Although you would anticipate that Life insurance companies for seniors to be excessively expensive, this isn’t always the case. Seniors have access to a variety of comprehensive policy options from a number of life insurance providers, but it’s crucial to shop around and buy insurance as soon as possible.
ladiestowns.com has investigated and assessed the leading life insurance providers with senior-focused products. Our evaluations are based on crucial elements like coverage options, price, client feedback, and brand repute. ladiestowns.com will provide for you 4 best Life insurance companies for seniors.
4 Best Life Insurance Companies For Seniors
1. Fidelity Life
If you are older, have significant health conditions, or have previously had coverage denied, Fidelity Life may be a good choice for you. Permanent no-exam coverage is available from the corporation in a number of different forms, including whole life, ultimate expense, and accidental death benefit policies.
It has a stellar financial strength rating of A- from AM Best. But Fidelity Life isn’t the best supplier on this list if you’re more interested in customer service. Compared to other providers of comparable size, it gets more complaints from state insurance departments.
Pros
- provides no-exam insurance
- Customers can easily apply and obtain quotes online.
- offers a policy for accidental death benefits.
Cons
- Standard term Life insurance companies for seniors can only be purchased up until age 65.
- less ride options than some rivals
Coverage Options
Permanent coverage is offered by all no-exam policies from Fidelity Life. While the RAPIDecision Guaranteed Issue insurance assures coverage for anyone between the ages of 50 and 85, the RAPIDecision Senior Whole Life and RAPIDecision Final Expense policies still ask you about your medical history.
For customers who want to add coverage to an existing Life insurance companies for seniors policy or boost their payout in the case of a tragic accident, the firm also provides a reasonable standalone accidental death benefit policy.
Available Riders
Six riders are available from Fidelity Life, which is fewer than some rivals. You might be eligible for
- Benefit for accidental deaths
- accident death benefit for family
- Benefits of expedited death and terminal illness
- insurance for children
- Rider for inflation
- premium reimbursement
2. Nationwide
Major insurance company Nationwide offers coverage tailored exclusively for senior citizens. Only individuals under the age of 65 may submit an online application for term insurance, but it also offers senior whole life plans. Although guaranteed Life insurance companies for seniors policies are renewed through age 95, you must sign up for one before age 70 in order to be eligible.
Because of its large range of insurance coverage options and nationwide accessibility, Nationwide is our top recommendation for bundling. If you currently have a Nationwide policy, you can reduce your costs by combining your life insurance with your renters’ or auto insurance. Additionally, Nationwide provides a number of senior-specific add-ons, like as a long-term care rider to assist your family in paying for your funeral.
Pros
- vast range of insurance products and alternatives for bundling
- Policies are extendable until age 95.
- Whole life term selection can aid with balancing costs and coverage.
Cons
- Online guaranteed plans are unavailable to seniors.
- For assured renewals, coverage must be enrolled in before age 70.
3. State Farm
State Farm, a leading consumer choice with more than a century of experience in business, provides senior life insurance products and a variety of bundling alternatives. Whole life insurance coverage are additionally offered, and State Farm’s term Life insurance companies for seniors policies are renewable up to age 95. Although whole life insurance are only offered with payouts up to $15,000, senior citizens have easier access to coverage because to more lenient eligibility requirements.
State Farm is renowned for its excellent levels of client satisfaction and strong financial standing. State Farm had an A++ credit rating from AM Best and was ranked top in customer satisfaction by J.D. Power and Associates for 2022, both of which are significant advantages if you’re searching for a company that can respond quickly to your needs. High corporate ratings and a large range of policies available countrywide can provide customers piece of mind that State Farm will be able to pay its debts.
Pros
- Excellent customer service and good financial standing
- Up until age 95, term Life insurance companies for seniors is renewed.
- Every state has coverage available.
Cons
- Maximum whole life benefits are $15,000
- To purchase a policy, a representative must be contacted.
Coverage Options
For seniors, State Farm provides the following types of coverage:
- Term life insurance: Applicants up to the age of 70 are eligible. Policies are renewed until age 95 at the most.
- State Farm provides whole life insurance plans with death benefits ranging from $10,000 to $15,000. Up to age 80, applicants are eligible for limited whole life plans.
Rider Options
Seniors are only eligible for one rider from State Farm, which is only offered on a few term plans.
- Level premium: Assures that throughout the period of your life insurance policy, your monthly premium won’t rise with age. To be eligible, new candidates must be younger than 75.
4. Mutual of Omaha
People who want to sign up for whole Life insurance companies for seniors later in life may find Mutual of Omaha to be a wise choice. New registrants can purchase policies up to the age of 85, and end-of-life benefits can range from $2,000 to $25,000. Regardless of your age or the kind of policy you choose, Mutual of Omaha also provides coverage without a medical exam.
In addition, Mutual of Omaha can be the best choice if you need accelerated death benefits. If you need long-term care or are diagnosed with a terminal condition, you can choose to add a rider to your insurance policy that will let you receive your death benefit while you’re still alive. The terms of this rider are more comprehensive than those of many rivals, which may be advantageous if you have a chronic condition that runs in your family.
Pros
- Seniors may purchase entire life insurance online.
- allows you to purchase entire life insurance up until the age of 85
- a customizable accelerated death benefit is available
Cons
- extends a $25,000 maximum death benefit
- If you are older than 75, you must purchase some policies over the phone.
Coverage Options
Seniors can choose from the following coverage choices from Mutual of Omaha:
- Term life insurance: Up to age 65, most states offer term life insurance. The death benefits that are available depend on your age and location.
- For adults aged 45 to 85, whole Life insurance companies for seniors policies are offered with rewards up to $25,000.
Rider Options
While available add-ons differ by state, Mutual of Omaha generally offers a return of premium rider and an expedited death benefit rider.
- Return of premium: Reimburses you for any or all of the premium payments you made if you live past the policy’s expiration date.
- If you are told you have a terminal illness or condition, you may be eligible for an accelerated death benefit, which gives you early access to your policy’s death benefit.
