Best Life Insurance for Seniors
Nothing in life is guaranteed. You may be a healthy person today, but what if tomorrow something happens? What if you get diagnosed with a terminal illness or, even worse, pass away unexpectedly? Your family will have to manage all the expenses that come with it.
Without life insurance, they might be unable to cope with their financial responsibilities.
That’s why a life insurance plan for seniors is a must. The earlier you get one, the better it is for your loved ones. Are you wondering what life insurance plan would be best for seniors? Here’s a list of the most popular ones:
New York Life
New York Life is number one on our list for many reasons. First, it’s one of the US’s oldest and most reputable companies. Second, New York Life is rated as the “best insurance company” by A.M. Best. That’s because of its financial stability and strong claims-paying ability.
Third, the company offers some attractive life insurance plans for seniors. You can choose from whole-life insurance or long-term care insurance plans.
The drawback to New York Life insurance plans is that you must talk to their agent before getting a quote. The other one is that there is limited policy information online.
Guardian
Guardian is among the top ten largest life insurance companies in the US. The company offers a range of term and whole life insurance plans. You can customize them to meet your needs and budget. Guardian Life is rated as an “A++” company by A.M. Best. This is because it has low debt levels and good claims-paying ability.
They also offer policies to seniors in their nineties. However, you can hardly find any information online. The company needs to be more transparent about the details of its policies or how they are priced. If you want a quote from Guardian Life Insurance, you must call them or visit one of their offices.
Pacific Life Insurance
Pacific Life Insurance has plans for 70+-year-olds that can be customized to fit your needs and budget. The company offers a range of term life insurance plans. Each has various coverage amounts. And for the ninety-year-olds, you get permanent life insurance policies.
The company also offers various accelerated death benefits. These allow you to access your money if you become terminally ill. The company has an extensive network of agents to help you find the right policy for your situation.
However, you can’t find their quotes without a third-party broker or agent. This is a significant concern. You want to compare life insurance quotes from different companies before deciding.
John Hancock Life Insurance
Are you a diabetes patient who needs life insurance? Looking for a company that will offer you a policy? John Hancock has a diabetes rider that can help you get the coverage you need. The company provides several policies and a wellness program.
On the flip side, there are some cons to this company. First, suppose you want accelerated benefits. You’ll have to pay an extra fee. Second, those who like checking out policies online may be disappointed. The company has no online application process. Finally, the company has no live chat option, so you’ll have to call if you have questions.
Choose the Best Life Insurance Policies for Seniors
You now know the best life insurance companies for seniors, but how do you choose a policy? Here are the most important factors to consider:
What’s Your Goal?
Do you want to leave something behind for your family, pay off debts, or fund a retirement project? The amount of life insurance you need will depend on what you’re trying to achieve.
What’s Your Age?
The older you are, the more expensive a life insurance policy will be. You’ll likely pay higher premiums if you’re in your 70s than if you’re in your 50s.
What is Your Health Status?
Seniors with health problems and chronic conditions will pay more for a policy. However, many life insurance companies also offer discounts to physically fit people.
Does the Policy Have a Good Payout History?
Ask your life insurance company for a copy of its claim history and review it carefully. The company may have paid out on some policies but not others. You want to know how often it has made payouts and what kinds of situations those were.
Conclusion
We’ve reviewed the best life insurance for seniors. We’ve also highlighted some critical factors to consider when buying a policy. Are you considering purchasing term life insurance for seniors? We recommend using an independent agent. They can help you compare policies and find the best one.
