If you’re a senior, it’s never too late to get life insurance coverage. There are many reasons here, from paying for end-of-life expenses to leaving a legacy for loved ones. Yet many older Americans still do not provide this important financial protection, according to recent research.
If you are one of them, life insurance is worth considering. But where do you start? And? Below, we analyze the best life insurance companies for seniors in six categories: flexibility, testing policy, term life, whole life, living benefits and maximum age limit.
If you’re in the market for life insurance, get started by getting a free price quote now.
Best Life Insurance Company for Seniors
In our comprehensive analysis, we considered a range of factors relevant to seniors, from maximum policy issue age to coverage amount, to determine the best life insurance company for seniors in specific categories. Here’s our pick:
Best for Flexibility: Ladders
When it comes to flexibility,Hard to beat. This allows policy holders to easily adjust their coverage as their needs change. For example, if you pay off your mortgage, you can “ladder” your coverage amount by lowering your premium. If you want to welcome a new grandchild, you can increase your coverage for a higher premium. You can adjust your policy whenever and as often as you want without any charge.
Ladder offers term life insurance coverage for people between the ages of 20 and 60. Policy amounts range from $100,000 to $8 million for terms of 10, 15, 20, 25 or 30 years. However, your current age and tenure cannot exceed 70. So, for example, if you are 60 years old when you apply for the policy, you can get a maximum term of 10 years. Ladder not required aFor policies under $3 million.
Get a free price estimate from Ladders here.
Best for term life: Haven
. Only offers term life insurance policies, which come in two forms: Haven Term and Haven Simple.
Haven Term provides coverage up to $3 million for terms of 10, 15, 20, 25 or 30 years. Individuals aged 64 years are eligible for this policy. According to Haven, a medical exam is “probably” required for Haven tenure, “but not in all cases.” In some states, Haven Term policyholders may be able to purchase a rider called Haven Life Plus, which provides discounted or free access to services such as will-making, end-of-life planning and health clinics.
Haven Simple offers coverage starting at $25,000For 10, 15 or 20 years. Individuals aged 20 to 55 years are eligible for this policy Haven Simple has a no-examination policy, making it a great choice with pre-existing conditions. But have life plus This policy is not an option.
Both policies offer an accelerated death benefit rider, which allows policyholders with a terminal illness to access a portion of the death benefit if they eventually become ill.
Get a free Haven price quote here.
Best for life: Amica
Although term life is often good for seniors, there are times when. Offers three whole life policies with coverage ranging from $25,000 to $1 million or more.
Whole Life 20 is available for people up to the age of 80 and has a payment term of 20 years. Whole Life 65, available for people up to age 50, has premium payments that end at age 65. Whole Life 100, available for people aged 80 years, has payments that end at age 100. With three policies, you are guaranteed. Coverage for the rest of your life, even after you stop making payments. Amica’s policies may require a medical exam.
Amica offers a free terminal illness rider, which allows you to receive certain death benefits if you become terminally ill. It also offers discounts for bundling your insurance with other products, holding a policy for at least two years and being claim-free for three years.
Learn more about Amica’s whole life insurance policies here.
Best for untested principles: Ethos
with , such as high blood pressure, asthma and diabetes. With policies requiring a medical exam, pre-existing conditions may result in higher premiums or even denial. No-examination policies guarantee that you will get coverage regardless of your health.
ethos Says some of its policies have riders, but you must contact them to learn more. Ethos life insurance policy holders can wish and get free toolsIt is unique in that none of its policies require a medical exam. of Provides coverage from $20,000 to $2 million for a term of 10, 15, 20 or 30 years for people ages 20 to 65. People aged 66 to 85 years are eligible for this which provides coverage from $1,000 to $30,000.
Learn more about Ethos’ no-test policy here.
Best for convenience of living: AIG
Offers a wide range of universal life insurance products from term and whole life. For seniors, its appeal lies in its living benefit options, which allow you to access funds If your health decreases.
of AIGWhole life insurance (without testing) is available to eligible seniors ages 50 to 80 and provides coverage from $5,000 to $25,000. Unlike traditional whole life insurance, this policy does not generate cash value, but it provides life benefits at no additional cost. The Chronic Illness Benefit returns all premiums paid if the policyholder cannot perform two out of six “activities of daily living” (such as bathing, dressing and eating) or if they are severely cognitively impaired. Terminal Illness Benefit Pays 50% of the death benefit if the policyholder is diagnosed with a terminal illness.
You can purchase quality-of-life insurance riders for other AIG policies. These riders are Chronic Illness, Terminal Illness and Critical Illness (which provides a portion of the death benefit if you experience a critical illness such as a heart attack). Just remember that policies other than guaranteed issues may require a medical exam.
Explore your life insurance options with AIG here
Best for Highest Age Range: John Hancock
Of all the life insurance providers we analyzed, John Hancock is notable for its highest — in particular, its maximum age and coverage limits. John Hancock offers $250,000 to $65 million in term coverage for 10- to 30-year terms for 80-year-olds. Its permanent policies provide coverage ranging from $50,000 to $65 million for individuals aged 90 years. That is, these benefits come at a cost. You usually have to pass a medical exam, and most of the accelerated death benefit riders (such as critical illness and long-term care) cost extra.
Still, John Hancock should be considered if you qualify. It has a unique wellness program called Vitality, which offers rewards and discounts (including premium savings) for making healthy choices and maintaining healthy habits. And its Aspire program makes it easy for people with type 1 or type 2 diabetes to get coverage (and offers benefits like diabetes management tools, health coaching and discounts).
This list is meant to be a starting point for your life insurance search. As with any financial product, it’s important to shop around and consider your individual needs and goals. If you need assistance, contact an independent insurance agent for customized guidance.