
Obtaining life insurance policies for seniors is difficult. This is why opting for a policy with a higher age bracket offers customers more options when seeking financial protection. Here, seniors can go for New York Life Insurance Company’s plan, as it is one of the few companies that offers policies for seniors up to 90 years old. It can help them cover expenses and provide sound financial protection for dependents. The coverage starts at $25,000 for whole life insurance.
New York Life Insurance Company has a Superior or A++ AM Best Rating because of its solid financial position. This implies that AM Best highly commends New York Life for its current insurance obligations. In addition, whole-life policyholders receive dividend payments on their insurance. The company has paid dividends since 1854, the longest period of payouts among most of the companies on this list.
Beyond this, the company offers various riders to personalize the policy, such as living benefits, a partner’s paid-up insurance purchase benefit, and a disability premium waiver. That said, there is no option for seniors to receive online life insurance quotes. As a result, they will have to provide their personal information and phone number to obtain the quote and policy information.
Guardian
The company’s headquarters are in New York City. Like New York Life, Guardian Life offers life insurance for seniors up to 90 years old and dividends for its whole-life insurance holders.
According to the National Association of Insurance Commissioners (NAIC), Guardian has had very few customer complaints in the last three years for a company of its size, and AM Best has given it an A++ rating for financial stability.
It is important to note that life insurance quotes for seniors are not available on their website. So, interested customers will have to contact an agent to seek these details. They can get coverage amounts ranging between $250,000 and at least $5 million on policies like whole life, universal life, term life, and variable universal life.
Pacific Life
A California-based company, Pacific Life offers one of the cheapest life insurance plans for seniors. It has a low complaint rate and is particularly well-loved, as it provides insurance for seniors over 70. Its term insurance is valid for seniors up to 75 years old. Beyond this, the company offers universal life insurance with coverage until 90. That said, it is extendable to 121 years.
Besides this, Pacific Life offers terminal illness riders without a penny extra, which most companies charge for. Additionally, it provides coverage amounts that can reach up to $3 million and, in some cases, even higher. While it offers affordable life insurance for seniors, it is not very online-friendly. Customers can’t apply online and get a quote. They will have to apply via a broker or a third-party agent.
John Hancock
Based out of Boston, John Hancock is another company that offers insurance for seniors over 70; it accepts term applicants up to 80. Moreover, the cut-off age for other insurance plans is as high as 90 years. In addition, the company offers critical illness riders, and when used, it does not lower the benefit, which is a rarity in the industry.
John Hancock also offers insurance for those with certain conditions. Its Vitality Rewards program comprises many incentives for policyholders to lead a good lifestyle, such as discounts on insurance premiums for seniors.
The company does not let anyone apply online without an agent. Its coverage amounts to permanent life insurance, and term insurance can go up to a few million.
Fidelity Life
This is another company that offers life insurance plans for seniors. In fact, it offers cheap life insurance for seniors who have been denied coverage. Fidelity Life also has policies for older adults with conditions and offers plenty of alternatives for permanent no-exam coverage, such as accidental death benefit policies, whole life insurance, and finance expense coverage.
Further, applicants aged 50 to 85 are eligible for its no-exam whole and term life insurance. In addition, the company’s no-exam RAPIDecision Senior Term Life is applicable for those between 50 and 70. They can choose from 10, 20, or 30 years for $10,000 and $150,000.
The company has an A rating from AM Best, a great sign of its financial stability. It offers both whole and term life insurance. Unlike others on the list, Fidelity Life makes it easier for customers to shop for affordable life insurance for seniors online and offline. The cost usually varies between $28 and $68.
These are the top companies offering life insurance for over 65-year-olds. Seniors or caregivers must thoroughly research and ensure the chosen company offers competitive rates, lucrative terms, and adequate financial stability. It will give them peace of mind knowing that their money is safe.