Best life insurance for seniors 2023 (2023)

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Buying senior life insurance can seem daunting, but we've taken some of the guesswork out. To select the best senior life insurance companies, we rank companies based on their age of issue for present value and term, financial stability (AM Best Financial Strength Rankings), frequency of consumer complaints (NAIC Complaint Index Scores), transparency of policy details, and availability of expert advice .

You can usually get the best rates and options by contacting the companies directly. If you are in good health you should consider applying for a policy that requires a medical examination as rates increase with age and poor health and this can work to your advantage.

The best life insurance for seniors 2023

Why trust us

91

Audited companies

55

Features considered

5.005

Data points analyzed

We collect more than 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product variety and features, and overall shopping experience. We then rate each company against 55 metrics to create unbiased and comprehensive reviews.

Read our full methodology

The best life insurance for seniors

The best life insurance for seniors

  • Our top picks
  • New York life
  • Guardian
  • Pacific Life Insurance
  • John Hancock Life Insurance
  • see more (1)
  • Compare providers
  • final verdict

  • frequently asked Questions

  • methodology

overall better :New York life

Investopedia-Rating

4.8

Best life insurance for seniors 2023 (1)

  • Best AM Rating: AM Best is a rating agency that assigns insurance companies a grade from "A++" to "D". A company's rating indicates its ability to pay its debts and meet its financial obligations.A++
  • Accept credit cards:NO

for and against

Advantages

  • Guidelines available for 90 year old applicants

  • A++ AM top grade

  • Long history of paying dividends

  • Few customer complaints

  • Large selection of riders.

In contrast

  • You must speak to an agent to receive an offer and apply

  • Limited policy information online

why we chose it


New York Life is considered the best overall life insurance for seniors for a number of reasons. It's one of the few companies we've reviewed that has guidelines for applicants over the age of 90 (most companies limit applicants to 85). And considering it's over 170 years old, the company has weathered many financial storms, including multiple recessions and the Great Depression. Its strong financial position has earned it an A++ rating (the highest available) from AM Best.A rating of A++ means AM Best believes it has the ability to meet its ongoing insurance obligations.

The company receives few complaints, according to the National Association of Insurance Commissioners (NAIC).In addition, life policyholders are eligibleLife insurance dividend payments, and we've received it every year since 1854, the longest record of consistent dividend payments of any company we review.

New York Life also offers a variety of tabs to help you customize your policy, including a Disability Purchase Purchase tab, which is only offered by one of our other top retirement companies. The downside is that you need to provide your phone number and other personal information in order to receive detailed policy information and a quote. Unsurprisingly, there is also no online application option.

read fullyNew York life insurance review

(Video) Best Life Insurance Options For Seniors 65 & Older!

The best for financial stability :Guardian

Investopedia-Rating

4.7

Best life insurance for seniors 2023 (2)

  • Best AM Rating: AM Best is a rating agency that assigns insurance companies a grade from "A++" to "D". A company's rating indicates its ability to pay its debts and meet its financial obligations.A++
  • Accept credit cards:NO

for and against

Advantages

  • A++ AM top grade

  • Very few customer complaints.

  • Guidelines available for 90 year old applicants

  • Pay dividends on life insurance

In contrast

  • Cannot be requested without an agent

  • It is difficult to find specific policy information online

why we chose it


Guardian Life has been in business since 1860 and is rated A++ by AM Best for its financial stability.Less than 10% of the companies we reviewed received this rating; New York Life is the only other on this list. Like New York Life, Guardian applicants aged 90 and over are eligible to request coverage, andwhole life insurancePolicyholders are entitled to dividends.

Guardian also has a very low incidence of customer complaints, according to the NAIC. Based on three years of complaints, Guardian received an exceptionally low figure for a company of its size.In fact, it had the sixth-lowest number of complaints (by size) of the 91 companies we reviewed.

And while you can find a lot of training material on the company's website, it's difficult or impossible to find specific policy information. To do this, you need to contact an agent. You must also contact an agent to apply.

read fullyGuardian life insurance review

(Video) Cheapest life insurance uk | Best life insurance for over 40 uk | Best life insurance for over 50 uk

The best for the fewest complaints :Pacific Life Insurance

Investopedia-Rating

4.6

Best life insurance for seniors 2023 (3)

  • Best AM Rating: AM Best is a rating agency that assigns insurance companies a grade from "A++" to "D". A company's rating indicates its ability to pay its debts and meet its financial obligations.A+
  • Accept credit cards:NO

for and against

Advantages

  • Very few customer complaints.

  • Guidelines available for 90 year old applicants

  • Temporary coverage available to applicants aged 70 and over

  • Many accelerated death benefits and riders available

In contrast

  • No online offer or application on the website

why we chose it


Of the 91 insurance companies we reviewed, Pacific Life had the second fewest complaints relative to its size.The company is particularly well suited to seniors as it offers senior life insurance in the form of term insurance for applicants up to the age of 70 and permanent insurance for those up to the age of 90. Only six other companies out of the 91 we considered offer coverage to 90-year-old applicants.

In addition, Pacific Life offers a full suite ofAccelerated Death Benefits, many at no extra cost, including riders for chronic and terminal illnesses and long-term care. (Many insurance companies charge additional fees for some or all of these clauses.) Like other insurance companies on this list, Pacific Life's online offerings are limited. You cannot receive an offer or apply without calling the company or applying through a third party or broker.

read fullyPacific life insurance review

(Video) Why Is Term Insurance Better Than Whole Life Insurance?

Best term for seniors :John Hancock Life Insurance

Investopedia-Rating

4.4

Best life insurance for seniors 2023 (4)

  • Best AM Rating: AM Best is a rating agency that assigns insurance companies a grade from "A++" to "D". A company's rating indicates its ability to pay its debts and meet its financial obligations.A+
  • Accept credit cards:NO

for and against

Advantages

  • High maximum age for temporary insurance applicants

  • Offers insurance for diabetics

  • The optional Critical Illness Supplement does not reduce the policy's death benefit

  • wellness program

    (Video) Life insurance in your 50s and 60s

In contrast

  • Most drivers with accelerated benefits have an additional cost

  • No online offer, application or live chat for applicants

why we chose it


John Hancock offers the most compellingterm life insuranceOffers from our top companies for seniors. It issues deadline guidelines for applicants up to the age of 80, while many competitors have limitations at age 75 or younger. The maximum issuing age for other types of insurance is also high at 90 years.

Also, we like that John Hancock offers a critical illness driver that doesn't represent accelerated performance, so the fatality benefit isn't reduced when the driver is used. That's unusual. The company also caught our eye for its diabetic insurance and Vitality awards. Vitality offers policyholders healthy lifestyle incentives, including possible discounts on old age insurance premiums.

John Hancock's main weaknesses are that accelerated death benefits cost more and, like others on this list, it doesn't allow you to get an offer or apply online without an agent.

read fullyJohn Hancock Life Insurance Review

Compare the best life insurance policies for the elderly in 2023

General assessmentBetter for

Best AM rating

AM Best is a rating agency that assigns insurance companies a grade from "A++" to "D". A company's rating indicates its ability to pay its debts and meet its financial obligations.

Sample cost of term life insurance

Policy Types

Accept credit cards

Reset all

New York life

4.8

overall betterA++N / ARuntime, Universal (UL), Variable Universal (VUL), TotalNOget an offer

Hide, not for me

Guardian

4.7

The best for financial stabilityA++$27.47/monthRunning time, universal (UL), fullNOget an offer

Hide, not for me

Pacific Life Insurance

4.6

The best for the fewest complaintsA+$23.64/monthIndexed Universal (IUL), Completion, Universal (UL), Variable Universal (VUL), TotalNOget an offer

Hide, not for me

John Hancock Life Insurance

4.4

Best term for seniorsA+N / AUniversally Indexed (IUL), Terminus, Universal Variable (VUL)NOget an offer

Hide, not for me

*The quotes above are examples of what a 40-year-old in excellent health could pay for a $250,000 30-year policy..Get life insurance quotes from multiple companies to find your best rate.

final verdict

The best senior life insurance company for you will be determined by the type of coverage you are looking for and your personal preferences. If you're looking for a rock-solid company with a long track record of financial stability, look to the New York Life and Guardian. They have the added benefit of being the only two companies on this list that pay dividends.

And while both companies have low customer complaint rates, the company with the fewest complaints is Pacific Life, which also offers coverage for applicants aged 90 and over (as do Guardian and New York Life).

For tenure guidelines, consider John Hancock, particularly if you are a senior applicant. You'll need to speak to an agent, but you can apply for a 10-year policy if you're 80 years old. This is not the case with any other provider on this list.

What is old age life insurance?

Senior life insurance is a normal life insurance that seniors are entitled to. Senior life insurance is generally referred to as terminal cost insurance, which is also called funeral insurance or burial insurance. These policies often limit the death benefit to $25,000 and require few to no health questions and no medical exams, making it easy to qualify.

What is the average cost of old age life insurance?

Old age life insurance is more expensive than life insurance for younger people. A 60-year-old might pay $100 to $200 a month for $25,000 perpetual life insurance, while a 70-year-old will pay $160 to more than $300 a month for the same coverage. Life insurance gets more and more expensive as you get older.

Term or life insurance for seniors?

Whether you buy in time orwhole life insuranceAs a senior, it depends on how much coverage you need, for how long, and how much you can afford. A term policy can be a good idea if you only need coverage for a limited time, e.g. B. for the last few years of your mortgage payments. But if you want to provide for your loved ones whenever they die, get perpetual life insurance or life insurancefuneral insurance.

How does a staggered death benefit work?

A policy with an incremental death benefit has a vesting period, typically two or three years. If the policyholder dies of natural causes within the waiting period, the beneficiaries will not receive the full death benefit. Instead, the insurance company reimburses the premium plus a small percentage. A staggered death benefit is a feature of somefuneral insuranceand end-of-cost insurance.

For example, if the insured person dies during the first two years of coverage, the policy may pay a premium refund plus 10%. At the end of the incremental death benefit period, or in the event of accidental death at any time, the policy would pay the full death benefit.

The reason insurance companies have classified death benefits is so they can offer coverage to high-risk claimants at affordable premiums. Otherwise, insurers would have to demand significantly higher premiums to cover their costs or simply refuse insurance cover. This is because life insurance premiums depend on when the insured person is most likely to die, and higher-risk claimants (the guaranteed-issuance policies they are designed for) are more likely to die sooner rather than later. A tiered death benefit helps the company offset this risk so it can offer affordable coverage.

It's important to compare tiered death benefit periods and payments between companies when purchasing permanent life insurance that doesn't ask health questions or require a medical exam.

How to choose the right life insurance

IsThe best life insuranceOffer the type of policy you need at a price you can afford and meet the following criteria:

  1. A rating of A or higher by AM Best: AM Best assigns A ratings and above to companies it believes have an “excellent” (A-, A) or “superior” (A+, A++) ability to meet their ongoing insurance obligations.All of the companies on our list of the best life insurance for seniors have at least an A+ rating.
  2. Few customer complaints: You can see how many complaints a life insurance company has received by using theSearch for NAIC consumer insuranceTool. Look at the insurance company's "claim rate" for life insurance. An index greater than 1.0 means the company has received more complaints than expected for its size, an index less than 1.0 means it has received fewer.
  3. The desired policy capabilities: Some companies automatically include value-added services orReiterin your coverage while other companies charge extra to add it. This is particularly the case with accelerated death benefit drivers, such as B. the drivers of chronic, critical and terminal illnesses. Note which companies and policies offer the best housing benefits.
  4. A manageable application process: Once you've determined which companies you like, it's time to get life insurance quotes and apply for coverage. You'll likely be speaking to an agent who can give you an idea of ​​how transparent or accessible the service might be in the future, so be mindful of the agent's demeanor in your communications with them.

Insurance policies without verification with low coverage, such as B. Guaranteed output and final cost are most suitable for people with health problems. If you are in good health, you can pay a much lower premium or receive a higher death benefit by undergoing a medical examination at the time of claiming.

How we selected the best life insurance companies

To compile our list of the best life insurance companies for seniors, we developed a comprehensive life insurance methodology. We start by researching what consumers want from life insurance companies, drawing on third-party consumer research, including2021 US Life Insurance New Business Study by J.D. Performanceand theInsurance barometer study 2021, by Life Happens and LIMRA.

With this in mind, we collected more than 50 data points on 91 life insurance companies, including ratings of financial strength, customer satisfaction and customer complaints, as well as information on financial years, online tools, options without review, policy types and characteristics, maximum issuance age and ancillary clauses available.

Our review process favored companies with excellent financial stability, few customer complaints and a high policy issuance age. We particularly appreciate the availability of accelerated death supplements and whether they are included in policies at no cost. Companies received rating boosts when they provided training materials, accepted credit cards, and provided large amounts of coverage. We classify each company according to the following categories and weights.

  • 30%: Maximum emission age
  • 24.5%: Financial stability
  • 24.5%: Consumer complaints and customer service functions
  • 16%: Policy features and additional clauses
  • 5%: maximum coverage

To complete our list, we considered third-party customer satisfaction ratings and compared individual offerings from top companies by looking at product specifications and the application process. We use this research to determine the best life insurance for seniors.

Best life insurance for seniors 2023 (5)

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FAQs

Best life insurance for seniors 2023? ›

A guaranteed issue life insurance policy is often the best option for seniors in poor health. This is a type of life insurance that does not require a medical exam or answer any health questions, and you can't be turned down in any case.

What is the best type of life insurance for seniors? ›

A guaranteed issue life insurance policy is often the best option for seniors in poor health. This is a type of life insurance that does not require a medical exam or answer any health questions, and you can't be turned down in any case.

Which insurance company is best for senior citizens? ›

Compare the Best Life Insurance Companies for Seniors of 2023
CompanyAM Best Rating
New York Life » 4.7 U.S. News Rating Add to CompareA++
Prudential » 4.3 U.S. News Rating Add to CompareA+
State Farm » 4.0 U.S. News Rating Add to CompareA++
Corebridge Financial » 3.7 U.S. News Rating Add to CompareA+
2 more rows

How much life insurance should a senior have? ›

Rule of thumb: Most financial planners recommend an amount 10-15x your current income. Life insurance rates are influenced by a number of factors, but your health has the biggest impact on the final cost.

What does $9.95 a month get you with Colonial Penn? ›

Colonial Penn Permanent Whole Life Insurance is available in death benefit amounts of $10,000 up to a maximum of $50,000. Colonial Penn Guaranteed Acceptance Life offers death benefits based on “units” of coverage. You can choose anywhere from 1 to 15 units, with every single unit costing $9.95 per month.

How much a month is a $500 000 whole life insurance policy? ›

How much does whole life insurance cost? A 35-year-old with minimal health conditions can pay about $571 per month for a $500,000 coverage amount. Whole life costs five to 15 times more than term life insurance on average.

Is life insurance worth it after 70? ›

If you retire and don't have issues paying bills or making ends meet, you may not need life insurance. If you retire with debt or have children or a spouse that is dependent on you, keeping life insurance is a good idea. Life insurance can also be maintained during retirement to help pay estate taxes.

Is life insurance a good idea for seniors? ›

Some seniors may very well benefit from (and actually need) a policy like term life insurance to protect themselves and their relatives. Other seniors may already have all the economic security they need and have family members or friends who are financially independent.

Why is AARP life insurance so expensive? ›

AARP life insurance products

All of their policies are either simplified issue or guaranteed acceptance, meaning there are no medical exams and coverage is issued very quickly. The downside to this is that insurers assume applicants are at higher risk and, therefore, charge significantly more costly premiums.

What is the most common insurance carried by elderly Americans? ›

Medicare is a Federal health insurance program for people 65 years or older, certain people with disabilities, and people with end-stage renal disease (ESRD). When you first enroll in Medicare, you'll have Original Medicare, unless you make another choice.

At what age should you stop buying life insurance? ›

Expenses until retirement age: Your life insurance policy should ideally last until you no longer have any major financial obligations. For many people, this financial independence occurs at the age of retirement, when their children are out of college and their mortgage is paid off.

How much is AARP life insurance a month? ›

AARP life insurance rates

We pulled 2021 sample rates using AARP's online quote tool for healthy men and women 50 years and up. AARP only offers coverage for people at least 50 years old. Costs average $156 per month for $100,000 in coverage, depending on factors like your age and health.

What life insurance does not increase with age? ›

Whole life insurance provides guaranteed death benefit protection for as long as you live while earning cash value. A whole life insurance policy doesn't expire as long as regular premiums are paid. The cash value grows, tax-deferred, at a guaranteed rate, and the premiums never increase.

Is Colonial Penn $9.95 a month worth it? ›

Colonial Penn Life Insurance $9.95 Per Month Reviews

For example, $9.95 at age 50 could be worth $1,786 in life insurance. However, The same $9.95 life insurance plan could be worth $560 in life insurance at age 75, which is a ripoff when the average cost of a funeral is around $15,000.

How much is a $50000 life insurance from Colonial Penn? ›

Colonial Penn term life insurance

For example, a woman who purchases $50,000 of coverage would pay: $35.21/month between the ages of 41 and 45. $45.21/month between the ages of 46 and 50. $56.46/month between the ages of 51 and 55.

How much is a 100 thousand life insurance policy? ›

The average monthly cost of life insurance for a 10-year $100,000 policy is $11.02 or $12.59 for a 20-year policy.

What kind of life insurance should I get at age 60? ›

Term life insurance: Term life insurance is the most affordable option for seniors over 60. It provides coverage for a specific period and is an excellent option for seniors with outstanding debts or dependents who will no longer depend on them after a few years.

Why is term life insurance better than whole? ›

The cost of whole life insurance vs. term varies, but term life insurance is usually more affordable. It costs less because there is only a payout if the timing aligns. We hope that you outlive your term, but if not, the payout can help provide support for your loved ones.

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