AARP, State Farm and Mutual of Omaha are among the top life insurance companies for older Americans. The most affordable life insurance provider for seniors varies depending on coverage needs and personal circumstances. Our research shows that Nationwide and SBLI consistently offer the most competitive rates for most seniors. Nationwide policies include key clauses, such as premium repayment, premium exemption and guaranteed insurability, allowing you to tailor coverage that your needs change.
The option to combine them with other Nationwide products adds value, making it a good choice for affordable coverage. Other clauses, such as the return of the premium, the exemption from the premium and guaranteed insurability, allow you to modify your policy as circumstances change. With strong financial ratings and adaptable policy options, Nationwide provides older women with reliable long-term coverage at an affordable price. Overall, Nationwide is the cheapest company for seniors. You can also find low rates at Protective, Assurity, Columbus Financial, Foresters Financial, and SBLI.
Compare several providers to get the most affordable life insurance policy for seniors. We focus on companies that offer national coverage with online quotes (the two factors that matter most when comparing policies). This ensures that our findings work whether you live in California or Vermont. MassMutual is the best comprehensive life insurance option for seniors. It stands out for its high dividend rates, high coverage limits, and strong history of customer complaints.
Premiums are also significantly lower, so people often consider it one of the best life insurance options for seniors. Term life insurance may be a good option for healthy seniors under 81 who want to save money on their life insurance premiums. There are usually no medical exam requirements for full life insurance coverage, and you can apply for coverage until you're almost 90 years old. In most traditional whole life policies, the death benefit and the insurance premium remain the same for the life of the policy.
Full life insurance, although it usually costs considerably more, may be a better option for people over 60, as it promises lifetime coverage and guaranteed payment, often without the need for a medical exam. The best life insurance company for seniors depends on the type of coverage you want, how much you have to spend, and your payment goals. Secured life insurance is a type of comprehensive life insurance that doesn't require a medical exam, making it a good option for seniors who want convenient and fast coverage. In fact, there are affordable life insurance policies for those who want to leave cash benefits for their family or for those who want to make sure they cover their final expenses.
Term life insurance is the best and cheapest option for most life insurance buyers who need coverage for a specific financial problem, such as covering a mortgage or providing for a loved one. Some people may be looking for the cheapest life insurance available, but many times these policies aren't designed for older people. Keep in mind that as you age, renewing a term life insurance policy will become more difficult, so comprehensive life insurance may be a smarter option for older people. However, older people should carefully consider whether taking out a new life insurance policy is the right option for them. Thrivent offers affordable term life insurance for seniors, with premiums well below the average for people 65 and older.
Investopedia's list of the best life insurance companies for seniors is based on a detailed investigation of 45 suppliers.
