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If you are currently a senior over the age of 65, it might be hard finding quality and affordable life insurance. In this article, we've researched 4 life insurance companies that specialize in finding the best life insurance for seniors.

best choice

Policygenius logo
  • Offers: Term & Life Insurance
  • Price: Free to use
  • Service: Comparison

BEST FOR TERM LIFE

Haven Life logo
  • Offering: Term Life Insurance
  • Policies: as low as $7 per month
  • Service: Affordable coverage

BEST COMPARISON SITE

quotacy logo
  • Offering: Term & Life Insurance
  • Price: Free to use
  • Service: Comparison

Life insurance is one of those necessary evils: we don’t really like talking about mortality, but we can’t avoid it.

Life insurance can help ease your mind that your family and your estate is taken care of, even as a senior or older adult.

Life insurance may not be as cheap as it was if you were in your 30's, but that doesn’t mean you have to take the first quote you get.

Whether you opt for a term or whole life insurance policy you’ll want to shop around and compare your options.

Below, we cover the 6 best life insurance companies for seniors over 65.

But first, we’ll quickly breakdown the different types of policies so you can figure out which one works best for you.

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2 Types of Life Insurance Policies

2 Types of Life Insurance Policies

Term Life Insurance

Term life insurance is the most popular form of life insurance.

As the name implies, term life insurance lasts for a specific amount of time - or a term - that is set by the policy.

Common lengths of term policies are between 10  and 30 years. 

A term life policy has no value other than a guaranteed death benefit. Because of this, it is the cheapest form of life insurance.

The purpose of a term policy is to give insurance to individuals against the loss of life.

The cash benefit may be used by beneficiaries to cover the cost of funeral services, healthcare costs, mortgage debt, and many other things.

A term life policy only pays out if the policyholder passes away during the covered term, as opposed to whole life insurance which covers the policyholder for their entire life.

This difference is the primary reason that term insurance is significantly cheaper than whole life insurance.

Whole Life Insurance

Contrary to term insurance, whole life insurance policies guarantee coverage for life and also contains a savings component where cash can be accumulated over time, providing a payout later in life to the policyholder.

The savings component is a key part of whole life insurance, and also one of the reasons that a policy is significantly more expensive than a term policy.

For example, a term policy that costs $40 a month may cost upwards of $300-$400 per month for a similar level of coverage.

A whole life policy has a fixed premium and a fixed death benefit. Part of the fixed premium is funneled into the savings component of the policy. This is called the “cash value” of the policy.

Over time, the cash value of the policy will increase and you may be able to withdraw funds or borrow against it.

The terms of this will vary by policy and by policy provider, so it’s important to understand the specific rules and guidelines of each policy.

4 Best Life Insurance Companies for Seniors

Policygenius

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Policygenius is an independent, online insurance broker that offers quotes for a range of insurance policies including auto, home, renters, health, life, and more.

Because they are a broker, they do not offer policies directly. Instead, they act as a marketplace of sorts whereby they are able to provide quotes from many different providers at once.

Policygenius boats a 9.7/10 start rating from their customers, and according to their website, helps over 1 million shoppers a month and has provided over $25 billion in coverage to individuals and families.

What kind of life insurance policies do they offer?

Policygenius offers quotes on both term and whole life insurance policies. Their term policy quotes range from 10 to 40 years and are broken down into 5-year increments.

What is their application process like?

Their application process is straightforward and simple. They ask a few questions about your age, health, and family history before bringing you to a page where you can choose the coverage amount.

In all, Policygenius aims to provide its customers with multiple quotes in as little as two minutes.

There is no commitment when filling out this information, so you can browse freely, comparing the different policies.

Bottom line:

Policygenius is a digital-first insurance broker that aims to make the application process as easy as possible.

Customers can see multiple quotes in less than two minutes by filling out their simple application form.

Whether you are shopping for a term or whole life insurance policy, Policygenius is a top online broker worth your attention.

Haven Life

Haven Life icon

Haven Life offers life insurance through their parent company, MassMutual - one of the country’s oldest and most reliable life insurers. 

MassMutual has an A++ A.M Best Rating for financial strength and claims-paying ability.

What kind of life insurance policies do they offer?

Haven Life only offers term insurance policies. They do not offer whole life policies.

What is their application process like?

Because they are an actual insurer, the process is not as quick as it is with a broker. That said, Haven Life offers a streamlined application process that can be completed in as little as 25 minutes.

Using an advanced algorithm and artificial intelligence, Haven Life is able to instantly evaluate applicants. 

Healthy applicants under 59 can be approved for up to $1 million in coverage that starts right away, without a medical exam.

For those above 59, a medical exam is required within 90 days of an application.

Applicants will be covered with preliminary coverage at a preliminary price until the results come in for review.

There are certain cases where an application will not be approved for any preliminary coverage. Those applicants will have 30 days to receive and submit a medical exam.

Bottom line:

Haven Life offers a streamlined application process and access to real prices instead of just a quote.

Their term insurance policies are offered through their parent company, MassMutual. MassMutual was rated one of the world’s most ethical companies in 2019 by Ethisphere.

Quotacy

Quotacy

Quotacy is an online life insurance broker that provides free quotes from multiple life insurance companies. 

Quotacy helps consumers find the best possible price for life insurance, providing a space where multiple quotes can be reviewed and compared at once.

It provides quotes from industry leaders like Nationwide, Prudential, AIG, and more.

Their goal is to help people find and choose a life insurance policy that fits their life in the easiest way possible.

They even help you decide on a plan if your application is approved.

What kind of life insurance policies do they offer?

Quotacy provides quotes for both term and whole life insurance. For whole life, a call is required before quotes are provided.

What is their application process like?

Their application process is fast and easy.

You enter information like your age, gender, birthday, and smoking habits before it takes you to a screen with a moving slider to determine the amount of coverage you need and for how long.

After selecting your coverage amount, you will move onto a screen where they ask a few more questions about your health and family history before taking you to the final page containing the quotes from multiple providers.

I got to this screen in less than 2 minutes, so the process is quick.

Bottom line:

Quotacy is a life insurance marketplace that provides fast and hassle-free life insurance quotes in as little as a few minutes.

They have an A+ rating from the Better Business Bureau and provide quotes for many of the top insurance providers in the industry.

Ladder

Ladder Insurance icon

Ladder is a startup life insurance company that offers policies for people aged 20 to 60.

Yes, this is supposed to be an article about life insurance for seniors over 60, but Ladder is still worth a mention here, especially if you fall within the age range.

If not, skip on down to the next insurer.

Ladder offers a unique capability to increase or reduce your policy’s coverage at any time with just a few clicks on their website.

As life changes - from starting a family to purchasing a home - your coverage needs may increase.

When those obligations start to get smaller - kids go off to college, the house is almost paid off, etc. - the amount of coverage you need may also get smaller.

By letting you change your coverage amount at any time, Ladder is essentially letting you “ladder” your policies together to fit your life.

What kind of life insurance policies do they offer?

Ladder currently only offers term life insurance policies for people between the ages of 20-50.

What is their application process like?

Ladder has a streamlined application process that can be completed in as little as 5 minutes and provides an instant decision.

If you get an offer for immediate coverage, you can accept it right away and be done.

Bottom line:

Ladder is part of a new wave of insurance companies who are seeking to disrupt the industry and bring down the cost of life insurance.

Their “ladder” approach to policies allows future flexibility for anyone who purchases a policy. Their policies are provided through Fidelity Security Life Insurance Company. 

How to Choose the Right Life Insurance

You should now be armed with enough information to start the process of purchasing a new life insurance policy.

Let’s recap some of the most important takeaways regarding life insurance:

  • Always shop around for quotes. Each provider will end up offering different rates for different amounts of coverage. Find one that fits your budget and your lifestyle.
  • There are two primary options for life insurance: term or whole life. Which one you choose depends on your situation. It’s worth your time to consult with a professional if you are on the fence and need help deciding.
  • Term insurance is significantly cheaper per month because it only carries a death benefit. There is no cash value component like there is with whole life insurance policies.
  • Life insurance secures the financial future of your family in the case of death due to an accident, illness, or age. While mortality is not a topic we like to talk about, knowing your family will be taken care of can provide a great sense of relief.

No matter what life insurance company you choose, making sure that you are insured is the most important part.

Let me know what is the most important element when picking a policy.

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Policygenius is America's #1 independent online insurance marketplace. Save money on life insurance, disability insurance, health insurance, pet insurance and more.

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