Depending on your specific situation, we may recommend one or two different life insurance companies from the dozens that we offer. When we recommend a life insurance policy for a senior citizen, we consider much more than age; we take into consideration your lifestyle, health, and overall needs. Only after we gather ample information can we make the best life insurance recommendation for a senior citizen.
That being said, here are our top ten life insurance companies for seniors:
Best Life Insurance for Seniors
- Lincoln Financial
- Minnesota Life
- North American Company
Life Insurance Quotes over 50
The following sample monthly 10 year term life insurance for seniors quotes are based on premiums for a preferred plus non-tobacco male as of February 21, 2017. Rates are subject to change and must be qualified for.
Life Insurance Quotes for Seniors ages 60 to 80
The following sample monthly 10 year term life insurance for seniors quotes are based on preferred plus non-tobacco premiums for a male as of February 21, 2017. Rates are subject to change and must be qualified for.
Top 10 Best Life Insurance Companies for Seniors 2018
The following life insurance for seniors companies list represents what we believe are the top companies offering whole and term life insurance for seniors. These companies make up the majority of the 65 and above life insurance we write.
However, with dozens of companies to choose from, the following may or may not be the right choice for you. Give us a call today for a free consultation to make sure you are applying with the right senior life insurance company.
When you purchase whole life insurance for seniors from Assurity, you get coverage starting from the day you sign the agreement. Before 65, the amount can go up to $50,000 but once you cross 65, then the max is $25,000, which would be more appropriate for covering a funeral and other expenses.
You will have to answer a few questions about your health before the policy will get underwritten. If you are looking for life insurance coverage that will cover your funeral expense and burial insurance expenses, then Assurity is a great option.
For more, see our Assurity Life Insurance Company Review.
Banner life insurance pops up on our top ten lists time and time again. The main reason is Banner is an excellent company for sub-standard risk clients, offering some of the most competitive life insurance rates for seniors. Banner offers both term and universal life insurance coverage.
For more, see our Legal and General Life Insurance Company Review.
We recommend Fidelity Life Insurance to a lot of seniors. We also consider Fidelity Life Insurance to be one of the best no medical exam life insurance companies. Fidelity’s “hybrid” term life insurance option allows clients to get life insurance coverage within 48 hours. This policy offers 1/3 of your coverage as term insurance and the remaining as accidental death insurance. You also have the option of taking a medical exam up to six months after signing up. If you pass the medical exam you can convert your policy into a traditional policy. Don’t worry; if you fail, you still get to keep your existing policy.
For more, see our Fidelity Life Insurance Review.
Foresters Life Insurance may not be a household name like other insurance providers, but the company provides one of the best life insurance policies for seniors. Even if you have a really complicated medical history, Foresters won’t shy away from taking you on as a client. They also have competitive pricing—something that is important to a lot of senior citizens, particularly after retirement. Currently included in our best whole life insurance companies list.
For more, see our Foresters Life Insurance Review.
Being most famous for their life insurance policies for children and youth, it may surprise you to find Gerber Life Insurance on our list of most popular life insurance companies for senior citizens. However, they deserve it!
Gerber Life Insurance tends to offer no health questions and no exam life insurance for the elderly who simply need coverage from the top final expense or burial insurance companies. When a senior is uninsurable by most life insurers due to a pre-existing condition, Gerber Life Insurance still offers a great policy. For this reason, we continue to recommend Gerber Life Insurance to seniors time and time again.
For more, see our Gerber Life Review.
Lincoln Financial senior life insurance caters to clients 70 and older, including whole and term life insurance for seniors over 80. This is evident with the company’s liberal body mass index chart for males and females 70 and up.
Further, the company increases limits for diabetic life insurance for seniors 70 and above, as well as blood pressure and cholesterol limits.
In addition, the company offers competitive senior life insurance rates, often ranking in the top 3 for price on coverage 70 and above.
The one thing to be aware of is that Lincoln Financial will not consider a prospective insured if he or she has not seen their personal physician in the past 12 months.
For more, see our Lincoln Financial Review.
An up and comer in life insurance for seniors, Minnesota Life ranks #1 for senior term life insurance rates in a lot of categories.
From the company’s website:
To remain competitive, it’s crucial to understand how to submit business for older-age applicants. Minnesota Life and Securian Life, a New York admitted insurer, have expertise in mature underwriting, with cognitive and mobility screenings, allowing us to offer Preferred Select, Preferred and Non-Tobacco Plus underwriting classes to many applicants – up to age 85.
That pretty much sums it up. Minnesota Life is definitely one of the best term life insurance companies for seniors in the marketplace. However, Minnesota Life, via Securian Life, also has great cash value life insurance policies.
For more, see our Minnesota Life Review.
Another great option among the best life insurance for seniors is North American Company. North American has an A+ rating from, A.M. Best. In particular, North American is great for life insurance 60+ because it has a solid product offering and extremely competitive rates on older clients. The cheap life insurance for seniors pricing alone is enough to make almost every senior happy.
For more, see our North American Company Review.
Pruco Life Insurance Company has great brand recognition—and the reason for it isn’t simply good marketing. Prudential Life Insurance has been our go-to life insurance company in many scenarios, including special situations for seniors. They are a unique company because they have special underwriting guidelines that can work in your favor if you are:
- a tobacco user,
- a cancer survivor, or
- if you are in need of diabetic life insurance.
Pruco’s guidelines help you get coverage no matter what—and at the most affordable life insurance for seniors price!
For more, see our Prudential Life Insurance Review.
Transamerica is the senior term life insurance company. The company consistently offers some of the best whole and term life insurance for seniors 70 and above.
Unlike some big name competitors, Transamerica proves to work with seniors, not against them. The company even offers elderly term life insurance for seniors over 80.
Some examples on where Transamerica excels at underwriting seniors: if you are 71 or older and have a blood pressure reading of 145/85, then you can likely qualify for the best rate class. You will also be able to get the best rate class if you have up to 5.5 cholesterol ratio. Other companies will allow a cholesterol ratio only up to 4.5.
And Transamerica has some of the lowest rates on life insurance for seniors over 75, making it a top choice for older clients.
For more, see our Transamerica Life Insurance Review.
Kemper Senior Solutions
Guaranteed issue whole life insurance plan: Guaranteed coverage with face amounts from $2,000 – $25,000. Available for ages 40-80 (75 in Missouri). The only reason this company is not in our top ten list for senior life insurance is because it is not currently available in California or New York.
For more on this company visit our Kemper Life Insurance review.
Baltimore Life Insurance
Another company worth mentioning as one of the better senior life insurance companies is Baltimore Life Insurance Company. The flagship life insurance for seniors product is the company’s Silver Guard Simplified Issue Senior Life Insurance.
Silver Guard Simplified Issue Senior Life Insurance
- Silver Guard I: Guaranteed Level Death Benefit
- Silver Guard II & Silver Guard III: Guaranteed Graded Death Benefit
For more on this Company, see Baltimore Life Insurance Company.
Finding the best Life Insurance for Seniors
A few brief pointers to help you get the best life insurance policy as a senior citizen:
- Risk factors matter. No matter what your age, whether you smoke or engage in a risky lifestyle, then you will almost always pay a premium. This is also true as a senior citizen. One of the few exceptions is for seniors who developed diabetes at a late age. There are companies who will give a better rate class for someone who has diabetes at age 55 than someone who was diagnosed with diabetes at 40.
- Purchase life insurance today! The sooner you purchase your life insurance, generally the cheaper it will be. If you wait until you are 65+, then you will likely pay a higher monthly fee than if you buy your policy at a younger age.
- Choose the right policy! Even if you choose the right insurance company, if you don’t choose the best type of life insurance policy, you’ll be in trouble later. For more on this, see our article that covers term versus permanent life insurance.
- Permanent coverage: Consider indexed universal life for estate planning with life insurance, such as funding an irrevocable life insurance trust.
- Term policy: A term life policy for seniors can get pricey due to the cost of insurance increasing as you get closer to your life expectancy, so be sure to lock into the correct number of years you need.
- Senior business owner life insurance: Have you considered a business succession plan? Many seniors need key man life insurance or life insurance to fund a buy sell agreement in order to provide a way to pass the business on or allow time to sell a business.
How do I find that right senior citizen life insurance policy?
As we mentioned, there is no way to simply recommend a single best senior citizen life insurance company for all older clients. Each person is unique and therefore a life insurance policy recommendation must be too. For some people who are battling serious disease or illness, choosing burial insurance from among the top final expense insurance companies is probably the best route. Ultimately, the best way to find the best senior life insurance policy is to contact TermLife2Go.
We will get to know all about you and your need and make a life insurance recommendation specifically for you. We help senior citizens find the right life insurance policy every single day.
So, what are you waiting for? Give us a call today or visit our Online Life Insurance Quotes page and see what we can do for you!
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