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 2021, 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.
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:
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!