Are you looking for the best life insurance for seniors over age 60, 70 or 80? We’ll go over the best life insurance companies, give sample rates and provide expert tips to help you select the company that’s best for your particular needs.
It’s a fact that the older you get your options for life insurance changes. Seniors are the leading group of people who want life insurance but are not sure what they will qualify for or what it will cost them. Seniors just want to know their family will be protected once they pass away, giving them needed peace of mind.
That said, it doesn’t matter how old you are, there are life insurance options available for everyone.
We calculated the cost of coverage for ages
60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80
Life Insurance For Seniors
For many seniors, this may possibly be the last life insurance policy that you may buy. Purchasing the best life insurance policy now is even more important than ever.
When recommending life insurance policies for seniors, we take into consideration more than your age. Your health, lifestyle, preexisting health conditions and your needs are all analyzed. Once all the information has been gathered, we will provide you with the best life insurance for your age group.
You will be shown all of the policies that are available you, whether you are looking for:
- Term vs whole life
- Guaranteed acceptance life
- Insurance with no medical exams
- Universal life or
- Survivorship life
Life insurance isn’t just for the young especially today. People are living healthier and longer lives today. You need to have a life insurance policy that will fit your needs and that of your family.
Best Life Insurance Companies For Seniors
Top 10 Best Life Insurance Companies For Seniors
Here are the Top 10 life insurance companies for senior citizens. (Actually we have 13, but Top 10 sounds better!
- Assurity
- American National
- Banner Life
- Fidelity Life
- Foresters
- Gerber Life
- Lincoln Financial
- Minnesota Life
- Mutual of Omaha
- North American
- Prudential
- Transamerica
- United Home Life
Here are, what we believe, are the best life insurance companies for seniors. Let’s look a little deeper into these life insurance companies for seniors and why they are in our top 10.
They offer whole life insurance, term life insurance and life insurance riders that will fit your needs. The following life insurance companies are considered the very best of life insurance providers for those who are age 65 plus.
Assurity
If you purchase whole life insurance from Assurity, you will be covered from the day you sign the agreement. If you are under 65-years-of-age, you can get up to $50,000 but if you are over 65, the most you will get is $25,000. This amount would be best for those that only need coverage for funeral expenses and other expenses.
You will have to answer questions regarding your health before the policy can be underwritten. If you are looking for a policy to specifically cover your funeral expenses and burial costs, Assurity’s policy is a really excellent choice.
Level Death Benefit $5,000 to $50,000: A level death benefit means that the full death benefit shall be paid when a natural or accidental occurs.
Graded Death Benefit $5,000 to $35,000: Graded Death benefit means there is a waiting period for the full death benefit. During the waiting period, there is a modified benefit. Here are the specifics:
- 40% of the death benefit will be paid in year one for death due to natural causes
- Year 2 it increases to 75% of the death benefit will be paid for natural death
- 100% of benefit will be paid by year three and beyond.
- At any time during the policy, the full death benefit will be paid for an accidental death only.
Modified Death Benefit $5,000 to $25,000: Once again, the entire death benefit shall be paid for an accidental death only. If death is from natural causes, then 110% of the annual premium will be paid and returned for year one. For year two, 220% of annual premium will be returned. For year three and beyond, 100% of the actual death benefit will be paid.
LifeScape NonMed 350
- LifeScape NonMed 350 is a term life insurance policy
- 10 and 15 year level term lengths for ages 18-65
- 10, 15 and 20 year term lengths for ages 18-60
- This is a Simplified Issue policy. This is a no medical exam policy for applicants up to age 65
- Payout amounts are $50,000 to $350,000
- Term life can be converted to a permanent life insurance product
- No Graded Benefit. This means there is no waiting period and there is day 1 coverage.
LifeScape Simplified Whole Life Insurance
- LifeScape Simplified Whole life is a Final Expense policy
- If you’re between the ages of 0-80, you can apply for level death benefit [Day 1 coverage]
- For ages 40-80, you can apply for Assurity’s graded or modified death benefit
- Death benefits range from $5,000 to $50,000
- No exam policy for up to age 80, but you need to answer health questions.
- If you answer “no” to all the application health questions, you can qualify for their level death benefit coverage
- The qualification of Assurity’s Graded and modified death benefit is determined by application health questioned answered “yes”
- Guaranteed cash values are guaranteed
For more, see our Assurity Life insurance company review
American National (ANICO)
One of the great advantages of American National’s underwriting is that they have pretty flexible health criteria for applicants age 61 and above. They allow for higher BMI (body mass index), blood pressure results and cholesterol ratios.
Some the other areas that ANICO is strong:
- Smokeless tobacco and cigar users that only use 2 times a month or less can qualify for ANICO’s preferred plus health class.
- If you have sleep apnea & it’s controlled well, you may qualify for their preferred health class.
- Depending on severity, depression or anxiety may qualify for their preferred health class.
- If you’re diabetic and have a controlled history, you may qualify for a standard plus health class.
ANICO Signature Term Express
ANICO’s Signature Term is a convertible term life insurance policy. American National’s policy may be converted from their term policy to a permanent policy. The conversion option must be made by the end of the 5th policy anniversary or age 65. If you purchase this policy at age 60, you’ll want to look into conversion as soon as possible.
- This is ANICO’s Term Life Insurance product
- This is a simplified issue policy. There is no medical exam required up to age 65
- Face amounts are from $50,000 to $250,000
- 10 and 15 year term lengths for ages 18-65
- 10, 15 and 20 year term lengths for ages 18-60
- 10, 15, 20 and 30 year term lengths for ages 18-50
- Term can be converted to Permanent policy
- Living benefit riders of chronic, critical and terminal are included at no cost
- Day 1 coverage
Signature Guaranteed Universal Life Insurance Express
ANICO’S Signature Guaranteed Universal Life (GUL) can provide you permanent life insurance coverage for less than other types of permanent life policies. ANICO’s GUL will often have one of the cheapest premiums, which makes it an excellent option when you are trying to find lifetime coverage vs cash value accumulation.
- Universal Life Insurance
- Coverage guaranteed to age 121
- Simplified no medical exam underwriting up to age 65
- Coverage amounts range from $25,000 to $250,000
- Ages 18-65 can qualify for express no medical exam underwriting
- Available health classification of Standard
- Comes with living benefit riders of chronic, critical and terminal
- Comes with a built in return of premium feature
- 100% of death benefit will be paid from day one
Legacy Whole Life
This whole life insurance policy is a guaranteed issue product with no medical underwriting. Legacy Whole Life is available in coverage amounts of up to $25,000 and is being offered to applicants age 50 through 80. The Legacy product is an outstanding solution for applicants shopping for final expense or burial insurance. Similar to other guaranteed issue policies, there is a two-year waiting period for death due to natural causes.
- Guaranteed issue whole life insurance
- No exam and no health questions
- Coverage amounts up to $25,000.
- Offered to applicants ages 50-80.
- 2 year Graded Death Benefit
- Death from natural causes during first 2 years: policy returns 110% of the paid premiums
- You can get approved in as fast as 5 minutes.
- Premiums are fixed & so is the death benefit.
- Great option for burial or final expenses.
For more, see our American National Life insurance company review
Banner Life
Banner Life Insurance (Legal & General) is a great life insurance company for shoppers who are considered a health risk. Banner offers some of the lowest rates and most competitive life insurance policies for seniors. Banner offers you the choice of either term life insurance or universal life insurance coverage.
OPTerm Life Insurance
- Banner provides a renewable and convertible term life insurance.
- Banner provides the option to renew their term life to age 95. Most companies only offer their policies to be renewed up to age 90. Banner is a great option compared to the competition.
Life Step UL Universal Life Insurance
- Banner offers a level premium universal life policy
- Life Step UL is Banner’s permanent policy if you need lifetime coverage.
For more, see our Banner Life insurance company review
Fidelity Life
Fidelity Life is one of the best companies that we recommend to seniors. It is one of the very best no medical exam life insurance companies as well. Their hybrid term life insurance policy will allow seniors to get life insurance coverage in as a little as 48 hours. The policy provides one-third of your coverage for term life insurance and the rest for accidental death insurance.
Please note, you are given the option to take a medical exam up to 6 months after signing up. If you pass the exam, you can turn your policy into a traditional policy. If you don’t, not to worry, your existing policy will stay in force.
Rapid Decision Express (Simplified Issue)
- Rapid Decision Express is a term life product
- No medical exam required up to age 65
- Coverage ranges from $25,000 to $250,000
- 10 year term for ages 18-65
- 10 & 15 year term for ages 18-60
- 10, 15 & 20 year term lengths for ages 18-55
- Day 1 coverage
Rapid Decision Senior Life Term
- Rapid Decision Senior Life is a term life product
- No medical exam required up to age 70
- Coverage ranges from $10,000 to $150,000
- 10, 20 & 30 year terms for ages 50-55
- Ages 50-55 $10,000 – $150,000
- 30 year terms for ages 56-60
- Ages 56-60 $10,000 – $100,000
- 10 & 20 year terms for ages 56-65
- Ages 56-65 $10,000 – $100,000
- 10 year term length for ages 66-70
- Ages 66-70 $10,000 – $50,000
Between policy years 1-3: If death should occur from natural causes or a non-accident, premiums paid plus 5% interest will be returned. If death occurs from an accident, the full death benefit will be paid.
Once the 4 year of the policy is reached and beyond: 100% of your death benefit will be paid no matter the reason of death.
Rapid Decision Senior Whole Life
- Rapid Decision Senior is a Whole Life Insurance policy
- No medical exam policy up to age 85
- Coverage from $10,000 to $150,000
- For ages 50-55: $10,000 – $150,000 benefit amounts
- For ages 56-65 $10,000 – $100,000 benefit amounts
- For ages 66-75 $10,000 – $50,000 benefit amounts
- For ages 76-85 $10,000 – $25,000 benefit amounts
Policy Years 1-3: The full death benefit will be paid if death results from an accident. If death occurs from a non-accident, the death benefit will only be premiums paid plus 5% interest.
Policy Year 4 and beyond: 100% of the death benefit will be paid regardless of type of death.
For more, see our Fidelity Life insurance company review
Foresters
Even though not one of the best-known life insurance companies, they provide one of the very best life insurance policies and coverage for seniors. Foresters will not walk away from getting you covered, even if you have a serious medical history. Another important factor for seniors, they have very competitive pricing. This is also a very important factor if you are already retired.
Your Term 10
- Term Life Insurance
- No Exam needed for up to $99,999.
- Coverage ranges from $50,000 to over $1 million.
- 100% of death benefit will be paid from day one
Advantage Plus Whole Life Insurance
- Traditional Whole Life Insurance
- Ages 80+ can apply
- Fully underwritten policy which requires an exam
- Death benefits range from $25,000 to over $1 million.
- Level death benefit coverage
- Guaranteed cash values
PlanRight Whole Life Insurance
- Final Expense Whole Life Insurance
- You can apply between the ages of 50-85
- No medical exam required up to age 85
- Coverages from $2,000 to $35,000
- 3 benefits available: Level coverage (Day 1), Graded benefit and Modified
- To qualify for level death benefit you will need to answer “no” to all qualifying questions
- A graded death benefit is determined by any “yes” answers to the application
For more, see our Foresters life insurance company review
Gerber Life Insurance
The Gerber Life Guaranteed Life Insurance Plan can provide you valuable whole life insurance coverage to help cover final expenses, such as medical bills, funeral costs and any debts.
Gerber is probably best known for their life insurance policies for children. That said, it goes well beyond most leading insurance providers for seniors and they deserve their excellent reputation.
Gerber Life Insurance offers no health questions or medical exams for older people who simply want coverage for the expenses and/or burial costs Most seniors who are not insurable by most life insurance providers because of medical conditions, Gerber Life Insurance will give them a great policy. This is why we highly recommend their policies to seniors over and over again!
Gerber Life Insurance Guaranteed Issue
For more, see our Gerber Life Insurance Company review
Lincoln Financial
The Lincoln Financial Group offers senior life insurance coverage for people who are 70 years-of-age or older. They also offer term life insurance policies for seniors who are over the age of 80. The company also offers a body mass index chart for males and females who are 70 years-of-age and up!
Not only are they offering competitive senior life insurance rates and policies, they are ranked among the top 3 companies offering very affordable prices for seniors who are 70 years-of-age and older. The only downside, they will not consider anyone who has not seen their physician over the past 12 months. If interested in this company, you might want to take care of that first!
Lincoln LifeElements
For more, see our Lincoln Financial life insurance company review
Minnesota Life
Minnesota Life is the new kid on the block for offering life insurance coverage to seniors. They have scored in first place for senior term life insurance in a lot of different categories.
Minnesota Life Insurance is considered one of the very best term life insurance companies and offers excellent policies for seniors anywhere in the marketplace. Also, you might be interested in Minnesota Life through Securian Life which has excellent cash value life insurance policies. That’s all that needs to be said about this top-ranking insurance company.
Securian is the parent company of Minnesota Life Insurance Company. They have been provided with very high ratings from the top insurance ratings agencies. These include:
- A+ from A.M. Best. The 2nd highest of a possible 16 total ratings.
- AA from Fitch. The 3rd highest of a possible 19 total ratings.
- Aa3 from Moody’s Investors Service. The 4th highest of a possible 21 total ratings.
- A+ from Standard & Poor’s. The 5th highest of a possible 23 total ratings.
For more, see our Minnesota Life insurance company review
Mutual of Omaha Life Insurance Company
With Mutual of Omaha, you can add up to $25,000 to provide to your family’s financial safety. This can be done with no medical exam and it’s GUARANTEED!
You can now secure coverage and add $3,000, $5,000, $10,000, even up to $25,000 in life insurance coverage for your family’s financial protection.
- There is no medical exam is needed
- Coverage is available for ages 45-85
- Your policy is guaranteed!
Mutual of Omaha’s coverage offers a few important guarantees that provide you exceptional value:
1. Your life insurance benefits will NEVER decrease due to your age or changes in health status.
2. Your life insurance rates will NEVER go up as you get older or if you were to develop health issues.
Let’s look into two of Mutual of Omaha’s most popular plans:
Term Life Express
- Term Life Insurance
- No Medical exam required up to age 65
- Coverage ranges from $25,000 to $300,000
- Day 1 coverage.
Living Promise Whole Life
- Final Expense Whole Life Insurance
- Available for ages 45-85
- No Medical exam required up to age 85
- Coverage ranges from $2,000 to $40,000
- Graded and Level benefits are available
- You need to answer “No” for all application questions to qualify for Level coverage
- If you answer “Yes” to any of the application questions, a Graded death benefit will be determined
For more, see our Mutual of Omaha Life insurance company review
North American Company
Through hard work and great policies, North American Company is one of the best life insurance companies for seniors who are 60 plus years-of-age. They hold an excellent A+ rating from A.M. Best especially due to their senior clients. They provide very inexpensive rates for life insurance coverage.
ADDvantage Term
- Term Life Insurance
- Maximum issue age is 75
Custom Guarantee
For more, see our North American Life insurance company review
Prudential
Prudential is a very well-known company for more reasons than just their years of good marketing. Prudential’s Pruco Life Insurance Company has policies that should turn anyone’s attention toward them. They have excellent policies that include special situations for seniors. Prudential also offer special underwriting guidelines that will definitely work in your favor if you are:
- A tobacco user
- A cancer survivor
- You require diabetic life insurance
Their guidelines will help you get the coverage you are looking for no matter what your circumstances. They are also one of the most affordable premiums on the block!
Prudential Elite 10
- Term Life Insurance
- Maximum issue age is 75
Prudential Essential 10
For more, see our Prudential Life insurance company review
Transamerica
Transamerica Life Insurance Company is the go-to company for seniors. They continually offer the very best whole and term life insurance for people who are 70 years-of-age or older. Adding to that, unlike many other life insurance companies, they also offer term life policies for those who are 80 years-of-age or older! This company is known for working with senior clients, not setting up roadblocks to prevent them!
Transamerica goes beyond the call of duty with their underwriting policies for seniors. As an example, if you are 71 years-of-age or older and your blood pressure is 145/85. you will more than likely qualify for their best rate class. You will also rank for their best rate and premium class if your cholesterol level is up to 5.5. Most other providers will only allow your cholesterol level to reach 4.5.
They also provide some of the very lowest rates and premiums on life insurance for seniors who over the age of 75. This, alone, ranks Transamerica as one of the top choices among most older clients.
Transamerica Trendsetter LB 10
- Term Life Insurance
- Maximum issue age is 80
- Living benefits
Transamerica Trendsetter Super 10
- Term Life Insurance
- Maximum issue age is 80
Immediate Solution
- Final Expense Whole Life Insurance
- No Medical exam required for ages 0-85
- Coverage ranges from $1,000 to $50,000
- Guaranteed cash values
- Day 1 coverage
Easy Pay Solution
- Final Expense Whole Life Insurance
- No Medical exam for ages 18- 80
- Death benefits range from $1,000 to $25,000
- Guaranteed cash values
- 2 year graded death benefit
For more, see our Transamerica Life insurance company review
United Home Life
United Home Life is a great carrier with 3 no medical exam options.
Express issue deluxe
- No medical exam whole life insurance
- Issue ages from 20-80
- Coverage amounts from $5,000-$50,000
- Includes Terminal Illness Accelerated Benefit Rider
- Available child rider and accidental death benefit
- Day 1 coverage
Express Issue Premier
- No medical exam Graded Benefit whole life insurance
- Issue ages from 20-80
- Coverage amounts range from $5,000-$100,000
- Maximum $100,000 for ages 20-60
- Maximum $50,000 for ages 61-80
- Guaranteed cash values
- 100% of death benefit coverage from day one
Express Issue Whole Life Graded Benefit
- Graded Death Benefit Whole Life Insurance
- Ages 25-80 can apply
- No Medical exam required
- Death benefits from $2,000 to $25,000
- 2 year graded death benefit
For more, see our United Home Life insurance company review
IMPORTANT! As a smart life insurance shopper, you need to know that there are over a 100 companies and policies to choose from. The above life insurance providers maybe just what you are looking for or they might not be. Make sure you work with an independent agent to make sure you don’t apply with the wrong company.
Best life insurance for seniors over 60
Get started with an instant life insurance quote and your free consultation in order to make sure you will apply for the right life insurance company for seniors.
Above and beyond all else, you want to ensure your family will get the care and peace of mind that should be provided by the best life insurance policy, no matter what your needs for death benefits might be.
How expensive are premiums over age 60?
In many cases, seniors pay higher life insurance premiums, especially if they are getting life insurance for the first time in comparison to younger people. Life insurance rates by age vary considerable, especially for seniors. We can help people of all ages and backgrounds to get the best life insurance coverage that works best for them.
There are many available options for many life insurance companies so we will help you find the best life insurance policy that is also very affordable.
Sample life insurance quotes for seniors ages 60-69
The following sample quotes are for 10 year term life insurance based on male preferred plus non-tobacco monthly premiums. You musht qualify for rates are they are subject to change.
| Ages | $100,000.00 | $500,000.00 |
$750,000.00
|
| 60 | 28.55 | 112.56 | 166.63 |
| 61 | 32.59 | 126.85 | 187.4 |
| 62 | 36.84 | 141.09 | 208.64 |
| 63 | 38.67 | 157.12 | 232.7 |
| 64 | 40.51 | 175.55 | 260.34 |
| 65 | 42.35 | 187.25 | 277.81 |
| 66 | 54.34 | 219.64 | 326.89 |
| 67 | 64.05 | 237.25 | 352.69 |
| 68 | 69.21 | 256.5 | 381.54 |
| 69 | 73.41 | 283.01 | 421.3 |
Sample life insurance quotes for seniors ages 70-79
The following sample quotes are for 10 year term life insurance based on male preferred plus non-tobacco monthly premiums. You must qualify for rates are they are subject to change.
| Ages | $100,000.00 | $500,000.00 |
$750,000.00
|
| 70 | 79.36 | 319.34 | 475.81 |
| 71 | 97.78 | 365.09 | 544.42 |
| 72 | 109.31 | 417.67 | 623.29 |
| 73 | 121.19 | 480.94 | 718.2 |
| 74 | 127.49 | 557.46 | 832.98 |
| 75 | 133.79 | 644.44 | 963.59 |
| 76 | 155.75 | 754.25 | 1128.31 |
| 77 | 177.71 | 864.06 | 1293.03 |
| 78 | 199.68 | 973.88 | 1457.75 |
| 79 | 221.64 | 1083.69 | 1622.47 |
Sample life insurance quotes for seniors age 80+
The following sample quotes are for 10 year term life insurance based on male preferred plus non-tobacco monthly premiums. You must qualify for rates are they are subject to change.
| Ages | Benefit | $100,000.00 | $500,000.00 | $750,000.00 |
| 80 | 243.61 | 1193.51 | 1787.19 |
| 80+ | NA | NA | NA |
Types of life insurance for seniors
Looking for life insurance can be a little overwhelming when it comes to the various terms including death benefits, final expenses, and guaranteed acceptance. It can be even more complicated if you have a serious health risk or preexisting health conditions.
We are going to go over these options and other vocabulary to help you find the right policy for you as easily as possible.
Final Expense Life Insurance
Not everyone needs a big life insurance payout amount when getting a policy.
Final expense is a type of life insurance policy designed to cover:
- The expenses of the policyholder’s funeral costs.
- Take care of your final expenses which includes your debts.
This policy, similar to guaranteed acceptance, will help pay outstanding bills, medical expenses, and burial costs. The major difference, you may have to answer a few more health-related questions in order to qualify.
If you do have health issues or pre-existing conditions, it might be a great deal easier to apply for guaranteed acceptance instead. It will depend on the condition and the severity. That said, you might want to get with a life insurance expert to find the right policy for you as everyone’s situations are different.
Is Final Expense the best type of life insurance for seniors?
If you’re only needing a small policy or you have some significant health conditions – then a Final Expense policy is recommended. If you’re in good health, a term life insurance policy could be a better options (and cheaper).
Guaranteed Issue Life Insurance
With a Guaranteed Issue life insurance policy, you do not have to answer medical questions which is not the case with other life insurance policies. Everyone medically qualifies and your age is possibly the only reason you may not qualify. This life insurance policy will pay your outstanding medical expenses, funeral costs, and your unpaid bills.
Is Guaranteed Issue the best type of life insurance for seniors?
Guaranteed Issue life insurance, for many seniors, is the best policy to go with. One, it’s much easier to get vs other kinds of life insurance. If you have medical issues or a preexisting health condition, you can still qualify for this policy quite easily because there are no health questions.
Important! There are 2 major things to point out with Guaranteed Issue life insurance policies.
- There typically is a Graded Benefit with Guaranteed Issue life insurance. Graded Benefit is a fancy way of saying there is a waiting period on the death benefit. For example, Gerber Guaranteed Issue Life policy has a 2 year Graded Benefit, the entire death benefit would be paid if you were to die after 24 months.
- The benefit amounts are small with a maximum payout around $25,000
Term Life Insurance
People overall are living longer is a great thing…
…but it can be quite expensive for seniors on a fixed budget to truly enjoy those additional retirement years.
Finding affordable short term coverage doesn’t need to be difficult. Let’s look into how to shop for life insurance the smart way.
A term life insurance policy pays your named beneficiary a death benefit if the policyholder dies within the specified period of time of the policy. You simply pay a fixed premium for term length. The most popular term lengths are:
- 10 year term life is available for ages 60-75+
- 15 year term life is available for ages 60-75
- 20 year term life is available for ages 60-70
- 25 year term life is available for ages 60-65
- 30+ year terms are not available over age 60
The majority of life insurance companies offer the ability to convert your term policy into one of their permanent life insurance policies. When you convert your term policy, you won’t have to go through underwriting or take a medical exam. You’ll qualify for the health class that you received when you bought your term policy.
Important! It’s important to know your conversion details. It is very possible that your health could decline to the point where you may become uninsurable and declined if you were to try and buy a brand new policy. Conversion is an excellent safety net.
Term life insurance age limits for seniors
It’s great to have options when you’re shopping for life insurance. However, you need to know that there are age limits to buying term life insurance. Here is a breakdown of the age limits for 10 year term life:
| LIFE INSURANCE PRODUCT | MAXIMUM ISSUE AGE |
| Protective Custom Choice 10 | Maximum issue age is 75 |
| AG Select-A-Term 10 | Maximum issue age is 80 |
| Accordia 10yr Term | Maximum issue age is 75 |
| American National Signature Term 10 | Maximum issue age is 70 Minimum face amount is $250,000 |
| American National Signature Term 10 Express | Maximum issue age is 70 |
| Assurity Term Life Ins 10 | Maximum issue age is 75 |
| AXA BrightLife | Maximum issue age is 75 Minimum face amount is $500,000 |
| Banner OPTerm 10 | Maximum issue age is 75 |
| Brighthouse Guar Level Term 10 | Maximum issue age is 75 Minimum face amount is $1,000,000 |
| John Hancock Term 10 | Maximum issue age is 80 |
| John Hancock Term 10 w/ built-in Vitality | Maximum issue age is 80 |
| John Hancock Term 10 w/ Vitality rider | Maximum issue age is 80 |
| Lincoln LifeElements 10 | Maximum issue age is 80 Minimum face amount is $250,000 |
| Minnesota Life Advantage Elite Select 10 | Maximum issue age is 54 |
| Nationwide YourLife Guar Level Term 10 | Maximum issue age is 70 |
| NorthAmer ADDvantage 10 | Maximum issue age is 75 |
| Penn Mutual Guaranteed Term 10 | Maximum issue age is 70 Minimum face amount is $250,000 |
| Principal National Life 10 | Maximum issue age is 80 Minimum face amount is $200,000 |
| Principal National Life 10 | Maximum issue age is 62 Minimum face amount is $200,000 |
| Protective Classic Choice Term 10 | Maximum issue age is 75 |
| Prudential Elite 10 | Maximum issue age is 75 |
| Prudential Essential 10 | Maximum issue age is 75 |
| Security MTlNY LT Security Plus 10 | Maximum issue age is 75 |
| Symetra 10 Year Term | Maximum issue age is 80 Minimum face amount is $500,000 |
| Transamerica Trendsetter LB 10 | Maximum issue age is 80 |
| Transamerica Trendsetter Super 10 | Maximum issue age is 80 |
| United Omaha Term Life Answers 10 | Maximum issue age is 80 |
Is Term the best type of life insurance for seniors?
If you’re looking for a payout or benefit amount that is over $100,000 or you’re in relatively good health – term life is recommended.
PROS: For most shoppers, term life insurance will be the least expensive options that is available. You will need to take a medical exam with a fully underwritten term life insurance policy.
CONS: Term Life could actually end up costing you more if you are a senior because you are getting closer to your life expectancy. If term life is what you want, make sure you get a policy that will lock you in for the number of years you need. Otherwise, once the policy ends, you will have to start a new policy that will cost more.
Term Life is Ideal for a Little Extra Coverage
You may already have life insurance coverage, but you are realizing now that it won’t be enough to cover funeral expenses, estate taxes, hospital care, and any outstanding debt that isn’t paid off in time.
There are affordable short-term term life insurance policies that will give you the additional coverage you need at a price that won’t break the bank. For example, you may only be looking for a 10 or 15 year term life policy.
You don’t have to pass the burden of your final expenses onto your family.
Term life insurance is the least expensive type of coverage because it is only issued for a fixed amount of time.
The lower rates allow senior citizens who live on a fixed budget the ability to secure more coverage without having to cut back on their other necessary expenses like food and medication.
Just make sure to first shop around and request various term life quotes, because some insurance companies’ rates can be drastically more expensive.
No Medical Exam Life Insurance
As the name implies, no medical exam life insurance means you do not have to take a medical exam and still qualify for this policy.
No Medical Exam life insurance is recommended for:
- Anyone who wants a policy issues quicker
- Anyone who hates needles
- Have some risky health conditions
- Anyone who does not want the inconvenience of a medical exam
Is No Exam the best type of life insurance for seniors?
This is an excellent option for seniors because it will save time and effort on your part and, in many cases, getting a no medical exam life insurance policy you will literally go from the application process to acceptance within 24 hours. Again, as everyone’s circumstances are different, you might be asked questions regarding your medical health during the application. If that bothers you, go for the guaranteed life insurance to avoid questions or providing your medical history.
There are many life insurance companies that provide No Exam policies. Each company varies in how quickly they approve and issue their life insurance policy. Some approve instantly. Some range from 24 hours to a couple weeks.
No Exam life insurance policies typically cost more compared to fully underwritten policies. However, more companies are offering No Exam life insurance and prices are now much more competitive.
For more, see our No Exam Life Insurance Reviews
Survivorship Life Insurance
This is an insurance policy that is created between two people and is most beneficial if you have large estate taxes. Survivorship Life Insurance will help your family and/or heirs to inherit your estate and avoid liquidation of your assets.
Keep in mind, this policy does not pay out until the second person on the policy has passed away. That’s why this policy is also commonly referred to as the second-to-die insurance.
Business Life Insurance For Seniors
What if you’re looking for life insurance policy for business?
If you are an owner or co-owner of a business, you want to consider what to do should you retire or pass away. In most cases getting a business life insurance policy is vital to keeping the business as it was intended. Seniors should consider a key man life insurance or life insurance to fund a buy-sell agreement. You will be provided with a policy to pass on your business to someone else, to members of your business or allowing you time to sell your business.
Death Benefits
This simply means that the amount of money that your beneficiary will receive from your life insurance policy only at the time of your death.
Face Amount
This is the amount of money your beneficiary will receive when you, as the policyholder, passes away. This is actually the death benefits from the policy.
Top reasons why seniors over age 60 need life insurance
Let’s see some of the top 10 reasons why life insurance is important when you’re in your 60s, 70s and 80s.
- Paying off debts.
- Provide financial support of a child or spouse.
- Help with your loss of income to a loved one.
- Credit protection.
- Legacy gift to your grandchildren or children.
- Charity
- Have additional income by using the cash surrender of a permanent life insurance policy.
- Protection from estate taxes.
- Use your life insurance policy in order to collateralize a loan.
- Help pay for the care of a disabled family member.
What is the best life insurance for seniors?
The best life insurance for seniors will often depend on the reason for life insurance. You are still able to secure term life insurance in your 60s and 70s. Your goal might simply be to provide income replacement in the short term before you retire.
However, your situation might be financially more complicated than that. You may need life insurance for estate planning. This is where permanent life insurance such as Whole Life or Guaranteed Universal Life insurance may be more appropriate. For example, a guaranteed universal life insurance to age 100 policy will provide coverage from now to age 100.
Tips For Getting The Best Life Insurance For Seniors
Life insurance companies are in one of the most competitive markets in the world. They are brilliant and experts in looking at data and finding out how to price their products.
You’d think that if you’re in your senior years that your age and possibly imperfect health would make life insurance too expensive. The opposite can actually be true.
Life insurance companies give seniors breaks for several underwriting areas such as your height/weight, cholesterol and blood pressure. These breaks will be different from company to company, but they’re significant.
1. Know your risk factors
It really doesn’t matter what your age is if you smoke or have a job/hobby that is considered risky. Chances are, you will pay a premium even if you are a senior citizen. Probably the only one exception will be if you developed diabetes later on in life. In other words, if you developed diabetes when you turned 55, you will have a better rate class than someone who developed diabetes at 45. Depending on the type of policy you choose and the life insurance underwriting that is used, your rate can vary significantly based on your health.
2. Get life insurance sooner than later
The bottom line, the sooner you purchase life insurance, the cheaper it’s going to be. By rule of thumb, if you wait until you turn 65, the higher your rates are going to be. The younger you are, the lower your premium will be.
3. Choose the best policy available
This is why it’s really important that you weigh your options and get a policy that is the best for you. If you simply get a policy that is less expensive or has options that, in the long run, will not be beneficial to you. Bottom line, down the road you will probably regret it. Decide if you should go with Permanent Coverage vs Term Life.
4. Shop wisely
Life insurance is one area where many seniors are unknowingly overpaying, even if it is a policy that was started back when they were still young and healthy.
This is especially true if your term life insurance policy has expired and your rates have increased since expiration.
Comparing quotes with an independent life insurance agency will allow you to get quotes from the top life insurance companies and find the best rates.
Most shoppers don’t know where to get the best rate. Can I save money buying direct from the life insurance company? What about life insurance companies in general? Do all life insurance companies look at you the same?
These are some of the most popular questions we receive from shoppers. We put together several articles on how to shop and save the most money here:
You’re Not Too Old for New Coverage
Don’t assume that it will be too difficult to find an insurance company that is willing to cover you just because you are over the age of 55. If you are still healthy and willing to take a physical then you will be able to get the best rates possible.
There are also option to buy no medical exam life insurance for seniors.
If your health isn’t optimal, we also specialize in high risk life insurance and can help you get coverage as well. Even well into your 70s you still have options that are worth investigating.
Unfortunately, that doesn’t mean you should wait until you are 70 to purchase term life insurance. It still works the same way as all other forms of life insurance, and your rate will be based partially on your age.
You can still get reasonable rates into your 60s, but the younger you are when you get a policy, the better the rate will be.
Final thoughts
Hopefully, this information will help you as a senior citizen to find the best life insurance policy for your needs. No two people have the same needs or situations so shop around to ensure you are purchasing the best life insurance for you. If you have questions or concerns, please contact us! We’d be glad to help you find policies that match your lifestyle, family considerations, and/or business needs.
Life Insurance Blog is an independent life insurance broker. Simply put, we shop from dozens of the best life insurance companies in the market to find the one that is best for your specific situation. Our goal is to help seniors get the best rate and policy that is right for them. We’ll help you from start to finish, answer all your questions and help you through the entire process.
We’ll go over the top life insurance companies and policies that will provide you with the best coverage and premiums available. The insurance companies and product available to you will depend on your given situation as well as what you are looking for.
To learn more about life insurance, make sure to visit our Life Insurance 101 page.
