The idea of getting a life insurance policy often fades into the background as you get older, with many afraid of a denial or the high cost of monthly premiums

Companies are now creating affordable policies specifically for seniors, allowing you the opportunity to provide financial security to your family and loved ones, even after you’re gone. 

New and advanced changes are designed to make the application process quicker and easier to understand. A variety of coverage options are available to match your financial needs.

Choosing life insurance coverage is much easier now that you can explore and compare the best, most affordable life insurance rates on websites like Insurify

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Table of Contents

Best Life Insurance Policies for Seniors 

Many people over 50 years old begin to question whether they should get life insurance and what policies they might be eligible for. 

There can be challenges when making decisions about which life insurance to purchase and the best policy options. To avoid making the wrong decision, you need to be informed about different types of life insurance and know your preferred coverage amount

Term life can often be seen as a better option for seniors, compared to a whole life insurance policy. Term life insurance is cheaper and allows policyholders to have coverage for as long as they feel they will need it. Although whole life insurance is a permanent policy, it does carry higher premiums. A term life insurance policy is a financially beneficial option once you’re older. This type of policy allows you to adjust the policy period anywhere from two years to a 30-year term, which fixes your low rate for that number of years. This flexibility allows you to tailor your policy to your financial obligations

Seemingly high life insurance premiums for those 60, 70, and over 80 years old may discourage some seniors from buying life insurance. For these age groups, guaranteed issue and guaranteed acceptance policies may be a more financially viable option. Companies are creating these senior programs that do not require a medical exam

Getting the best policy provides policyholders with peace of mind and brings financial security to their loved ones, that’s why it’s essential to compare quotes and know what life insurance products are available. To start your journey, you can compare today with Insurify. It’ll cut costs, save time, and help you determine the best coverage options for you and your lifestyle. 

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Term Life Insurance for Seniors 

A term life insurance policy can help a family in multiple ways. This type of life insurance policy can help cover things such as burial expenses and funeral costs. The payout of a term life insurance policy can also help pay outstanding debt incurred over the years by the insured. 

A term life policy works best for seniors who do not have dependents to take care of but would like to reduce the financial burden on their adult children.  

Whole Life Insurance for Seniors

Whole life insurance can take on a completely different shape and offers a vast list of benefits that will provide a new level of security for your family. Unlike term life insurance, whole life insurance is a permanent policy and lasts until the end of your life. 

A whole life policy has more customizable options than a term life policy, and the premiums never increase. Whole life insurance does not always require a medical exam or health questions. But some whole life insurance policies require a medical exam during the underwriting process, which can provide lower premium payments to those in good health. Underwriting is the process by which the life insurance company reviews your application, verifies your information, assesses potential risk, and determines your monthly premiums based on a variety of factors. 

Whole life insurance policies also have a benefit called cash value. Cash value is the interest that grows on your policy, which you can borrow from and replace or withdraw with no intention of putting it back into the policy. This cash value can be used in case of emergency, life changes, estate taxes, medical bills, end-of-life care, and so much more. 

These policies also have the ability to offer a long-term care benefit. This benefit provides additional funds to the insured if they fall victim to a terminal illness, providing further peace of mind during a difficult time. 

Universal Life Insurance for Seniors

Universal life insurance provides senior policyholders with flexibility and customization. Policyholders pay a monthly cost that covers their premium and investments. With this type of policy, you’re able to adjust your monthly premium to better accommodate your financial needs. Universal policies also have a cash value component that allows the policy to increase in value. 

Guaranteed Life Insurance for Seniors

Guaranteed issue life insurance policies are typically created for seniors between the ages of 50 and 80. People in this age group may be prone to certain medical conditions, leading insurers to view them as higher risks. This higher risk translates into higher premiums. By giving access to guarantee policies, companies prompt more seniors to explore their life insurance options. Guaranteed policies can reduce and possibly eliminate the fear of leaving your family in financial hardship due to your passing. There are plenty of policies and products that will guarantee coverage and provide permanent life insurance

Final Expense for Seniors

Final expense is a distinctive type of whole life insurance policy with a relatively small death benefit and lower premium. It is virtually the same as burial or funeral insurance. 

Seniors can use this coverage similar to how they would use a term policy. The difference is, final expense coverage lasts until the end of your life since it’s a type of whole life policy. Premiums are fixed, and the policy has more value over time. 

Affordable Life Insurance Quotes for Seniors

Insurify is always prepared to assist those looking for the best, most affordable life insurance rates. So we took the time to gather the necessary information to help you make the best decision. 

We’ve provided you with some tables to compare rates that can lead you in the direction of a new policy. 

Term Life Insurance Rates for Seniors 

Below are some average term life insurance rates for seniors: 

Company Name Quote/mo
Mutual of Omaha $142
Prudential Financial $190
American General $203
Amica $234
Farmers $326

Whole Life Insurance Rates for Seniors 

Here you’ll find the best rates for seniors between the ages of 50 and 80 looking for a whole life insurance policy

Company Name Quote/mo
Farmers $326
State Farm $1,300
USAA $1,961

Compare Life Insurance Quotes for Seniors

Finding the right life insurance policy and company for yourself isn’t always easy. While figuring out coverage limits, policy implications, and vastly differing price points can be difficult, Insurify makes it a tad easier by allowing you to compare personalized life insurance quotes all in one place.

All you have to do is answer a few, very easy questions, and you can view a complete list of life insurance companies, policies, and prices all in one place.

Give Insurify a try today!

Best Life Insurance Companies for Seniors 

Luckily, some companies are especially good at catering life insurance policies to seniors. These companies are developing new ways to provide policyholders with peace of mind. Dynamic products, such as burial insurance, final expense insurance, long-term care, and annuities, increase your chances of providing financial security to your family after you’re gone. 

#1 Mutual Of Omaha 

Mutual of Omaha is a great choice for seniors due to its flexible and reliable guaranteed life policies with competitive premiums. 

It has an A rating with the Better Business Bureau, and sites like Nerdwallet and Trust Pilot give it 3 out of 5 stars. Reviews often point out how Mutual of Omaha has satisfactory customer service. Its website also has user-friendly tools to help policyholders determine their life insurance needs. 

#2 AARP (Partnered with New York Life Insurance)

AARP is among the highest-rated life insurance companies for 2020, with a 4.5 rating on Consumer Affairs and high satisfaction ratings from policyholders. 

Customers consider it reliable and say it has the lowest premium they’ve been able to find. In partnership with New York Life Insurance Company, AARP is able to assist on many levels with elevating the financial security of seniors. It has ideal rates for both life insurance and long-term care coverage. There are unique options that protect policyholders from health emergencies and can supplement their income during retirement.

#3 Guardian

Helping protect your loved ones now and in the future, Guardian Insurance provides policies with low premiums and permanent coverage. Keeping in mind that your life insurance needs may change over time, Guardian offers policyholders the option to convert their term life policies into permanent policies. Guardian helps seniors understand how to execute their financial strategy with resources that help calculate the best insurance amount based on individual needs.

#4 Colonial Penn 

Colonial Penn speaks to seniors in a clear and precise way, making life insurance easy to understand and simple to apply. 

This company has flexible rates, guaranteed policies, and the long-term coverage many policyholders are looking for. You can enjoy a policy without premium increases, medical exams, or a health questionnaire. With options starting at $9.95 a month, Colonial Penn is prepared to provide you with an affordable policy. 

#5 Banner Life Insurance 

Banner Life, a Legal & General company, has been ranked number four in best overall life insurance and number one on the list of cheapest monthly costs by U.S. News. Specializing mostly in term and universal life insurance policies, it is able to provide secure, dependable, and flexible policy options. It has very competitive rates, and with products that waive medical exams for those in good health, seniors find the company provides plenty of peace of mind and security. 

#6 Lincoln Heritage  

With coverage options going up to $20,000, no wait times, and no medical exams, Lincoln Heritage is a great option for people over 50. 

Since it offers lower death benefit options geared toward final expense and funeral costs, Lincoln Heritage works best for people on a stricter budget. With one million satisfied policyholders, it continues to excel in helping seniors understand the importance of life insurance and making sure families have the support and guidance they need. 

#7 American Family Insurance

Insuring over $90 billion in life insurance policies, American Family Insurance excels in offering senior policyholders secure coverage with reasonable rates. 

AFI’s DreamSecure Senior whole life policy aids in budget management by offering premiums under $40 a month. Policyholders appreciate the expertise and willingness to educate them on why life insurance is important. With a simple, hassle-free application, you can apply for coverage with American Family Insurance and have your policy within a week. 

Senior Life Insurance Quotes from the Best Life Insurance Companies

Here are some average life insurance quotes for seniors from top-rated life insurance companies:

Company Name Avg. Quote for Seniors
American Family Insurance $57/mo
Banner $307/mo
Farmers $326/mo
Allstate $435/mo
Mutual of Omaha $573/mo

Remember, these are just averages for seniors aged 50 to 80 years old. To find out how much each company would charge for you specifically, use Insurify. Insurify can help you compare life insurance quotes from top companies all in one place—within minutes! 

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The Best Way to Get the Best Deals on Life Insurance 

Getting a great deal when shopping for life insurance is easier now that companies are offering more life insurance products. The increased variety of products means you’re more likely to find exactly what you’re looking for. 

The best way to find a deal is by comparing quotes, companies, and products on Insurify. With some information and a few clicks, you can view great policies and prices from the most recommended companies at the same time. Take just a few minutes to see the best quotes. 

Frequently Asked Questions: Life Insurance for Seniors

What is the best life insurance for seniors?

You’d be surprised to find that there is not only one best option for seniors. A term policy can help keep costs low and provide just the amount of coverage you are looking for while giving you the option to choose how long you’ll be paying for it. Whole life policies are great if you’re interested in having a policy that will last for the rest of your life and can provide you with other tailor-made benefits. Universal life insurance policies let you enjoy the freedom of combining your life insurance and investments into one secure payment and customizing how frequently payments are made. The best life insurance policy will fit your budget and provide you with the amount of coverage that will satisfy your family’s financial needs after you pass.

What company has the cheapest life insurance for seniors?

You’ll find that there are more than a few life insurance carriers that offer incredibly reasonable rates. While weighing options, you should review and compare more than two potential carriers, but it never hurts to start viewing rates from companies listed as some of the best in 2020 for seniors, such as the ones mentioned above. Insurify can help you narrow down the company with the cheapest rates by allowing you to compare multiple quotes quickly.

How much does life insurance for seniors cost?

There is a common misconception that life insurance premiums for seniors are always exceptionally high. You’ll be happy to find that’s not true. There is an array of affordable life insurance policies for people over the age of 50, along with other products geared toward financial stability, wellness, and literacy. Prices will often vary depending on how much coverage you’re looking for. Seniors can find policies as low as $15 a month or less, with coverage options as high as $250,000.

Updated November 10, 2020

Brooke Taylor is a freelance writer with a passion for storytelling and educating others. She has experience in life insurance and has been active in helping consumers make more informed decisions. When she's not writing, Brooke is reading a good book or being a mom of four. To learn more about Brooke you can visit her website www.brookeuniverse.com.