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The Best Life Insurance Options for Seniors Over 65

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The Best Life Insurance Options for Seniors Over 65

Life insurance is a way to protect your loved ones financially in case of your death. As a senior over 65, you may have different needs and goals for buying life insurance than younger people. For example, you may want to cover your final expenses, leave a legacy for your family, or supplement your retirement income.

However, finding the right life insurance policy for your situation can be challenging, as not all policies are suitable or affordable for seniors. You may face higher premiums, lower coverage, or stricter underwriting requirements as you age. You may also have to consider your health condition, your life expectancy, and your estate planning needs.

Fortunately, there are many life insurance options available for seniors over 65, but you need to do your research and compare them carefully. In this article, we will review some of the best life insurance options for seniors over 65, based on our analysis of the web search results. We will also provide some tips and advice on how to choose the best policy for your needs and budget.

Term Life Insurance

Term life insurance is a type of life insurance that provides coverage for a fixed period of time, usually 10, 15, 20, or 30 years. Term life insurance is typically the cheapest and simplest option for seniors, as it only pays a death benefit if you die within the term. You can choose the amount and duration of your coverage, depending on your needs and goals.

Term life insurance can be a good option for seniors who want to:

  • Cover their final expenses, such as funeral costs, medical bills, or debts
  • Provide income replacement or financial support for their spouse or dependents
  • Leave a legacy or inheritance for their children or grandchildren
  • Pay off their mortgage or other loans
  • Donate to a charity or a cause

However, term life insurance also has some drawbacks for seniors, such as:

  • It may be harder to qualify for as you age, as the insurance company may require a medical exam or a health questionnaire
  • It may have higher premiums than younger people, as the insurance company considers you a higher risk
  • It may not provide enough coverage for your entire life, as the term may expire before you die
  • It may not offer any cash value or other benefits, such as loans or withdrawals
  • It may not allow you to renew or convert the policy after the term ends, or it may charge you a higher rate

Some of the best term life insurance companies for seniors over 65 are:

  • Pacific Life: Pacific Life offers term life insurance policies with terms ranging from 10 to 30 years, and coverage amounts from $50,000 to $10 million. Pacific Life has a strong financial rating and a low complaint ratio, according to the National Association of Insurance Commissioners (NAIC). Pacific Life also offers a conversion option, which allows you to convert your term policy to a permanent policy without a medical exam, before the end of the term or before you turn 70, whichever comes first12.
  • Corebridge Financial: Corebridge Financial is an online platform that connects you with multiple term life insurance companies and agents, and helps you find the best policy for your needs and budget. Corebridge Financial offers term life insurance policies with terms ranging from 10 to 30 years, and coverage amounts from $50,000 to $5 million. Corebridge Financial also offers a free quote tool, which allows you to compare rates and features from different insurers, without providing any personal information or undergoing a medical exam12.
  • State Farm: State Farm is one of the largest and most reputable insurance companies in the US, with a strong financial rating and a low complaint ratio, according to the NAIC. State Farm offers term life insurance policies with terms ranging from 10 to 30 years, and coverage amounts from $50,000 to $3 million. State Farm also offers a renewal option, which allows you to renew your term policy for another term, without a medical exam, until you turn 95. State Farm also offers a conversion option, which allows you to convert your term policy to a permanent policy, without a medical exam, before the end of the term or before you turn 75, whichever comes first12.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that provides coverage for your entire life, as long as you pay the premiums. Whole life insurance also has a cash value component, which is a savings account that grows over time and can be accessed through loans or withdrawals. Whole life insurance is more expensive and complex than term life insurance, but it can offer more benefits and guarantees for seniors, such as:

  • Fixed premiums, which do not increase as you age or as your health changes
  • Guaranteed death benefit, which does not decrease or expire as long as you pay the premiums
  • Tax-deferred growth, which means you do not pay taxes on the cash value until you withdraw or surrender the policy
  • Loan facility, which allows you to borrow money from the cash value, without affecting your credit score or your death benefit
  • Surrender value, which allows you to cancel the policy and receive the cash value, minus any fees or penalties
  • Bonus, which is a share of the profits that the insurance company distributes to the policyholders, depending on the performance of the company

Whole life insurance can be a good option for seniors who want to:

  • Provide lifelong financial protection and security for their loved ones
  • Build a cash value that can be used for various purposes, such as retirement income, emergency fund, or education fund
  • Enjoy tax benefits and avoid estate taxes
  • Leave a legacy or inheritance for their children or grandchildren
  • Donate to a charity or a cause

However, whole life insurance also has some drawbacks for seniors, such as:

  • It may be harder to qualify for as you age, as the insurance company may require a medical exam or a health questionnaire
  • It may have higher premiums than term life insurance, as it provides more benefits and guarantees
  • It may not be flexible or adjustable, as you cannot change the amount or duration of your coverage, or invest your cash value in different options
  • It may have higher fees or penalties, such as surrender charges, loan interest, or administrative costs
  • It may not offer the best return on your investment, as the cash value may grow at a lower rate than other options, such as stocks or mutual funds

Some of the best whole life insurance companies for seniors over 65 are:

  • New York Life: New York Life is one of the oldest and most respected insurance companies in the US, with a strong financial rating and a low complaint ratio, according to the NAIC. New York Life offers whole life insurance policies with coverage amounts from $25,000 to $1 million. New York Life also offers a dividend option, which allows you to receive a bonus from the profits of the company, which you can use to increase your death benefit, reduce your premiums, or receive as cash. New York Life also offers a living benefits option, which allows you to access a portion of your death benefit if you are diagnosed with a terminal or chronic illness14.
  • MassMutual: MassMutual is another well-established and reputable insurance company in the US, with a strong financial rating and a low complaint ratio, according to the NAIC. MassMutual offers whole life insurance policies with coverage amounts from $25,000 to $10 million. MassMutual also offers a dividend option, which allows you to receive a bonus from the profits of the company, which you can use to increase your death benefit, reduce your premiums, or receive as cash. MassMutual also offers a living benefits option, which allows you to access a portion of your death benefit if you are diagnosed with a terminal or chronic illness14.
  • Guardian Life: Guardian Life is another well-known and trusted insurance company in the US, with a strong financial rating and a low complaint ratio, according to the NAIC. Guardian Life offers whole life insurance policies with coverage amounts from $25,000 to $5 million. Guardian Life also offers a dividend option, which allows you to receive a bonus from the profits of the company, which you can use to increase your death benefit, reduce your premiums, or receive as cash. Guardian Life also offers a living benefits option, which allows you to access a portion of your death benefit if you are diagnosed with a terminal or chronic illness14.

Universal Life Insurance

Universal life insurance is another type of permanent life insurance that provides coverage for your entire life, as long as you pay the premiums. Universal life insurance also has a cash value component, but it is more flexible and adjustable than whole life insurance. You can vary the amount and timing of your premium payments, increase or decrease your death benefit, and invest your cash value in different options, such as fixed, indexed, or variable. Universal life insurance can be more affordable and customizable than whole life insurance, but it also has more risks and fees.

Universal life insurance can be a good option for seniors who want to:

  • Provide lifelong financial protection and security for their loved ones
  • Build a cash value that can be used for various purposes, such as retirement income, emergency fund, or education fund
  • Enjoy tax benefits and avoid estate taxes
  • Leave a legacy or inheritance for their children or grandchildren
  • Donate to a charity or a cause
  • Have more control and flexibility over their policy, such as changing the coverage amount, premium amount, or investment option

However, universal life insurance also has some drawbacks for seniors, such as:

  • It may be harder to qualify for as you age, as insurers may require more medical exams or charge higher premiums for older applicants.
  • It may have higher fees and charges than other types of life insurance, such as policy administration fees, mortality charges, surrender charges, and investment management fees.
  • It may expose you to more risks and volatility, especially if you choose a variable universal life policy that invests your cash value in the stock market. You could lose money if the market performs poorly or if the interest rate falls below the guaranteed minimum.
  • It may require more active management and monitoring, as you need to keep track of your cash value, premium payments, death benefit, and investment performance. You also need to review your policy periodically and adjust it according to your changing needs and goals.

Some of the best Universal Life Insurance companies for seniors over 65 are:

  • New York Life: This company offers a range of universal life insurance products, including a guaranteed universal life policy that provides a fixed death benefit and level premiums until age 90, 95, 100, or 121. New York Life also has a high financial strength rating of A++ from AM Best.
  • Pacific Life: This company has a guaranteed universal life policy that allows you to choose your coverage duration, from age 90 to 121. You can also adjust your death benefit amount and premium payments within certain limits. Pacific Life has an A+ rating from AM Best.
  • Corebridge Financial: This company offers a universal life policy that has a guaranteed death benefit up to age 121, as well as a cash value component that can grow at a fixed or indexed interest rate. You can also access your cash value through loans or withdrawals, or use it to pay your premiums. Corebridge Financial has an A+ rating from AM Best.
  • Equitable: This company has a universal life policy that provides a guaranteed death benefit up to age 90, as well as a cash value component that can grow at a variable or indexed interest rate. You can also adjust your death benefit amount and premium payments within certain limits. Equitable has an A rating from AM Best.

Final Expense Insurance

Final expense insurance is a type of life insurance that provides a small amount of coverage, usually between $5,000 and $25,000, to cover the costs of your funeral and other final expenses, such as medical bills, legal fees, or debts. Final expense insurance is also known as burial insurance or funeral insurance.

Final expense insurance can be a good option for seniors who want to:

  • Spare their loved ones from the burden of paying for their funeral and other final expenses
  • Have a simple and affordable policy that does not require a medical exam or a health questionnaire
  • Have a guaranteed acceptance policy that does not reject anyone based on their age or health condition
  • Have a fixed premium that does not increase as they age or as their health changes
  • Have a level death benefit that does not decrease or expire as long as they pay the premiums

However, final expense insurance also has some drawbacks for seniors, such as:

  • It may have higher premiums than other types of life insurance, as it provides a lower amount of coverage
  • It may not provide enough coverage for their entire needs and goals, as it only covers their final expenses
  • It may not offer any cash value or other benefits, such as loans or withdrawals
  • It may not allow them to choose their own funeral arrangements, as some policies may assign a funeral provider or a funeral trust

Some of the best final expense insurance companies for seniors over 65 are:

  • AIG: AIG offers final expense insurance policies with coverage amounts from $5,000 to $25,000. AIG has a strong financial rating and a low complaint ratio, according to the NAIC. AIG also offers a chronic illness rider, which allows you to access a portion of your death benefit if you are diagnosed with a chronic illness that requires long-term care14.
  • Mutual of Omaha: Mutual of Omaha offers final expense insurance policies with coverage amounts from $2,000 to $40,000. Mutual of Omaha has a strong financial rating and a low complaint ratio, according to the NAIC. Mutual of Omaha also offers a terminal illness rider, which allows you to access a portion of your death benefit if you are diagnosed with a terminal illness that has a life expectancy of 12 months or less14.
  • Foresters Financial: Foresters Financial offers final expense insurance policies with coverage amounts from $2,000 to $35,000. Foresters Financial has a strong financial rating and a low complaint ratio, according to the NAIC. Foresters Financial also offers a membership benefit, which gives you access to various discounts, grants, scholarships, and community programs14.

No Medical Exam Life Insurance

No medical exam life insurance is a type of life insurance that does not require a medical exam or a health questionnaire to qualify for coverage. No medical exam life insurance can be either term or permanent, depending on the policy. No medical exam life insurance is also known as simplified issue life insurance or guaranteed issue life insurance.

No medical exam life insurance can be a good option for seniors who want to:

  • Avoid the hassle and inconvenience of taking a medical exam or answering a health questionnaire
  • Get coverage quickly and easily, as the application and approval process can take as little as a few minutes or a few days
  • Get coverage regardless of their age or health condition, as some policies do not have any age or health restrictions
  • Get coverage without disclosing any personal or sensitive information, such as their medical history, family history, or lifestyle habits

However, no medical exam life insurance also has some drawbacks for seniors, such as:

  • It may have higher premiums than other types of life insurance, as the insurance company takes a higher risk by not knowing your health status
  • It may have lower coverage amounts than other types of life insurance, as the insurance company limits the exposure by offering a smaller death benefit
  • It may have a waiting period or a graded death benefit, which means that the policy will not pay the full death benefit if you die within the first two or three years of the policy, unless you die by accident
  • It may not offer any cash value or other benefits, such as loans or withdrawals

Some of the best no medical exam life insurance companies for seniors over 65 are:

  • Bestow: Bestow offers term life insurance policies with no medical exam and no health questionnaire, with coverage amounts from $50,000 to $1.5 million. Bestow has a strong financial rating and a low complaint ratio, according to the NAIC. Bestow also offers a fast and easy online application and approval process, which can take as little as 10 minutes12.
  • Gerber Life: Gerber Life offers whole life insurance policies with no medical exam and no health questionnaire, with coverage amounts from $5,000 to $25,000. Gerber Life has a strong financial rating and a low complaint ratio, according to the NAIC. Gerber Life also offers a guaranteed acceptance policy, which means that anyone between the ages of 50 and 80 can get coverage, regardless of their health condition13.
  • Fidelity Life: Fidelity Life offers term and whole life insurance policies with no medical exam and a simplified health questionnaire, with coverage amounts from $25,000 to $1 million. Fidelity Life has a strong financial rating and a low complaint ratio, according to the NAIC. Fidelity Life also offers a rapid decision process, which means that you can get coverage within 24 hours of applying14.

How to Choose the Best Life Insurance Option for You

The best life insurance option for you depends on your personal and financial situation, your health condition, your budget, and your goals. You should compare different policies and companies, and consult a licensed agent or broker before making a decision. You can also use online tools, such as Savvy or Prudential, to compare different life insurance policies and get quotes from various insurers.

Here are some questions to ask yourself when choosing a life insurance policy:

  • How much coverage do I need?
  • How long do I need the coverage for?
  • How much can I afford to pay as premium?
  • What kind of benefits do I want to receive, such as lump sum, regular income, or both?
  • Do I want to invest my money in the market or get a guaranteed return?
  • Do I want to build a cash value that I can access or borrow from?
  • Do I want to avoid a medical exam or a health questionnaire?
  • Do I want to have more flexibility or more security in my policy?
  • Do I want to leave a legacy or inheritance for my family or a charity?
  • Do I want to enjoy tax benefits and avoid estate taxes?

By answering these questions, you can narrow down your options and find the best life insurance policy for your needs and goals. Remember that life insurance is a long-term commitment and you should choose a policy that suits your situation and preferences.

Conclusion

Life insurance is a way to protect your loved ones financially in case of your death. As a senior over 65, you have many life insurance options available, but not all of them are suitable or affordable for your situation. In this article, we have reviewed some of the best life insurance options for seniors over 65, such as term life insurance, whole life insurance, universal life insurance, final expense insurance, and no medical exam life insurance. We have also provided some tips and advice on how to choose the best policy for your needs and budget.

We hope this article helps you find the best life insurance option for you. If you have any questions or doubts, please contact us or leave a comment below. We would love to hear from you and help you with your life insurance needs. Thank you for reading and have a great day!

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