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Best Life Insurance for Seniors | Cheapest Life Insurance for Seniors 2023

Best Life insurance for seniors is typically coverage for people ages 65 and over. The death benefit can help beneficiaries pay for expenses like:

  • Burial Costs
  • Medical Bills
  • Remaining debts, including car payments or credit card bills.

Most people don’t know what life insurance for seniors is. When someone has senior life insurance in place for their future years provides financial protection for their spouse, if the person is living on a pension that doesn’t have survivor benefits.

A life insurance policy can also be a way of living an inheritance to your children, grandchildren, or others at your side. Life insurance with a chronic illness or long-term care insurance rider can provide funds while you’re still alive,

Once your condition meets the eligibility requirements, riders like these can handle your savings with care.

In terms of senior life insurance companies, the insurance quotes increase as you age, but that does not mean that you shouldn’t get life insurance for seniors. There’s a possibility that you can still see an affordable term life insurance or whole life insurance as you age.

Burial insurance does not typically need a medical exam. Also, you can still find term life insurance for seniors with short, which includes 10 or 15 years depending on your age.

See the following subheading, and read on about life insurance for seniors without medical exams.

Life Insurance for Seniors with No Medical Exam

Life insurance for seniors with no medical exam is currently available, but it’s of great price, instead of hanging around because of your older age and the lack of a medical exam. Options include:

  • Guaranteed issue life insurance: You can’t be turned down for guaranteed issue life insurance and there’s no medical exam. It can be a last resort option for seniors who want life insurance to pay for final expenses, or as a way to leave a small inheritance.
  • Burial insurance: Burial insurance is more like a small whole life insurance policy (such as $5,000 to $25,000) only made up to cover funeral costs. It may be a type of guaranteed issue of life insurance, or there may be only a few health questions. There’s generally no medical exam for burial insurance.
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Cheapest Life Insurance for Seniors by Age

Even a five-year age difference can result in a significant difference in life insurance rates for seniors. For example, the lowest rates we found for a 60-year-old are 36% higher than the lowest rates for a 55-year-old.

Here are annual 10-year term life insurance rates for female seniors, by age, from some of our top-rated cheap life insurance companies. See below

Cheapest Life Insurance for Seniors – Age 55

Among the best life insurance companies, Transamerica seems to be offering the lowest 10-year term life insurance rates for females at the age of 55, at $556 per year.

Life insurance company Annual life insurance rate for Females age 55
Transamerica $556
Pacific Life $596
Protective $596
Symetra $596
Penn Mutual $603

 

Cheapest Life Insurance for Seniors – Age 60

Among the best companies, Thrivent Financial for Lutherans offers the lower 10-year term life insurance rates of 60, at a cost of $759 per skirt.

Life insurance company Annual life insurance rate for females age 60
Thrivent Financial for Lutherans $759
Protective $870
Pacific Life $871
Symetra $871
Penn Mutual $881

 

There are cheaper life insurance policies for seniors, color, out there you can easily visit, and so on. See the next subheading, and find out the answer to a question that says “Is there an Age Limit to buy Life Insurance?

Is There an Age Limit to Buy Life Insurance?

Senior life insurance buyers can select from the same policy types as others. It includes term life, whole life, and universal life insurance.

  • Term life insurance is often available through age 80, although the length of the level term period available will get shorter, especially as you enter your late 50s.
  • Cash value life insurance policies such as whole and universal life insurance can be obtained with some companies through age 85, but some insurers have lower maximum ages.
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How Much Life Insurance for Seniors Cost

See term life insurance quotes for 70-year-old buyers of senior life insurance from the companies in our analysis. Buyers at age 70 may find it difficult to get 20-year term life insurance, and hardly will you find a 30-year term life insurance policy at all.

Senior Life Insurance Costs for Females

Company Term Life Insurance Policy Name Cost per year: 70-year-old female for $500,000 in coverage for 10 years Cost per year: 70-year-old female for $1,000,000 in coverage for 10 years
Protective Classic Choice $2,319 $4,307
Pacific Life PL Promise Term $2,319 $4,307
Principal Term $2,319 $4,307
Penn Mutual Non-Convertible Term $2,388 $4,322
Ohio National FlexTerm Series XI $2,395 $4,345
Equitable Term Series 160 $2,395 $4,325
American General Select-a-Term $2,411 $4,574
Midland National Premier Term $2,455 $4,575
Minnesota Life Advantage Elite Select $2,460 $4,845
Transamerica Trendsetter Super $2,710 $4,760
Ameritas Value Plus Term $2,710 $4,990
Nationwide YourLife GLT $2,865 $5,195
Mutual of Omaha Term Life Answers $3,032 $4,812
Guardian Level Term $3,100 $5,780
USAA Level Term $3,164 $6,039
John Hancock Protection Term $3,360 $6,215
Average $2,650 $4,856

 

Senior Life Insurance Cost for Males

Company Term Life Insurance Policy Name Cost per year: 70-year-old male for $500,000 in coverage for 10 years Cost per year: 70-year-old male for $1,000,000 in coverage for 10 years
Transamerica Trendsetter Super $3,390 $6,390
Protective Classic Choice $3,684 $7,038
Pacific Life PL Promise Term $3,684 $6,929
Principal Term $3,684 $8,869
Penn Mutual Non-Convertible Term $3,734 $7,040
John Hancock Protection Term $3,734 $7,044
Equitable Term Series 160 $3,735 $7,285
Ameritas Value Plus Term $3,875 $7,390
Ohio National FlexTerm Series XI $3,890 $7,085
American General Select-a-Term $3,894 $7,274
Midland National Premier Term $3,895 $7,275
Mutual of Omaha Term Life Answers $3,932 $7,662
Minnesota Life Advantage Elite Select $4,120 $8,165
Guardian Level Term $4,305 $8,240
Nationwide YourLife GLT $4,660 $8,465
USAA Level Term $5,364 $9,149
Average $3,973 $7,581
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What to Check in a Senior Life Insurance Policy

Your taste for life insurance will certainly decrease as you grow older and accumulate other assets. The major need for life insurance is centered on providing income to someone who’s financially dependent on you. If the assets you are leaving will be sufficient once you’ve died, then your need for life insurance may no longer be necessary.

See reasons seniors may need life insurance:

  • Final expenses. Provide funeral and related expenses to close up an estate.
  • Inheritance. Fund an inheritance outside of your estate’s assets.
  • Liquidity. Provide liquidity for an estate that has mainly illiquid assets, such as real estate.
  • Income replacement. Continue income for a spouse or other dependent when your income is primarily from a pension or annuity that has minimal to no survivor benefits.
  • Debts: Provide funds for survivors to pay large debts.
  • Estate taxes. Provide funds to cover potential estate tax liability for heirs.
  • Special needs child. Fund a special needs trust for a dependent who needs lifetime financial support.
  • Charitable bequest. Make a lump sum donation to replace your ongoing financial support for a non-profit.

Source: TopCelebBio