Adults Lifestyle

The 5 Best Life Insurance for Seniors Over 60 In 2020

The best life insurance for seniors over 60 is an insurance policy that pays a lump sum amount if you die. As a senior, you may think that you have limited opportunities to avail of life insurance policies. However, it is a misconception as many insurance companies offer policies that cover people over 60.

In other words, there are so many senior life insurance policies that selecting the best one is quite overwhelming. There is no doubt over the fact that the longer you wait to buy life insurance, the more expensive it gets.

Even if you are healthy, a term insurance policy at 60 will always be more expensive than it would have been at 30 or 40. Applicants in their 60s would find that there are few eligibility restrictions for availing life insurance.

However, not every policy would be right for your situation. This is the reason that you have to consider life insurance over 60 wisely. To ensure that you select the best plan, here are some top picks to help you get the right coverage.

The Best Life Insurance for Seniors Over 60

The Best Life Insurance for Seniors Over 60

As a senior, it is quite common for you to face restrictions while buying life insurance policies. For instance, there would be restrictions in the form of the size of the face value and the length of coverage. So here is the list of the top life insurance for seniors over 60, which you can consider.

New York Life

Based on revenues, New York life is the largest mutual life insurance company in the USA. Since 1845, New York’s life is facilitating various types of insurance policies. This includes universal life, whole life, and policies that can be purchased well past 60 years of age. Quite phenomenally, it offers the option to receive dividends on various term plans. The whole life policy from New York Life is available for purchase until the age of 90. This insurance policy also makes you eligible for availing dividends.

It provides the best life insurance for seniors over 60 as its term life policy is valid until the age of 75. The policy purchase option from New York Life allows you to buy permanent coverage without any health inspection. On the other hand, for AARP members, New York Life offers guaranteed issue policies with no health inspection. Furthermore, all non-AARP policies issued may need simplified authorization from a health clinic.

Key Features:

  • Provides you money back option for variable universal life plans
  • You have the option to buy paid-up additions
  • Avail living benefits which include serious illnesses
  • Spouse paid-up option is also available

AIG

AIG has carved a niche for itself in providing the best life insurance for seniors over 60. AIG has some of the best life insurance plans for seniors above 60. Moreover, they have a range of term policies which exudes practicality.

AIG offers life insurance with 18 different term lengths. Furthermore, a majority of these life insurance policies also come with living benefit options. It is worth mentioning here that AIG term life policies are ideal to purchase until 80 years of age.

Notably, AIG also offers a flexible term policy that comprises living benefits. AIG provides the best life insurance for the elderly as it has universal life policy options. The life insurance policies of AIG also include reduced death benefit in the first two years of the plan.

With AIG, you can even customize your coverage term to suit your needs. There are many different terms available, which are quite excellent in case you have a specific coverage timeline. Thus, it provides cheap life insurance for seniors nowadays.

Key Features:

  • Enjoys A rating from A.M. Best
  • Features an array of universal life policy options
  • Avail reduced health benefit in the first two years
  • Provides elders with universal life policy options

Transamerica

Transamerica offers whole, term, and universal life insurance policies for seniors. There is little doubt over the fact that Transamerica is the best financial expense insurance for seniors as it provides instant coverage.

Transamerica enables elders to select plans with affordable premium payment options. The company offers term life coverage ranging from 10 to 30 years. It is worthwhile here to note that most of the policies provided by Transamerica require medical inspections.

It also offers a guaranteed issue final expense under which there are no health screenings. They usually deploy simplified, automated underwriting to provide elders with immediate coverage. It is important to note here that Transamerica doesn’t offer quotes online for their life insurance policies meant for seniors.

The best way to contact them is either via an agent or telephonic conversation. Transamerica offers the best life insurance for seniors over 60 as it provides accelerated death benefits. There is no waiting period involved whatsoever in the life insurance policies for elders.

Key Features:

  • Avail level premiums up to age 121
  • Seniors can avail a minimum health benefit of $10000 depending on the issue
  • There is no waiting period involved
  • Get life insurance policies up to 80 or 85 years of age

Mutual of Omaha

Mutual of Omaha is a popular name in the realm of senior’s life insurance. It offers the best life insurance for seniors over 60 on the basis of straightforward and basic plans. Moreover, application procedures are quite simple and hassle-free.

Mutual of Omaha also has an extended range of age availability with proven acceptance policies being offered to the applicants. Notably, you can buy up to $25000 in coverage related to death benefits. The simplified issue policy is what makes it plans popular among elders.

Moreover, a majority of their life insurance plans don’t require medical inspections and health questionnaires. The company has garnered immense popularity as it has a reputation for customer satisfaction and dependability.

The company also offers universal life options along with assured interest rates of 2%. The whole life policy for elders comes with simplified underwriting and maximum limits of $4000 with a level of benefit.

Key Features:

  • Coverage can be purchased up to the age of 80 and renewable up to 95
  • Avail return of the premium rider
  • Whole life guaranteed acceptance for purchase up to age 85
  • Avail $20000 worth of benefits on graded health plan

John Hancock

John Hancock’s best life insurance for seniors over 60 includes a variety of aspects like the whole, final expense, term, etc. In other words, the company possesses all the key policies that are required to facilitate coverage for the needs of the seniors.

It life insurance policies also comprise of some essential features like accelerated death benefits and potential premium refunds. In short, all these features are compulsory in a life insurance policy of the elders.

The company offers life insurances for 10 to 30 years term and covers a maximum age of up to 90 years. Note that the term life policy can be issued without the need to conduct a medical inspection. Also, the final expense policy doesn’t have any medical exam and is valid until 80 years of age.

Furthermore, the seniors can avail of a death benefit of $20000 with this policy. On the other hand, permanent life insurance coverage is up to age 121 and can be issued up to the age of 90 years. Besides that, the term policies are flexible and easily customizable.

Key Features:

  • The vitality program allows policyholders to earn points that convert into premium refunds
  • Customized premium plans for diabetics
  • Avail quit smoking incentive program incentives on premium
  • Guaranteed discounts for an array of wellness services

For Seniors, you may explore 10 Smart Monitoring System for Elderly in The Home

Also, you must discover 7 Best Clock With Day And Date For Elderly In 2020

The Best Life Insurance for Seniors Over 60

Types of Best Life Insurance for Seniors Over 60

If you are above 60 and on the lookout for a new life insurance policy, you face various challenges. Insurance companies don’t want to insure you smoothly as with advancing age, medical complications also increase. This is the reason that you buy a life insurance policy as soon as you recognize its requirements. Seniors are advised not to delay their purchase of policies as it is not easy to find good policy plans. Let’s take a glance at some of the best life insurance policies for elders above 60.

  • Whole life insurance

The whole life insurance is one of the best life insurance for seniors as it provides coverage for the rest of your life. Furthermore, the premiums also stay the same every year. This type of life insurance policy provides you with the death benefit. However, if you die with a loan outstanding, the death benefit of the policy would be reduced.

  • Term life insurance

This is the best option for a majority of elders as it facilitates the maximum amount of coverage at the lowest price. It usually provides coverage for a certain number of years, and the premiums are the same every year. For instance, if you buy a five-year term policy, you will pay uniform premiums every year for five years. Your beneficiaries will receive compensation if you die during that time. However, if you die after that, they would receive nothing.

  • Universal Life Insurance

Universal Life Insurance lasts until you die and accumulates cash value. However, the cost is tied to investment performance. In other words, if the investments of the policy are not able to perform satisfactorily, you have to pay higher premium amounts. Much like whole life insurance, you can also borrow against the cash value of the policy. But when you die, the insurance company would keep the cash value of the system. The policy plans also have expensive management fees.

  • Guaranteed Universal Life

It is a form of permanent coverage, and as the name indicates, there are some guarantees. Note that a majority of these guarantees are positive for seniors in particular. Another highlighting trait of this type of life insurance is that its premiums stay the same. Also, it is a safe insurance policy as it is independent of the financial market. Moreover, the premiums for the elders are set and defined without any sudden increases in the premium’s value.

Which Is The Provider Of The Best Life Insurance For Seniors Over 60?

From the above comparison, there is no doubt that New York life is the best life insurance provider for elders. It is because it provides four different types of plans on its website that includes whole life, term life variable universal life, and universal life.

Quite phenomenally, these are built into ten several policy combinations. It provides the best life insurance for seniors over 60 as it has a level premium convertible. The level premium term insurance allows you to lock in the premium rate for 10 or 20 years.

It is important to note here that the plan premium increases annually after the expiration of the term. Their convertible and customized insurance plans for elders have full money-back options. Besides that, they are operating since 1845 and have earned many accolades over these years.

On the other hand, New York life also offers elders with flexible premium plans that can fit into any budget. With advancing age, budgetary constraints are a common thing with seniors. Thus, the life insurance plans for seniors are tailor-made for elders.

Moreover, New York Life possesses a vast network of agents with the help of which you can file and claim your policies. New York Life insurance has enough positive ratings to its name and is a popular name in providing quality senior life insurance policies.

Wrapping Up

Let’s hope that the insurance policies of different companies would help you in selecting the best one. While opting for the best insurance policy for seniors, it is vital to identify your top-most concerns. It is crucial that you choose for the company which offers you flexible premium policies. While selecting an insurance company for life insurance, ensure that it has enough credibility. Always remember that you are investing your life’s savings on the policy.

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