The Best Life Insurance For Seniors: How To Find The Best Companies At The Cheapest Rates

Shawn Plummer

CEO, The Annuity Expert

If you are a retiree researching life insurance for seniors, you may wonder how to get the best rates. It can be tricky to find affordable coverage, but it is possible. This guide will discuss tips to help you get cheap life insurance rates and point out the best senior life insurance policies. Keep reading to learn more!

Life Insurance Quotes For Seniors

As people age, their insurance needs can change. Many seniors find that their life insurance policies are no longer adequate for their needs but are often reluctant to shop for a new policy because of the cost. However, comparing senior life insurance quotes is vital to finding the most affordable coverage.

Several factors determine premiums, so getting quotes from several companies is essential to find the best deal. By shopping around, seniors can ensure they get the best possible coverage at the most affordable price.

Senior Life Insurance Quotes For Pre-Existing Conditions

No one likes thinking about their death, but it’s essential to have a life insurance policy in place in case something happens. Unfortunately, finding life insurance can be difficult for seniors with pre-existing medical conditions.

Many life insurance companies require a medical exam as part of the application process, which can be difficult or even impossible for some seniors to complete. However, a few companies offer life insurance quotes without a medical exam.

These whole life insurance policies are typically more expensive than traditional policies, but they can be a lifesaver for seniors who otherwise wouldn’t be able to get coverage.

If you’re a senior with a pre-existing medical condition, shop for life insurance quotes to find the best policy for your needs.

Why Do Seniors Need Life Insurance?

Now that you have raised your family, you may no longer need a life insurance policy to replace income during critical years. You may want to consider whether you need a new policy. There are two types of life insurance policies: term and whole life. Which one is better for seniors?

Many seniors think they don’t need life insurance when they reach retirement age. This thought process may be accurate if you have no debt, enough savings to cover both your and your partner’s needs, and money set aside for funeral expenses and other unexpected costs. But even if this is the case, reviewing your life insurance policy every few years is still a good idea to ensure you’re still covered.

Reasons Why Senior Citizens Need Life Insurance

Here are some reasons why you might want to consider life insurance for senior citizens:

  • If you have a life insurance policy, you may be able to use the payout to help pay for your partner or spouse’s quality care as they age or their medical expenses grow.
  • A final expense policy can help you cover the costs of a funeral and medical bills. The average funeral costs more than $10,000 today. And healthcare expenses can add to the burden on your family when they are already grieving. That’s why life insurance is so important – it can protect you financially from these costs.
  • Life insurance can cover your debts after you die if you have life insurance. This protection will help your family avoid having to pay these costs.
  • If you are still in good health, life insurance policies and riders can be a way to get financial support if you have a severe illness or need other care.
  • An insurance policy may also give your loved ones an inheritance, whether you want to leave something for your children or grandkids.

Term Life Insurance For Seniors

If you are over 60 years old, you may still be able to get a term life insurance policy. This life insurance covers you for several years, usually 10 to 30. It is also the most affordable life insurance, making it a good choice for people at all stages of life.

Senior life term insurance often provides more coverage for older people than no-medical exam life insurance. In addition, if you die during the policy term, term life insurance can provide a significant death benefit for your beneficiaries, which can help them achieve their goals and dreams.

The best senior term life insurance is offered by:

Permanent Life Insurance For Seniors

A permanent life insurance policy provides coverage that lasts for your entire life. There are different kinds of permanent life insurance, including whole and universal life insurance. Permanent life insurance is more expensive than term life insurance, but the benefit is that it offers a guaranteed payout. That’s important for seniors who want to ensure their life insurance will pay for their funeral expenses, ensure a partner or a child with disabilities has money to live on after they die, or have other permanent financial responsibilities.

Permanent life insurance also builds cash value over time. You can borrow that money or use it as collateral for a loan. However, if you’re buying permanent insurance later in life, remember that cash value can take several years to build.

The best senior whole life insurance company is either:

Simplified Issue Insurance For Seniors

If you want life insurance and are over 70, a simplified issue policy may be suitable. With a simplified issue policy, you have to answer some questions about your health. But it’s easier to get approved, and you can often start coverage within a few days. Also, if you’re relatively healthy but have some chronic issues or medical conditions, then a simplified issue policy can help you get the coverage you need.

Remember that death benefits are typically smaller with simplified life insurance policies than term or permanent ones. This policy can provide a small inheritance or pay for final expenses.

The best life insurance for seniors with no medical exam is:

Guaranteed Issue Insurance For Seniors

If you are over 80 years old, it is still possible to find life insurance. You have some options. A guaranteed issue policy may be the best option if you are in poor health. You don’t have to take a medical exam or answer health questions with a guaranteed issue policy. You cannot be turned down no matter what.

Guaranteed-issue life insurance is a good choice for people who can’t buy other types of life insurance because of their health or age. Guaranteed issue life insurance typically offers coverage up to $25,000 for people up to 85 years old. So a guaranteed issue can provide the coverage you need if you’ve been denied other types of life insurance.

The best guaranteed-issue life insurance company for seniors is:

Finding The Best Life Insurance For Seniors

When you are young, life insurance is an excellent way to help the people in your family financially. However, it can be for funeral expenses or medical bills if you get sick later in life. It can cost anywhere from $5,000 to over $9,000 for a funeral. Life insurance for seniors is an excellent way to ensure that your family isn’t burdened with these costs.

Life insurance gets more expensive as you get older. However, older people might be able to buy life insurance for less than they think. Seniors’ life insurance is usually permanent and never expires as long as the person pays the premium.

We looked at 27 different insurance companies for the best life insurance for seniors. Then, we compared their prices, customer service, benefits, and limitations. Finally, we chose the companies that provide the best coverage to someone who is elderly.

These are the best life insurance plans for seniors ages 60 through 85. Plans include term and permanent life insurance policies. Some plans will require a medical exam, and some will not. Run a quote below!

Best Whole Life Insurance For Seniors

If you want life-long coverage, permanent life insurance is an excellent option.

This life insurance is very friendly to senior citizens. It has many different policies for people as old as 85 years old. In addition, the companies have the best customer service and offer support online, over the phone, and with life insurance agents in your area.

Check out our reviews to find out who is not the best for seniors.

Best Cheap Life Insurance For Seniors

The cheapest life insurance for seniors is term life insurance.

This is the most cost-effective coverage if you want to buy term life insurance for a specific time, such as 10 or 15 years. In addition, term life insurance is generally preferable to protect your mortgage or replace your income until retirement since these financial responsibilities will diminish or vanish with time.

Term life insurance policies get more expensive as people grow older. Sometimes it’s hard to find affordable insurance for seniors over 65. Term life policies are available until age 80 and provide coverage even after that, up to the end of the policy.

Make sure the term policy you choose will cover the entire length of a financial obligation. For example, obtaining coverage and paying higher premiums will be more difficult if you still require senior life insurance at age 80 or 90.

Cheapest Life Insurance For Seniors

Female Seniors

If you don’t want to burden your loved ones with any debt or funeral expenses, purchasing life insurance later in life may be an intelligent choice. Unfortunately, life insurance costs usually go up as you get older, but there are ways to save on premiums. Here are some options to look at if you’re a female and want to find the lowest cost for a policy.

Pacific Life$216.75$373.15$696.61$1,846.31
Lincoln Financial$218.16$377.48N/AN/A
10-Year Term Policy

Male Seniors

Life insurance for older males may be more expensive depending on health conditions and death benefits. But to save money, shopping around different insurance carriers is a good idea. Check the table below for males’ top five cheapest life insurance policies.

Pacific Life$342.22$606.92$1,160.25$2,719.91
Lincoln Financial$346.00$603.29N/AN/A

Best Life Insurance For 401(k) And IRA Funds

These life insurance policies are available to Seniors up to age 85 and pay with 401(k) and IRA money. No medical exam exists, but a phone interview and medical history check are available.

Life Insurance For Seniors Over Age 70

Over 70 years old, you may buy almost any life insurance policy. The only exception is that you can seldom acquire a term life insurance policy of more than 20 years. As a result, the most crucial consideration when selecting a life insurance policy is your financial goals and the cost of coverage. Consider applying for life insurance for seniors that require no medical exam.

Life Insurance For Seniors Over Age 80

If you’re healthy and under 80 years old, term or guaranteed universal life insurance options with low rates for the elderly are likely to be available. Guaranteed whole life insurance may be your most acceptable option for coverage if you have specific pre-existing medical issues.

These life insurance policies are available to Seniors up to age 85. Unfortunately, no medical exam exists, but a phone interview and medical history check are available.

Best Final Expense And Burial Insurance

Final expense, burial, and funeral insurance are essential for a senior citizen without life insurance. A funeral and burial cost about $10,000, and cremation costs may exceed $2,000. Whatever money you don’t have set aside to cover these costs will be passed onto your family whether you live or die.

Final expense insurance is available at a reasonable price to any applicant aged 85 years after most competitors stop offering coverage. No medical exam is required. These policies don’t offer cash value component as well.

Life Insurance Living Benefits For Seniors

Some life insurance plans include “living benefits” or give you the option to add them as riders, according to your needs. Living benefits are features of a policy (death benefit) that can provide financial help while living. Seniors use living benefits primarily to pay for long-term care needs such as an assisted living facility, nursing home, or home healthcare.

Next Steps

Finding affordable life insurance as a retiree can be difficult, but it is possible. Contact us for a quote, and we will help you find the best life insurance company with the most competitive rates. We specialize in finding the best policies for seniors, so you can rest assured that you are getting the best coverage possible.

The Best Life Insurance For Seniors

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 don’t 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.

Impaired Risk Life Insurance
Have You Been Declined Life Insurance Coverage Before?

Frequently Asked Questions

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.

What Is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is insurance where you do not need a medical exam. This type of whole life insurance is popular among seniors because they are more likely to have health conditions than younger people. However, some insurance companies might ask you about your life insurance application. For example, they might want to know how heavy you are and if you smoke. Your answers to these questions might not make them disqualify coverage, but the cost of your policy may be more expensive.

What Does Life Insurance for Seniors Exclude?

As with any life insurance policy, there are a few provisions that seniors should be aware of. First, some insurance policies do not cover death from suicide. Specific causes of death may not be covered, as private plane crashes. Finally, your beneficiaries won’t get the life insurance proceeds if you don’t tell the truth on your insurance form.

What Is the Cheapest Life Insurance for Seniors?

The best way for seniors to get life insurance is to get the necessary coverage. Final expense policies are less expensive and are more practical than a whole life policy with a high coverage amount. In addition, term life insurance policies may save money for seniors if they are in good health and pass a medical exam.

Which life insurance policies are for senior citizens?

Term life insurance is the cheapest type of insurance that seniors can buy. Final expense insurance is the best policy to pay funeral expenses in advance. Simplified issued and guaranteed issue life insurance is the best option for people with pre-existing medical conditions.

Who offers the best whole life insurance for seniors?

Because of their higher maximum coverage levels and A+ (Superior) rating with A.M. Best, Nationwide and Protective offer seniors the best whole life insurance.

Who offers the best life insurance for seniors over 80?

Because of their higher maximum coverage levels, affordable rates, and A+ (Superior) rating with A.M. Best, Nationwide offers the best life insurance for seniors over age 80.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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