Need Help Getting Life Insurance Coverage
If you have a pre-existing medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage, so you dont get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before buying life insurance in the future.
Convertible Term Life Insurance
Convertible term life insurance has a period when it can be changed to permanent policies without a medical exam. Some companies offer partial term conversions, where you leave part of your original policy in place. You often dont have to pay a fee to use either of these options.
When you convert a term life policy, the cost of your monthly payments will rise over time just as they would with a standard whole life plan. However, theyll be cheaper than if you bought a new whole life policy in your 60s.
Seniors who own one of these policies should find out if they can update it to better meet their needs in their golden years. This is a good option for many older adults, since it gives you permanent coverage without having to take a health test.
What Is Life Insurance For Seniors
Different life insurance companies have different ways of pricing and marketing their life insurance. Seniors often need different types of life insurance than younger people. Term life insurance is limited for seniors because of age and life expectancy. It can be costly. The standard policy for seniors is permanent life insurance, usually sold as final expense or burial insurance. This life insurance can help pay for final costs and funeral expenses.
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Which Companies Have The Best Burial Insurance For Seniors
There are dozens of final expense life insurance companies for seniors. And while there is no way to select just one for each person, we narrowed it down to the top five.
If youre a senior and need burial insurance coverage, check out these five companies because your best burial insurance policy is probably with one of them.
Transamericas burial insurance plans combine low premiums with lax underwriting. They are an excellent carrier to consider if you need a policy without a waiting period.
For example, they will approve someone for immediate coverage if they have COPD, Parkinsons, angina , or diabetic neuropathy, just to name a few.
They are one of the best life insurance companies if you deal with pre-existing high-risk conditions.
Plus, if youre in good health, their prices are some of the lowest you can find on the market.
For example, they offer some of the cheapest burial insurance for seniors over 70.
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Why Should I Get Over 60s Life Insurance
Those in their 60s may still be in full-time employment and beginning to think about providing for their retirement. If you are over 60, you may want life insurance to cover the income you would have contributed to your family, to pay-off remaining mortgage payments, to help towards care costs or any other costs of living when youre no longer around.
Thats not the only reason people opt for this type of insurance though. Outstanding credit card bills or other minor debts might be covered by a payout, taking the financial responsibility off your loved ones.
An important advantage of the Post Office Over 50s Life Insurance is that you pay premiums for a specific length of time, but the policy runs until you die even if that happens many years after you have completed your premium payments. Given the average size of over 50s and over 60s life insurance payouts, they are usually taken out to contribute towards funeral costs.
Fundamentally, this type of policy offers peace of mind. Provided you maintain your premiums, you will know the size of the payout your loved ones will receive. Knowing that it is impossible to outlive the term of your policy will also give you reassurance that your family may have some financial strain lifted when you pass away.
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Term Life Insurance Rates For People Over 60
The following sample life insurance rates are for 10-year term life insurance coverage, and the premiums displayed are paid on a monthly basis.
Rates will vary depending on general health, if you are looking for life insurance for a smoker, and a number of other factors.
| Age |
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| $1019 | $2032 |
Whole life insurance is more difficult to qualify for in your 60s and has much higher premiums. To review rates for lower coverage amounts, see our guide on burial insurance.
Best Guaranteed Universal Life Insurance For Seniors
Guaranteed universal life insurance is the cheapest way for seniors to get permanent life insurance coverage, as policies typically have little to no cash value component. When you purchase a guaranteed universal life insurance policy, you choose how long you want coverage to last, with typical options ranging to age 100, 110 or 121.
The North American Company for Life and Health Insurance offers guaranteed universal life insurance coverage that you can purchase up to age 85, and consistently has some of the lowest rates. While coverage can extend up to age 120, you only pay premiums until age 100. So, if you live longer than expected, you wont have to continue payments to keep coverage in place. Their policies also allow you to accelerate the death benefit if you become particularly ill and need assistance with medical costs or other expense.
Symetra also has consistently low rates for guaranteed universal life insurance, with the option of accelerating the death benefit if you are diagnosed with a chronic or terminal illness. While its not the core benefit of the policy, Symetras guaranteed universal life insurance also builds a cash value with a guaranteed 2% annual interest rate. Coverage can be purchased until age 85 and you can get discounted premiums if you show evidence of a healthy lifestyle.
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Best Life Insurance For People Over : Mutual Of Omaha
Mutual of Omaha
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “methodology” section for more details.
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ to D .
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company’s premiums on a scale from least expensive to most expensive .
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Policies are more expensive than average
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Slow turnaround time
A burial insurance policy from Mutual of Omaha is the best choice for seniors age 80 to 85 , as well as the best no-medical-exam life insurance option for this age group. If youre in your 80s, you might have difficulty buying a term or whole life insurance policy due to your age or pre-existing conditions, so a burial insurance plan, which offers coverage with few medical restrictions, is likely your best bet. Compared to other insurance companies, Mutual of Omahas coverage amounts are more flexible and policies are available in more states.
Signature Guaranteed Universal Life Insurance Express
ANICOS Signature Guaranteed Universal Life can provide you permanent life insurance coverage for less than other types of permanent life policies. ANICOs 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
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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.
What Is Guaranteed Issue Insurance
Guaranteed issue life insurance is a type of whole life insurance policy with level premiums that guarantees a small death benefit, typically $35,000 or less, depending on the company. It doesnt require that you answer any health questions or take a medical exam anyone is eligible to purchase a policy, provided they meet age requirements . For this reason, guaranteed issue life insurance is much more expensive than simplified issue life insurance, which requires that you answer some health questions.
Guaranteed issue life insurance usually comes with a graded benefit period lasting two or three years. If you die of natural causes during that period, your beneficiaries wont receive the full death benefit, but they will receive the premiums you paid so far, along with an extra percentage above that amount. Unless you have health issues preventing you from qualifying, youll save money if you opt for a policy that asks health questions or requires an exam. However, if you experience any of the following, a guaranteed issue policy may be your only option:
- Certain types of cancer
- Chronic illness or disease that causes you to be wheelchair-bound
- Need a transplant
- Are confined to a nursing home
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Who Can Get A Funeral Insurance Policy
Coverage is typically available for those between the ages of 50 and 85. One of the benefits of funeral insurance is that it doesnt require a medical exam to qualify. Depending on the type of policy you pursue, even those without health insurance or who have a pre-existing condition can usually obtain a policy.
Best For Living Benefits: Nationwide
Nationwide
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Must speak with an agent to get a quote or apply
Pacific Life was our top pick for fewest complaints because the company has received an extremely low number of complaints over the past three years, relative to its size. In 2021 they had an extremely low complaint index of just 0.04. Pacific Life was also ranked fourth among life insurers by J.D. Power in 2021. Both indicate stellar customer satisfaction. Plus, the company holds an A+ financial strength rating with AM Best, so you can feel confident in its financial outlook and ability to pay claims.
The company also offers a range of living benefit riders, including riders for chronic illness and terminal illness. Term policies are convertible to permanent coverage giving you some flexibility. If you want to start with a permanent policy, youll have your choice of whole life, universal life, indexed universal life, or variable universal life. Youll need to speak with an agent to get a quote and apply.
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Is 60 Too Old For Life Insurance
Asked by: Dr. Dixie Miller
Most mutual insurance companies will insure people up to age 85 with a whole life policy. Health is more important than age when it comes to determining whether or not you will qualify. But many people over age 60 or 70 qualify for life insurance, even with a past health crisis.
Best Life Insurance For Seniors Over 60 70 80
Best Life Insurance For Seniors Over 60 70 80 | Should I Buy?
If youre over 60, you should know that investing in life insurance for those over 60 is getting easier.
Life expectancy has increased and this has led to a decrease in the cost of these policies for the elderly.
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What Policy Options Are Best For Seniors
Considering seniors’ age and coverage needs, MoneyGeek analyzed several insurance policies suitable for this age group, including term, permanent, simplified issue and guaranteed issue life insurance.
Term Life Insurance
Generally, a term life insurance policy provides coverage for a specified term, usually 1030 years. However, since this type of policy is more affordable than other types, its suitable for people of all ages.
A term life policy is temporary, expiring after the specified term is over. Thats why it’s best to opt for a term life policy if you have temporary financial obligations like a loan or a mortgage. If youre looking for a policy to cover your final expenses, better options are available.
Permanent Life Insurance
Permanent life insurance includes both whole life and universal life insurance. With a permanent life insurance policy, youll have lifelong coverage. After you pass away, your beneficiaries will receive a death benefit, which they can use to cover your financial responsibilities. This type of policy also offers a cash value component.
You can use your policy’s cash value by either borrowing it or taking a loan against it. However, if you buy a permanent life policy late in life, you should know that building the cash value will take some time. Some companies offer permanent life policies that do not require a medical exam.
Simplified Issue Life Insurance
Guaranteed Issue Life Insurance
How To Find The Right Life Insurance Company
At this point, you should know how much coverage you need and the type of policy you are looking for. The next step is to find the right company.
We always recommend getting quotes from multiple life insurance carriers so you can compare and find the best rate. You can use our quote comparison tool to do this easily.
When it comes to choosing the best life insurance company, it is important to consider the following factors:
- Financial Rating this ensures the company is financially stable.
- Claims Payout similar to financial rating, you want to make sure they pay out on their claims.
- Policies Available do they have the type of policy that is best for you?
- Rates are their rates competitive with other companies?
- Policy Riders do they have options to add riders on your policy? Not everyone will need this.
- Conversion Options do you have the option to convert your term policy to a whole life policy? Not applicable for everyone.
All of these factors make a difference when choosing the best life insurance coverage for seniors over 60. You want a company that has a combination of all these factors. The lowest life insurance rates may not always be the best policy for your specific needs.
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Senior Life Insurance Guide
Life insurance works as a financial safety net for people with dependents and pressing financial obligations, providing the peace of mind of knowing that your family will be taken care of when you are gone. If no one depends on you financially and youre only looking to cover funeral expenses upon your death, then you may be able to do so with savings. Another alternative to consider is a final expense insurance policy, which we will discuss below.
If, on the other hand, you have grandchildren or adult children with disabilities who depend on you financially, want to leave a donation to your favorite charity, or cover estate taxes for your loved ones, then a life insurance policy may be the way to go.
The types of life insurance available to seniors are the same ones available to everyone else, albeit at higher pricing. This cost difference is because the likelihood youll die in any given year increases as you get older, and insurers set premiums accordingly. This guide walks you through the different types of life insurance to help you decide which, if any, should be part of your retirement plan.
Best Whole Life Insurance For Seniors: Massmutual
MassMutual
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “methodology” section for more details.
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ to D .
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company’s premiums on a scale from least expensive to most expensive .
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No option to skip the medical exam
For seniors in good health seeking more than $50,000 of whole life coverage, MassMutual is a reputable company that pays higher dividends to its cash value policyholders than most of its competitors.
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What Is The Average Cost Of Life Insurance For Seniors
Life insurance gets progressively more expensive as you get older. For example, a 60-year-old might pay between $100 and $200 per month for $25,000 worth of guaranteed issue whole life insurance coverage, while a 70-year-old might pay $160 to over $300 per month for the same coverage.
The good news is that if you’re willing to answer health questions on your application and undergo a medical exam, that cost could decrease substantially, especially if you’re in good health. This is one reason why it’s crucial to contact multiple insurance companies to compare life insurance quotes before buying.
Whole Life Insurance For Seniors
You can also buy whole life insurance as a senior in the form of a guaranteed issue policy. This means that acceptance is guaranteed and you wont have to go through a medical exam to qualify, but your premiums are likely to be higher and your death benefit will be on the lower side.
For example, with a DreamSecure Senior Whole Life Insurance policy from American Family Insurance, you can qualify without a medical exam if youre between the ages of 50 and 80. Your policy also builds cash value, and your premiums will never go up.
But remember that whole life insurance for seniors is expensive for what you get. American Family Insurance quotes a price of over $40 per month for just $10,000 in coverage on a 60-year-old male nonsmoker. If that 60-year-old lives to be 80, theyll have already paid almost $10,000 in premiums and will need to keep paying every month just so their heirs can get the death benefit in the end.
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