Best Life Insurance for Seniors
April 2024
As we age, securing a life insurance policy becomes increasingly important to protect our loved ones and secure their financial future. Check out our list of the best life insurance options for seniors and find the right policy to fit your unique needs and budget. We recommend you request rates from at least three of the following companies to see which one offers the best life insurance quote.
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Purchasing a life insurance policy when you're older is more expensive, and it's harder to get approved. Term life insurance premiums, for example, costs approximately 10% more every year you wait. That is why it is usually better to shop for life insurance when you're younger. However, there are many reasons why you may need life insurance coverage when you're older. Maybe you lost your employer-sponsored life insurance, or your existing term life insurance expired, and you are still financially responsible for family members.
If you're in the market for life insurance and you're over 60, the list above is a good place to start.
Do seniors even need life insurance?
Although many people don't need life insurance when they are retired, there are plenty of situations where seniors may benefit from life insurance. For example, you may need life insurance if you are in any of the following circumstances.
- Your kids are still young.
- You're still in debt.
- You just want to pay your final expenses.
- You have a large estate. If you're considering life insurance as part of a tax mitigation strategy, talk with a professional estate planner first.
- You just want the peace of mind of knowing your loved will be provided for upon your death.
What kind of life insurance should seniors consider?
Seniors can purchase most of the life insurance policies available to younger people. However, that doesn't mean that all policies are made equal. Here are some of the life insurance options that are most likely to be a good fit for seniors.
Usually, term life insurance is the best option for seniors. It offers inexpensive and straightforward coverage without complicated things with investment options. A term life insurance policy can be a good option if you need to final expenses, debts, or provide financial assistance to your children or spouse for a set amount of time.
- Guaranteed Level Term. It offers a level benefit amount and level premium amount throughout the full term. The term typically maxes out at 20 years.
- Annual Renewable Term allows you to renew your term life insurance policy every year for a set period. For example, you could renew your policy every year for up to 5 years.
- Decreasing Term insurance provides, as you might have guessed, a death benefit that decreases every year. The premiums are usually the same throughout the term of the policy, but they are cheaper than other options because of the decreasing payout. This is a popular option for people who want coverage against their debt.
Frequently asked questions
Should seniors go with a no medical exam policy?
The answer depends on your medical history and current state of health. Although it is possible to get a no medical exam policy, you should probably consider getting one with a medical exam if you are in good health. The healthier you are, the less likely you are to die before your policy expires, which reduces the cost. However, some seniors may be better off considering a policy that does not require a medical exam. The carriers below offer no-medical exam policies.
SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more
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What is the best life insurance policy for seniors?
Although there isn't a one-size-fits-all answer to this question, a term life insurance is usually the best option for seniors. This is because term life insurance offers the most coverage at the lowest price, and it provides coverage for a set number of years. However, there are circumstances when other insurance policies are a better fit. The insurance carriers listed above offer a wide variety of policies to consider.
Who has the cheapest life insurance for seniors?
It depends on who is asking. Insurance carriers have different underwriting guidelines, so the cheapest insurance company for one person may be expensive to someone else. That is why it is so important to compare multiple companies before you make a decision. Decide what coverage you need and ask for a quote from at least three companies. You may be surprised by how much you can save.
Can a 70-year-old get life insurance?
Yes, most people can purchase a life insurance policy. However, it's important to learn about the different kinds of policies available to people 70 years of age and older. The companies listed above have a wide selection of options for seniors.
What is the best life insurance for seniors over 70?
It all depends on what type of insurance you need, the term you want, and what endorsements you are looking for. Comparison shopping is always smart when shopping for life insurance, but it's particularly important when you are older. Get quotes from multiple insurance carriers to ensure you have the best possible coverage and price. One insurance policy that many seniors over 70 look for is Guaranteed Life Insurance (GUL). It is similar to a term life insurance because it does not build cash as you get older. Still, it is cheaper than other universal policies and guarantees coverage until a specific age (up to 121 years).
How to find the best life insurance for seniors?
As mentioned above, there are too many options available to say which company or policy is the best for all seniors. It all depends on your age, health, the type of coverage you need, and your personal preferences. To find the best life insurance for you, follow these three steps.
- Determine how much coverage and the type of life insurance policy you need.
- Apply for a quote with at least three insurance companies.
- Choose the company that combines competitive rates and coverage with solid financials and excellent customer service.
The list above is a great place to start your search.
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SuperMoney
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