Best Life Insurance for Seniors for 2020: Our Top 5 Options – Get your quote online

There are some good reasons to buy life insurance as a senior or simply as an older adult. First of all, we will provide you with our best choices for life insurance for the elderly. So we will dive deeper into each of these life insurance choices to let you know why we chose these companies. Finally, we will talk about the pros and cons of buying life insurance in old age. Policygenius Before launching our best choices, we want to mention a good option to consider called Policygenius. This company offers a direct comparison of the best life insurance policies for the elderly. Use the criteria aggregator tool to get a comparison of the best criteria options so you can easily find the best choice for you. It makes finding a policy quick and easy. Related: Policygenius Review's Shortcuts: Our Five Best Life Insurance Options for Seniors When buying life insurance, it's important to get more quotes. We have collected estimates from each of these companies that offered an online quote option. The estimate is for a healthy 55-year-old woman with a healthy body mass index. We reviewed the $ 500,000 policies over a 10 year period. Here are our top five life insurance choices for seniors: CompanyPolicy CostWhy we love Haven Life $ 61.83 / month Not written by MassMutual, but with a simple online registration process. AIG Life $ 41.00 / month Low Rates North American Life and Health Insurance Company $ 67.32 / month Minimum Minimum Amounts OmahaN / AN Mortgage No exam required for up to $ 100,000 coverage Our top five choices in detail We have already listed our top five life insurance choices for seniors in the table above. Here, we will explain in detail why we chose these particular companies and which one is the best. Haven Life Haven Life was created by MassMutual, which has a lot of products and an A ++ A.M Best rating. Haven Life has a simple online application form and offers medical insurance, often cheaper. Most documents can be completed online, which makes getting a life insurance policy really easy. Haven Life allows you to submit an application until the day before your 65th birthday. But you still have four more months to actually complete the underwriting process for purchasing insurance. State Farm State Farm consistently gets excellent marks for its customer service. It offers both time and permanent life insurance policies. In addition, during the listing process, you can examine all types of additional options for the cyclist. Some of these are things you may not have even thought of. Start Farm offers lifetime insurance policies that can be renewed for up to 95 years, which is a big plus if you need above average coverage. Policies are also convertible into permanent policies. AIG Life As for customer service, AIG Life is somewhere in the middle of the road. But it constantly beats competition purely on rates. And it has an A rating from A.M. Best. AIG's Select-a-Term policy option gives you the ability to customize the coverage term to suit your needs. 18 different terms are available, which is useful if you have a specific coverage timeline in mind. North American Health and Life Insurance Company This company is classified A + by A.M. Best. Offers premium level policies convertible into permanent life insurance for up to 74 years. This is a good option if you think that a term policy will work for you but may need a permanent policy instead. The company offers a large variety of cyclists, including one who waives certain monthly expenses in the event of permanent disability. Another cyclist allows you to extend the death benefit beyond the initial period, up to 120 years. Omaha Mortgage These policies are underwritten by the United of Omaha Life Insurance Company, which is rated A + by A.M. Best. Your mandate can last up to 80 years and you can take out a policy of up to 74 years. If you need a lower indemnity amount, Mutual of Omaha might be right for you. You can get a $ 25,000 to $ 100,000 benefit only with an online application and without a medical exam. Larger allowance amounts are also available, but may require medical examination and contact with an agent. Find the cheapest insurance deals in your area So what's the best option? There is nothing like "personal" in personal finance. We would like to say that one of these insurance companies is absolutely the best for all the elderly. But we can't. It really depends on what you are looking for. Here are our best choices for two situations, though: if you're looking for maximum value, go with Haven Life. His policies underwritten from the medical point of view fall within the medium-low range of the spectrum. But the online application process and reputation for good service are worth a few extra dollars a month. If you are not in excellent health, consider a Mutual of Omaha no medical exam policy, especially if you just need a small amount of coverage. The online application simplifies your life. And you'll know you're getting good politics, even without a medical exam. What is the best life insurance beyond 60? In the 60 to 65 age group, it is still possible to apply for a term life insurance policy with most insurance companies. In this case, we recommend Haven Life if you are still eligible for the application date under the age of 65. Their application process is the simplest and the price tends to be among the lowest. Once you reach your 65th birthday, however, you will not be able to apply for insurance from some of the companies listed above, including Haven. Mutual of Omaha offers insurance applications up to 74 years old and, if you are around 60 years old and you think you want to convert a life policy into a full life policy, take a look at State Farm. What is the best life insurance beyond 70 years? As noted above, Mutual of Omaha invites new life insurance applicants up to the age of 74 and North America allows some applicants up to the age of 75. Once you are 70 years old, your collections will be considerably leaner because many companies have won "allow you to apply for life insurance at all. So check with these two companies if you intend to adopt a new policy. If you already have a policy with a life insurance company that allows it, like the State Farm, you may be able to renew a term life insurance policy through your 70's. If you don't have a & # 39 renewal option with your current term policy, consider examining one of the few companies, including Mutual of Omaha and North American, which allows new applicants after 70 years of age. expensive full life insurance options , who may also have higher maximum ages for applicants. What is the best life insurance beyond 80? Life insurance companies will not allow you to apply for a new one life insurance coverage at the age of 80, except for coverage potentially only for burial. This can be a useful and affordable option for coverage if you want to help your family with these expenses when you die. But, again, if you're with a company like State Farm, you may be able to renew an existing policy so that it extends to your 80's. And North America even has a pilot that allows you to extend coverage to 120. The bottom line here is that it is essential to think about life insurance for the elderly and what your needs will be well before your 80th birthday. Your options for new policies will get smaller and smaller after your 65th birthday and will be practically non-existent in the late '70s and beyond. But you can consider extending existing policies or adding riders to those policies to extend coverage within and beyond your 80's if that meets your needs details. Life insurance FAQs for seniors Life insurance is a problematic topic at any time. But when you're an older adult, you may have even more questions. Here are some of the ones we hear most frequently: do I also need life insurance? The answer here is perhaps, but perhaps not. Term life insurance is often geared towards younger consumers who are in the midst of paying off debts, buying a home, establishing a career and raising a family. But that doesn't mean you don't need life insurance once you're around fifty, sixty and older. Here are some reasons why you may: Your children are still young. The average age of parents for the first time in the United States is steadily increasing. If you have had children between the ages of thirty or forty, or even later, you may need a life insurance policy that extends well into your sixties, seventies or eighties to make sure your family is protected. You are still providing someone with your income. Even if your children are independent, someone else, like a disabled spouse, can still rely on your work income. If this is the case, you want to be able to replace that income if something happens to you. You are still in debt. The idea behind term life insurance is that you will eventually be able to self-insure yourself. In other words, you won't need insurance because you won't have enough debts and savings to cover end-of-life expenses. But if you're still facing that mountain of debt, you may need life insurance to protect your heirs. You just want to pay your final expenses. A small and affordable life insurance policy can be a good idea if you want to give your heirs an easy way to pay for your final expenses. You have a great estate. Sometimes whole life or part time insurance is part of a larger real estate plan. Since the proceeds from these policies are generally tax free, they can be a good way to offset property taxes. Talk to a professional real estate planner if that's your idea. You just want some quiet. If the premium for a small life insurance policy slips easily into your budget, you may only want to know that your loved ones will be provided at the time of your death. What type of life insurance should I buy? Even as a senior, most of the life insurance policies available for younger adults are also available to you. That said, some types of plans are better than others. Here are the options to check out: Term Life Insurance Generally, term life insurance is the best option. It provides more coverage at a lower rate, as it is purely insurance. Even if you are approaching 65 (the maximum limit for applying for term insurance with many companies), you can get a policy for less than $ 100 a month if you are in good health. A term life insurance policy is a good way to insure for specific reasons, such as paying the final costs, paying the debts or looking after the children and spouse for a certain period of time. If you only need life insurance coverage for 10 to 20 years, choose a timed policy. Term life insurance is available in a few different types. Here are the ones that might be most suitable for you: Duration of the guaranteed level: this type of insurance has a level allowance amount and a level premium amount for the whole period (usually from 5 to 20 years). It gives you predictable monthly payments for an established payment, should you die within the deadline. Annual renewable duration: this short-term life insurance policy can be renewed annually for a certain period of time. In this way, for example, you can renew your policy annually for a maximum of five years. The advantage is that the rewards start very low, relatively. But every time you renew, the rewards will increase. However, it is a good option if you only need insurance for a very short period, such as until you retire in two to three years. Decreasing duration: as you can imagine, this type of insurance has a death benefit which decreases every year. The premium is often leveled across the plan, but starts lower due to the reduced payment. If you are insuring against your debt, this can be an excellent option. One thing to keep in mind about a term life insurance policy is that there are no renewal guarantees. Even with an annual renewable policy, you are guaranteed to be able to renew your policy for a number of years. Since many companies will not allow you to purchase a new policy after the age of 65, it is essential to understand in advance how long it takes to last. Longer terms have more expensive rewards. But it is better to pay the higher bill than to get stuck without life insurance coverage when you still need it. Permanent life insurance This is the other great category of life insurance. Unlike life insurance, it covers you for a lifetime. But it's not just pure insurance. It also comes with a savings or investment component. Sometimes you will hear "whole life insurance" used interchangeably with "permanent life insurance". But whole life insurance is actually just one type of permanent life insurance. Permanent life insurance is much more expensive than term life insurance. And since you're already buying life insurance for a senior citizen, premiums could be prohibitive. Having said that, sometimes permanent life insurance is the right solution. For example, let's say you want to look after a spouse or disabled child. This person will never be financially independent. So you will never be in a position where you don't need life insurance coverage. In this case, a permanent life insurance policy is a good idea. And, once again, sometimes these policies are part of a larger real estate plan. If you want to know more about the differences between full life insurance and duration, check out this article. We are focusing on term life insurance for seniors here with the companies we have chosen. But we'll still give you a quick overview of the types of permanent life insurance you may encounter: Whole life insurance: this option includes a death benefit and cash value. Parts of the premium go to the investment part, on which the insurance company pays dividends. Cash withdrawals are possible on some policies and some offer a guaranteed minimum cash value. Universal life: it is similar to a whole life policy, but generally has a more aggressive investment strategy. Variable life: this option has multiple investment options and the value of the money will change based on the underlying investments. Survival life: if you and your spouse are both offering a disabled child, this is a good policy to have. Secure both of your lives together and pay only when you both die. It is cheaper than two separate whole life policies, but similar to them in other respects. Should I go with a no medical exam policy? Many life insurance policies are known to require medical examination. The healthier you are, the more likely you are to survive your policy. This means you get a better rate. Most life insurance medical tests are fairly easy. A nurse in an office, or even at home, will weigh you, give you a questionnaire, and maybe take blood and urine samples. This is by no means a complete physique. The insurer is simply looking for telltale signs of serious future medical problems. Some people will say that you should avoid medical tests, especially if you are an elderly person. And we've included companies on our list that offer free medical exam policies. If you are not in excellent health, sometimes this can be a better option. However, if on average you are healthy for your age, a medical exam could actually save you money. Policies that do not require a medical examination are automatically more expensive, as the insurer is taking on more risks. Ultimately, the answer to this question depends on your medical history and current health. But in general, if you are healthy, a medical exam will help you more than it hurts. What should I look for in a policy or insurance company? Shopping for an online life insurance policy as a senior can be difficult. There are many options. And more and more companies offer life insurance for the elderly. Having certain criteria in mind will help you narrow down your options. Here is what to look for in a company and a policy: Good financial evaluation: the life insurance company you choose should have a good financial evaluation with a third party company such as Standard and Poor & # 39; s or AM Best. If they are financially sound, there is little chance that they will not be able to pay your policy as promised. Easy application: you should be able to start the application process largely online, even if in the end you have to speak to a representative to complete the process. Customizable options: when looking for a life insurance company, find one that allows you to customize your policy. At this age, a policy with a long-lasting cyclist might be helpful. You may also want to customize the policy amount and coverage period or add other cyclists. Clear terms: It is especially important to understand the terms of your policy if you choose one that is not simple. For example, if you opt for a decreasing forward policy, how often does the advantage decrease? How much? How does this affect rewards? And does politics have a limit on how fast it will pay? Some policies that don't require a medical exam don't pay if you die within the first two years of the policy.