Top 3 Life Insurance for Seniors

Author: Oliver Brown

There are many factors to consider when choosing a life insurance policy. It is even more complicated when you are a senior citizen because many companies might refuse you. 

Regardless, you don’t have to bother because we have discovered some of the best insurance companies that can help you with your life insurance decision. 

Here are the best insurance companies for seniors like you:

1. New York Life  

New York Life is an excellent insurance company for senior citizens in America. Unlike most companies that cap their applicant age to 85, New York Life accepts citizens even at age 90. 

The insurance policy also allows you to customize your plan with some riders (an optional plan you can add to your existing policy, often at an extra cost), which can be beneficial if you have a terminal disease or ailments. 

The New York life is a 177-year-old company that has witnessed several financial storms, recessions, and severe depression. Nevertheless, the insurance company is still waxing strong with excellent reviews from its users.  

To become a policyholder of the company, you need to provide your phone number and other personal information, then you will receive a quote after. Furthermore, the company doesn’t offer an online applications option, which is not a suitable decision at a time like this. 

2. Northwestern Mutual

Northwestern Mutual Life Insurance Company offers term, whole, and universal life insurance plans. While their products are limited to some states, most of their policies can be personalized with riders. 

Northwestern Mutual may provide policies to the applicant as old as 85 years old, and 70years old for term life insurance. However, you must be medically examined to be considered. 

Also, you need to know that their insurance coverage starts at $50,000. Amazingly, you can change your policy to life or permanent coverages without paying a dime or undergoing any medical examination. Dividends on Northwestern’s whole-life insurance are possible, but they are not guaranteed.

To assess your amount of coverage, you must consult with a Northwestern Mutual financial advisor. There are also some products estimated on their official websites. Once you are insured, you can conveniently set up automated premium payments and contact their customer support online.

3. Guardian Life

Guardian is one of the few life insurers with good financial strength rating. This company is perfect for seniors because its applicant age restriction is 90 years. Furthermore, whole-life policyholders are eligible for life insurance dividends, and additional living benefits, such as a no-cost terminal illness rider, a no-cost chronic sickness rider, and a long-term care rider. These riders can be used by policyholders to tailor their insurance policies to their lifestyles. 

Nevertheless, the company doesn’t offer online applications, which can be inconvenient for some people. 

Conclusion

These three insurance companies are great options for a senior citizen seeking an insurance policy. The companies give you the option to personalize your policy with different riders. However, your health status and age are a few primary criteria to be approved by these companies.