There was once a time when whole life insurance policies were limited for senior citizens, particularly those over the age of 65. However, those days are well and truly gone. In today’s times, seniors can pick from a plethora of the best whole life insurance for seniors to secure not just their lives, but also secure the financial status of the younger ones in their families to some extent.
In this review, we will take a close look at some of the best whole life insurance policies for seniors. Whole life insurance policies typically feature a savings component and policyholders have the right to withdraw the saved cash amount or borrow against it as and when they need it. So, without further ado, let’s go through some of the policies of the best whole life insurance companies right now.
Guardian Life Insurance
Dating back to the 1860s, Guardian Life Insurance Company is one of the USA’s most trusted names when it comes to the best whole life insurance for seniors. As a mutual insurance company, it is known for paying policyholders dividends on policies that are eligible.
There are plenty of reasons why a lot of seniors choose Guardian. From the policy options on offer to the riders available to the values guaranteed across their universal and whole life policies, Guardian’s insurance plans have a lot to offer to the elderly.
Guardian’s whole life insurance policy can be purchased till the age of 90 and you can enjoy policy coverage till you are 99/100/121.
The company’s whole life policies have a number of benefits such as guaranteed payments on survival through the entire policy coverage term, level premium options, death benefits that are guaranteed, and cash values that are certain to grow till the age of 100 or 121.
To find out quotes for cheap life insurance for seniors policies provided by Guardian, you should get in touch with one of the company’s agents or financial advisors.
The company does not make quotes available on its website. Agents/advisors would also be able to tell you whether or not you have to take medical examinations after assessing your age and overall health.
Transamerica is a renowned insurance company that dates back to the 1930s. The company offers not just whole term life insurance, but also several other types of insurance policies.
The best thing is that Transamerica allows seniors up to the age of 85 to be policyholders. Some of Transamerica’s whole life insurance policy benefits range from instant coverage to pocket-friendly options for premium payments.
Seniors don’t need to pass any medical exams to be eligible for holding the company’s insurance policies, and its guaranteed issue final expense policies are considered among the best. Using automated and simplified underwriting, the company provides immediate coverage.
Transamerica’s whole life insurance policy for seniors offer a wide range of benefits such as issue for ages up to 85, level premiums till the age of 121, and $10,000 minimum death benefit.
In addition to the various policy benefits, Transamerica also offers numerous riders that allow policyholders to make changes to their policies.
Some of the riders offered by Transamerica include Monthly Disability Income Rider, Accelerated Death Benefit Rider inclusive of Nursing Home Benefits, Accidental Death Benefit Rider, Return of Premium Rider, and more.
Existing policyholders only have good things to say about Transamerica, thanks to the company’s competent customer service. Apart from having a whole host of local offices, their agents can be reached over the phone for quotes as well.
A mobile app and online policy servicing make the company and its products accessible remotely as well. The website is quite neat as well and features a ‘Plan Explorer’ tool, which allows prospective policyholders to compare between the different policies on offer.
New York Life
As far as whole life insurance companies go, there are very few that can match up to the policies offered by New York Life, a company that goes back to the 1840s. The company offers numerous insurance policies, ranging from universal life to whole life to term.
Over the years, the company has garnered the reputation of offering some of the best insurance policies, particularly because policyholders are entitled to receive dividends on several plans.
While the dividends for the company’s whole life insurance policies are not guaranteed, the company is known for paying dividends to policyholders.
Among the companies that claim to pay dividends, New York Life is one of only a handful of companies that have actually paid dividends to policyholders almost continuously from the 1850s.
The company’s whole life policy can be purchased by seniors up to the age of 90, while its term life insurance policy can be purchased until the age of 75.
Some of the benefits of New York Life’s term life insurance policy include a level premium option and an option that allows policyholders to convert the policy from term to permanent.
There is also an option called policy purchase that allows existing policyholders to buy permanent coverage according to their convenience minus a medical exam.
Some of the benefits of New York Life’s insurance policies for seniors include living benefits options for terminal illness and chronic care, additional policy purchase options for whole life policyholders, and money-back options (only for universal life plans).
If you are nearing your retirement age, you can also choose a value whole life insurance plan, which offers level premium payments and guaranteed death benefit (a minimum of $25,000).
However, unlike the company’s whole life policy, cash benefits are not guaranteed under the value of the whole life policy. For quotes, you should get in touch with local agents who represent New York Life.
Mutual of Omaha
One of the most well-known names in the world of insurance policies for seniors, Mutual of Omaha offers numerous insurance plans for the elderly. What makes this company one of the picks for senior citizens is that its insurance policies are really easy to apply for.
In just a few steps, you can purchase an insurance policy and you can expect great customer service as several satisfied customers from the past have been pleased with the company’s customer care practices.
Some of the features of the company’s best whole life insurance for seniors include the ability of seniors till the age of 80 to purchase the policy, simplified underwriting, level benefits of $40,000 till the age of 85.
There is also a graded death benefit plan with a benefit of $20,000. Apart from term and whole life insurance policies, Mutual Omaha also has universal life insurance policies to pick from, with interest rates ranging from 0 – 2%.
Some of Mutual of Omaha’s riders include accidental death benefit riders, residential damage riders, and terminal and/or chronic illness death benefit options.
To apply for an insurance policy from the Mutual of Omaha, you have to fill up a questionnaire. However, if you don’t pass it, you may be asked by the company to attend a medical examination.
Along with insurance policies, seniors also need proper attention and care. Read about some of the ways to take care of your parents.
Some seniors may also have medical conditions, which require the use of companion dogs or therapy dogs, consider the benefits of dogs for elderly companionship.
AIG is an insurance company that is known around the world. The company dates back to the mid-1920s and what makes them one of the best whole life insurance companies is the fact that they offer many different types of policies for seniors.
Even though the company offers mostly term life insurance policies, with terms up to 35 years on offer, they are as good as whole life policies.
In all, there are 18 unique term policies that seniors can choose, with several policies allowing purchases until the age of 80. AIG’s ‘Quality of Life’ products also come with a number of living benefits options.
One of the major benefits is for seniors suffering from chronic or terminal illnesses and this involves being able to use some percentage of the death benefit amount when needed.
AIG’s sole whole life policy is issued to applicants up to the age of 80 and offers coverage till the age of 100. There are some universal life policies as well. Certain ‘Quality of Life’ products are offered along with some plans and don’t require policyholders to pay any additional amount to enjoy their benefits.
If you are in quick need of an insurance policy, you can choose the instant issue option, which does not involve any medical examinations or health questions. This option is open to applicants till the age of 85 and offers a maximum of $25,000 as a death benefit.
In case the policyholder dies of any cause other than an accident within two years from the date of issuance of the policy, the death benefit is reduced.
John Hancock is a reputed insurance provider that has been in the insurance business since the 1860s. As of now, the company offers universal, whole, term, and final expense life insurance policies. Due to the nature of policies offered by the company, this is one of the best life insurance for seniors companies around.
John Hancock’s life insurance companies feature flexible underwriting, accelerated death benefits, and potential premium refunds. The terms that applicants can choose for the term insurance policies range from 10 – 30 years.
To be eligible for a term insurance policy of John Hancock, applicants only have to complete a questionnaire and get it approved. However, applicants need to take a medical examination if their questionnaires are not approved by the company.
You can apply for the whole life guaranteed issue final expense insurance plan till the age of 80 without a medical examination and $20,000 is the maximum death benefit offered by John Hancock for this policy.
There is also a permanent life insurance policy that you can apply for up to the age of 90, with coverage offered till the age of 121. The permanent plans feature borrowable cash value accumulation, flexible premiums, and death benefits.
What makes John Hancock one of the best insurance companies around is its Vitality Program. Under this program, policyholders can earn and accumulate points and in time, these points can result in premium refunds.
The plan also features discounts on wellness services and health food benefits and a fitness tracker. With elaborate plans for diabetics and smokers, John Hancock is the go-to insurance company for seniors around the country.
How Much Do Seniors Have to Pay for Insurance?
For the best whole life insurance for seniors, you would typically have to incur expenses ranging from $5,000 – $50,000, but the exact amount depends on the insurance company and also the number of added benefits that you choose to purchase.
Term insurance policies are generally cheaper than whole life insurance policies as they don’t have the cash value element, for which policyholders have to pay a considerably higher amount in each monthly premium.
While life insurance policies for seniors are definitely on the expensive side, they are worth it. This is down to the fact that seniors may need long-term financial coverage due to serious health complications that may last several years.
With most whole life insurance policies for seniors featuring a number of benefits, seniors can expect many costs to be covered when they need it the most.
In case a senior in your family is already suffering from some sort of chronic illness or disease and you cannot take proper care for personal and/or professional reasons, you should consider a live in caregiver for elderly.
As well as using the best smart monitoring system for elderly, you can remotely monitor and control different aspects of older people in your home.
Thanks to the aforementioned insurance companies covered in this review and their respective insurance policies, seniors in today’s times can live in much more peace than they could before.
With many benefits alongside the financial ones, seniors can now live in peace and even if they suffer from serious health complications, they can expect all costs to be covered.
So, if you are a senior or an adult with a senior in the family, you should consider the best whole life insurance for seniors without any delay.
Not having life insurance can be devastating for seniors, who are sure to suffer from financial stress, further adding to their aggravating health problems as they age. So, remind them of the importance of having insurance coverage and have them apply as soon as they can.