The finest life insurance company for seniors is New York Life.
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You might be worried about the price if you're a senior shopping for life insurance. In addition to being more expensive as you age, coverage costs can go up if you start having health problems. Even if you've previously had coverage denied, you still have options.
The finest life insurance companies for seniors offer excellent customer service, no-cost living perks with their coverage, and make policies available to applicants over the age of 80. They also have a healthy financial outlook. Here are our top recommendations and the reasons behind them so you may choose the best life insurance provider for you with knowledge.
Best Life Insurance for Seniors in 2022
- Best Overall: New York Life
- Best for Financial Stability: Guardian
- Best for Living Benefits: Nationwide
- Best for Fewest Complaints: Pacific Life
- Best Term for Seniors: John Hancock
- Best for Final Expense: Mutual of Omaha
BEST OVERALLNew York Life
- AM BEST RATING: A++
- ACCEPTS CREDIT CARDS: No
Pros & Cons
Pros
- superior monetary security
- Policyholders who participate are entitled to dividends
- Available with whole life insurance is a chronic care rider.
- few complaints from clients
- 90 is the maximum issue age.
Cons
- For information, you must speak with an agent.
- No term coverage quotes are available online.
- No management of mobile app policies
Why We Chose It
Since 1845, New York Life has been a well-known supplier of insurance. Notably, it has paid dividends to owners of whole-life insurance policies for 168 years straight. The business distributed $1.9 billion in dividends in 2022. Additionally, New York Life is one of the few providers of life insurance to achieve an A++, the highest possible rating for financial strength, from AM Best (Superior). Additionally, throughout a three-year period, New York Life got significantly less complaints than anticipated, according to the National Association of Insurance Commissioners (NAIC), a gauge of general customer satisfaction.
Due to the fact that the company offers policies to those in their 90s, it is a particularly good option for older seniors. Few businesses allow applicants older than 90 to apply for coverage, and the majority have an age requirement of 85 or younger. Additionally, you can tailor your coverage with a variety of available riders. These include a chronic care rider that enables you to collect the death benefit in the event of a chronic sickness and a terminal illness rider that enables you to access a portion of the death benefit early if you are diagnosed with a terminal illness.
The biggest disadvantage of New York Life is that you must speak with an agent in order to obtain additional details and a cost estimate. If you prefer online transactions and only require term insurance, you might wish to go with a different supplier.
BEST FOR FINANCIAL STABILITYGuardian
- AM BEST RATING: A++
- ACCEPTS CREDIT CARDS: No
Pros & Cons
Pros
- more financial stability
- Less complaints than anticipated
- The age limit for issues is 90
- Policies eligible for dividends
Cons
- To apply, you must work with an agent.
- Zero online claims
Why We Chose It
Like New York Life, Guardian is one of the very few life insurance providers to obtain an A++, AM Best's highest rating for financial strength. Additionally, the business has had a small number of complaints during the previous three years, indicating high levels of client satisfaction. Additionally, one of the few firms that offers plans up to issue age 90 or 75 for term coverage, Guardian is perfect for seniors. A free terminal illness rider, a free chronic disease rider, and a free long-term care rider are just a few of the living advantages available to tailor your policy. Whole life policyholders are also qualified for life insurance dividends.
While it's simple to obtain an instant estimate for term insurance, you'll need to contact an agent in order to submit an application. If you want specific policy information, you'll probably also need to speak with an agent because it's challenging to find it on the website.
BEST FOR LIVING BENEFITSNationwide
- AM BEST RATING: A+
- ACCEPTS CREDIT CARDS: Yes
Generally speaking, no life insurance provider offers online quotes for permanent coverage. Get a price for permanent coverage (whole life and universal life) from Nationwide by calling 844-457-7984.
Pros & Cons
Pros
- second in terms of consumer happiness
- Less complaints than anticipated
- Policies may be eligible for free living expenses.
- coverage for basic issues up to $50,000
- Online applications and quotes
Cons
- Only current Nationwide auto and homeowners customers are eligible for simplified issue coverage.
Why We Chose It
AM rated Nationwide's financial strength as A+ (Superior). Best received far less complaints than anticipated over the last three years, and it offers a wide range of policy types and riders. Best is ranked second for customer satisfaction in the J.D. Power 2021 U.S. Individual Life Insurance Study. These are just a few of the factors that make it one of our top choices for the finest life insurance providers overall. The fact that Nationwide offers three living benefit riders on the majority of its policies without charging a premium, however, is what most impresses us. If you develop a chronic, serious, or terminal illness, you can use these to accelerate a portion of the death benefit. At most two no-cost living perks are offered by the other companies we studied, and many only offer one.
Up until the age of 70, whole life insurance can be purchased, and up until the age of 80, universal, indexed universal, or variable universal insurance can be purchased. All of these policies come standard with free expedited benefit riders for critical illness, terminal illness, and chronic disease.
You can apply for a simple issue policy with up to $50,000 in coverage up to age 80 if you currently have an auto or homeowners insurance policy with Nationwide or wish to get one. Although it does not ensure approval, the policy does not call for a physical examination.
It's vital to keep in mind that only current Nationwide customers are eligible for the coverage, and that if you pass away from natural causes within two years of purchase, your benefit will be decreased. Also take note that this policy does not permit the use of riders.
Read our comprehensive Nationwide insurance review for additional details.
BEST FOR FEWEST COMPLAINTSPacific Life
- AM BEST RATING: A+
- ACCEPTS CREDIT CARDS: Not disclosed
Pros & Cons
Pros
- among our top-rated businesses, the fewest complaints
- Up to age 90 policies are available
- Excellent term price
- Outstanding ratings for customer satisfaction
- A terminal illness rider is standard in all plans.
Cons
- To receive a quote or to apply, you must speak with an agent.
Why We Chose It
We chose Pacific Life as the company with the the fewest complaints because, compared to its size over the previous three years, the company has received a remarkably small number of complaints. J.D. Power also placed Pacific Life fourth among life insurance providers in 2021. Both show outstanding client satisfaction. You can have confidence in the company's financial outlook and capacity to pay claims because it has an A+ (Superior) financial strength rating with AM Best.
Due to its high maximum issue ages of 90 for permanent coverage and 75 for term coverage, Pacific Life is a solid option for seniors. The company also provides a variety of living benefits to riders, like as riders for long-term care, chronic disease, and terminal illness. The cost of term insurance is considerably lower than the industry average, and term policies can also be converted to permanent insurance. You can choose from whole life, universal life, indexed universal life, or variable universal life if you want to start with a permanent policy. Additionally, even if the website is a gold mine of information about policy specifics, you'll still need to meet with an agent to acquire a quote and submit an application.
BEST TERM FOR SENIORS
John Hancock
- AM BEST RATING: A+
- ACCEPTS CREDIT CARDS: No
Pros & Cons
Pros
- candidates up to the age of 80 are granted term coverage.
- a critical illness rider that doesn't affect the death benefit is available
- Every plan includes a wellness program.
Cons
- No online application or quote
- Life insurance products with no ultimate expenses or assured issues
- Minimum Term Insurance of $250,000
Why We Chose It
For term insurance, the majority of businesses cap issue ages at 75 or younger, although John Hancock offers term insurance up to age 80. Up until the age of 70, you have the option of changing your term insurance into any one of John Hancock's permanent policies. All insurance come with John Hancock's VitalityGO program, which offers savings on nutritious foods, wearable fitness equipment, and more. Additionally, Vitality Plus, which lets you get points and rewards for good deeds like exercising or meditating, can be joined for as little as $2 per month. Even a free Amazon Halo and a subscription to Headspace are included with this deal.
While it is more expensive, John Hancock offers a useful variation on the critical illness rider that preserves the death benefit for your beneficiaries by drawing from a separate benefit amount rather than lowering it. Long-term care and terminal illness riders are also available from the company.
And all of these advantages come from a business that scored highly for both financial stability and client satisfaction. AM Best rates John Hancock's financial strength as A+ (Superior), and it receives minimal consumer complaints.
BEST FOR FINAL EXPENSE
Mutual of Omaha
- AM BEST RATING: A+
- ACCEPTS CREDIT CARDS: Yes
Pros & Cons
Pros
- Policies accessible to people aged 85
- A terminal illness rider is offered by some plans
- A+ rating for financial stability
- The death benefits are offered up to $40,000.
- Some insurance policies lack a graduated benefit.
Cons
- more grievances than leading competitors
Why We Chose It
If you have health issues and require a small permanent coverage, Mutual of Omaha is a decent option. The business provides two variations of a burial insurance or final expense coverage. One performs a few health-related questions and gives coverage up to $40,000 as well as a terminal illness rider, but neither requires an exam. To apply for it, you'll need to get in touch with an agent. The alternative version allows you to apply online without contacting an agent, offers coverage up to $25,000, and does not inquire about your health.However, the death benefit is graded for the first two years, so if you pass away during that time from a natural cause, your beneficiaries won't get the entire death benefit. To apply, you must be between the ages of 45 and 85.
The organization has an AM Best rating of A+ (Superior), indicating that it has a superior capacity to uphold its insurance commitments, including paying claims.
However, according to the NAIC, Mutual of Omaha received a little bit more complaints than was typical for a business of its size. All other businesses on this list got less.
Read our whole Mutual of Omaha life insurance review for additional details.
Final Verdict
Due to its excellent dividend history, wide range of policy options, high policy issue age, high financial strength grade, low complaint rate, and low incidence of complaints, New York Life is our top choice for the best life insurance for seniors. However, applicants looking for an instant online estimate and coverage may want to consider Nationwide given that you must speak to an agent to obtain information or apply. Additionally, Nationwide is the preferred option for riders of no-cost living benefits.
John Hancock may offer the greatest term insurance options for older seniors, while Pacific Life offers the most cheap term insurance options. Try Mutual of Omaha for a final expense or guaranteed issue insurance if you have health difficulties or merely need a small coverage.
Educational Information
What Is Senior Life Insurance?
Senior life insurance can apply to any policy provided to a senior applicant, but it is most frequently used to describe a final expense policy or burial insurance, which are modest whole life plans created to pay for final expenses. These include guaranteed issue policies, which cost more than those that do not ask health-related questions or require an exam but do not require a medical exam or answers to health concerns.
But senior citizens can be qualified for more than simply last expense coverage. Traditional term, whole, and universal life insurance for seniors are also provided by the businesses we selected. Keep in mind that as you age, the term lengths available for term life insurance will shorten. The longest term you might be able to get if you're over 75 is probably 10 years. Additionally, the cost of any policy will rise the longer you wait to apply.
What Is Guaranteed Issue Insurance?
A minimal death benefit, usually $35,000 or less, is guaranteed under a whole life insurance policy with level premiums known as guaranteed issue life insurance. Anyone who meets the age criteria can obtain a coverage; there are no health-related questions to answer or exams to complete (typically, you must be at least 45 years old). This is why simplified issue life insurance, which asks you some health concerns, is far less expensive than guaranteed issue life insurance.
The graded benefit term for guaranteed issue life insurance typically lasts two or three years. Your beneficiaries will receive the premiums you've already paid plus an additional percentage over that sum if you pass away within that time due to natural causes rather than an accident. If you choose an insurance that inquires about your health or necessitates an examination, you'll save money unless your health prevents you from being eligible. However, if any of the following apply to you, a guaranteed issue policy might be your only choice:
- Certain types of cancer
- Terminal illness
- Alzheimer’s or dementia
- AIDS or HIV
- Chronic illness or disease that causes you to be wheelchair-bound
- Need a transplant
- Need dialysis
- Need oxygen (except for sleep apnea)
- Are confined to a nursing home
How to Choose the Right Life Insurance Policy for You
Select only businesses that have gotten an AM Best grade of A or higher, preferably an A+ or A++. This will make it more likely that the business you select will remain solvent for many years.
Then, choose the businesses that provide the kind of life insurance, the size of the benefit, and the customization options you want.
- If you want the most coverage for the lowest rate but only require temporary protection while meeting a financial obligation, go with term life insurance.
- If you wish to leave money to your family or require ongoing coverage, go with permanent life insurance.
- If you wish to leave money to pay for your funeral expenses and unpaid bills, pick a simplified issue or assured issue last expense insurance.
Consider other characteristics that might stick out after you've reduced your list of choices, such as exam requirements and riders for no-cost living benefits. Make sure the policy may be altered to suit your needs. In order to get the greatest deal or the lowest price, compare quotes from the two to three life insurance providers you've chosen once they look like a suitable fit.
How We Chose the Best Life Insurance Companies
The 2021 Insurance Barometer Study by Life Happens and LIMRA and J.D. Power's 2021 U.S. Life Insurance New Business Study are two studies conducted by third parties that we looked into in order to discover the top life insurance companies for seniors.
On the basis of those conclusions, we chose and gathered more than 50 data points on 91 life insurance companies, including ratings for financial strength, customer satisfaction, and customer complaints, as well as details about years in operation, online tools, no-exam options, policy types, and features, maximum issue age, and available riders.
Companies with excellent financial standing, minimal customer complaints, and a lengthy maximum policy issue age were given priority. We also took into account if living benefit riders are offered and whether they are free of charge. Following categories and weights were used to rate the companies.
- 30%: Maximum issue age
- 24.5%: Financial stability
- 24.5%: Consumer complaints and customer service features
- 16%: Policy features and riders
- 5%: Maximum coverage amount
We evaluated product details and the application process, as well as third-party customer satisfaction ratings, to further distinguish between businesses. We used this study to identify the top senior life insurance providers.
