• Home
  • /
  • Blog
  • /
  • 5 Best Life Insurance Companies for Seniors

5 Best Life Insurance Companies for Seniors

Life insurance is one of the most important investments that you can make. The best life insurance for seniors gives your family a nest egg for funeral expenses and day-to-day life after you’re gone.

Best Overall
Policygenius logo
Editor's Rating    5/5

Policygenius provides free quotes tailored to your needs with support from licensed agents, helping you get insurance coverage fast so you can get on with life. They are my #1 recommendation for life insurance for seniors.

Best Policy Options
Mutual of Omaha logo
Editor's Rating    4.5/5

Mutual of Omaha is a trusted provided of life insurance at very affordable rates for seniors. Their life insurance policies offer a variety of different coverage options.

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Read our Advertising Disclosure.

If you want to give your family peace of mind, you need to invest in good life insurance. Some seniors think that they don’t qualify for proper life insurance because of their age.

Still, there are several insurance companies that cater to people of all ages, with competitive rates too. You just need to know where to look.  If you have dependents, including an out-of-work spouse, you should consider getting life insurance.

Additionally, life insurance can help to pay off any outstanding loans or debt and cover the cost of funeral expenses. As funeral costs can be exceptionally expensive, it’s good to have them covered.

Certain types of life insurance can also help you fund end-of-life-related medical expenses or hospice, taking the burden off your family.  There are a few different things that you should take into consideration when determining which life insurance is right for you.

First, ask yourself how much coverage you realistically need. The amount of coverage will vary depending on your health, living situation, and other circumstances.

You should then determine what kind of life insurance is appropriate for you. There are many popular variations on senior life insurance, including term life and whole life.

Understanding the fine distinctions will help you to make an informed choice.  Additionally, you’ll want to work within your budget.

While it’s undoubtedly a wise idea to prioritize life insurance, you will want to work with a plan that you can reasonably afford.  If you have a surviving family, you should take their needs into consideration as well.

Having life insurance is vital, and understanding what constitutes the best life insurance for seniors can help you make an informed, intelligent, and fiscally-sound decision.

The Best Life Insurance Companies for Seniors in 2021

Comparison of Senior Life Insurance

#1

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

#2

Mutual of Omaha is a trusted provider of Medicare Supplement Insurance, Life Insurance, Finance and Mortgages.

#3
AIG logo

Our Partner

AIG Life insurance offers a variety of options available to meet your needs that can help pay off debts, cover college costs or even pay the mortgage while you are living.

#4

Haven Life offers an easy way to buy high-quality, affordable term life insurance online. Get your real rate today.

#5

Fabric is a life insurance company focused around the financial needs of parents by providing term life insurance. 

Detailed Reviews Life Insurance Companies

Choosing the right life insurance policy for you can seem like a daunting task. Fortunately, these five insurance providers offer great options for seniors and enough flexibility that you can fully customize your plan. 

1. Policygenius - Best Overall

Policygenius is an excellent option for seniors who want a little hand-holding and the option to look at many different quotes before deciding. Policygenius’ team is available to answer any of your questions and help you out with choosing the right plan for you.

The human touch is really what sets this option apart from the pack.  Policygenius also isn’t biased towards one insurance provider or another, so you know that you can get honest feedback from them.

With personalized care, a knowledgeable team, and an easy-to-use interface, Policygenius makes buying senior life insurance a true piece of cake.

Not only will you see options from different companies, but you can also check out a number of various policies. This feature allows you to see and compare the benefits of whole, term, universal and final expense insurance in real-time.

If you want to see all of your insurance options right at the click of a button and get unbiased recommendations on which one to choose, Policygenius could be right for you.

Additionally, their customer care support staff consistently delivers prompt, professional, and helpful support.

Pros

  • Friendly, knowledgeable customer support staff
  • Multiple options at the click of a button
  • Easy-to-use interface
  • Unbiased recommendations

Cons

  • It might not cover all providers
  • Most applicants need a medical exam for coverage

2. Mutual of Omaha - Best Policy Options

Mutual of Omaha has plenty of life insurance options tailored specifically for seniors. It’s one of the most popular life insurance companies for a reason. Their plans are low-cost and high-reward, and they have a proven track record of both customer satisfaction and success.

Regardless of the type of policy that you’re looking for, there’s a great chance that you’ll find it at Mutual of Omaha. In addition to its host of different policy options, Mutual of Omaha boasts an impressive and easy-to-use website.

You don’t have to be too computer-savvy to find the right policy for you in a matter of minutes.  Applicants can also talk to one of their excellent support agents to get up-to-date information and advice about the policy of their choice.

Mutual of Omaha offers competitive pricing and a lot of flexibility with both its term life and whole life policies. You also don’t need to undergo a health exam for whole life insurance, a huge perk for many seniors.  

Pros

  • Offers many different options and plans
  • No health exam needed for whole life insurance
  • Intuitive website
  • Very competitive pricing

Cons

  • Need an agent to buy some policies
  • Limitations of cash value of certain policies

3. AIG - Best for Final Expenses

AIG is an excellent option if you want to protect your family from the burden of paying for your final expenses. This particular option gives you more affordable coverage that you can customize, choosing between $5,000 and $25,000 of final expense monies.

One of the best aspects of AIG is that virtually everybody under 80 years old is accepted. You don’t need to have a medical exam to get this type of insurance, and there’s no health questionnaire to fill out either.

This is excellent for seniors with chronic illnesses who want coverage.  Additionally, their coverage is very reasonably priced and you can sign up for it quickly right online.

One of the only downsides to AIG is that it doesn’t have the robust customer service and hand-holding of some of the other options on our list. If white-glove service doesn’t matter to you, it’s a solid choice.

Pros

  • Excellent final expenses insurance coverage
  • Choose between a wide range of different plans
  • No medical exam or health questionnaire required
  • Affordable pricing options

Cons

  • Aren’t as customer service oriented as some other options
  • Benefits are slightly limited for the first two years of coverage

4. Haven Life - Best for Term Life

Haven Life is a good option for seniors looking for term life insurance. It’s easy to sign up, you can manage your account right online, and there are plenty of term life insurance options available to fit your lifestyle and needs.

One of Haven Life’s key mandates is to make the insurance selection process as easy as possible, and they largely succeed.  If you want to buy insurance quickly without having to deal with an agent, or costly commissions, Haven Life is the company for you.

You can select your preferred term between ten and thirty years, as well as the coverage amount.  Although Haven Life makes the process of getting term life insurance easy, there are a few downsides.

Since everything is done online, their customer service is limited, so you have to do a lot of the research yourself. Still, if you know what you’re looking for, Haven Life is a solid choice.

Pros

  • Very easy to use interface with plenty of term life options
  • No agents or commissions to deal with
  • Versatile term life options with different terms and coverage amounts
  • Straightforward applications

Cons

  • You won’t have the option of speaking with a customer service agent
  • You can only get term life insurance

5. Fabric - Best for Families

If you want to make sure that your family is taken care of after you’re gone, Fabric is a very good choice. It’s a relatively new kid on the block, launching its operations in March 2017, but it’s already gaining popularity for its ease of use and straightforward policies.

Most people can fill out the application form in less than half an hour.  You can get excellent term life insurance through Fabric, although you might need a medical exam to qualify for some policies.

There are others that accept everyone, but the payout tends to be a little bit smaller. Also, available policies vary by state, so make sure that you check if you qualify before purchasing. 

Pros

  • Excellent options for family care
  • Variety of different term life insurance to choose from
  • You don’t need an exam to access all plans
  • Most people can complete applications in less than half an hour

Cons

  • Smaller payouts for certain policies
  • Not all states let you get Fabric insurance

What is Senior Life Insurance?

Senior life insurance targets explicitly people over the age of 65, allowing them to set up a safety net for their families. This kind of life insurance usually covers end-of-life expenses, including medical care and funeral costs. 

You can also designate someone from your family to allocate the money as you see fit after you’re gone. 

Types of Life Insurance

Understanding the different types of life insurance will help you determine which one is best for you and your family. There are four basic types of life insurance; final expense, universal, whole and term.

Final expense insurance covers the cost of your funeral and can take care of some existing debts. Essentially, this insurance exists to shield your family from surprise costs after your death. 

Universal life insurance accumulates a nest egg that you can give your family over time. It’s almost like having a savings account. On the other hand, universal life insurance often costs a little bit more than other options.

Term life insurance gives you protection for a certain number of years and generally has a lower premium than both universal life insurance and whole life insurance.

Whole life insurance protects you for your entire life and is a lot like universal life insurance in that you can give your family a nest egg after your death. 

2 Types of Life Insurance Policies

Why Do You Need Life Insurance?

If you want to ensure that your family is taken care of after you’re gone, you need life insurance. Life insurance helps your family overcome financial strain and can even provide your loved ones with extra money for the remaining years of their lives.

Quick Takeaways

If you’ve been putting off getting life insurance, now is the time to sit down and think about your options seriously. Life insurance gives your family tremendous peace of mind and the ability to survive financially after you’re gone.

Take the time to review the pros and cons of these best options for senior life insurance and sign up for a plan today. It might be the best thing that you can do for yourself and your family.

Senior Life Insurance FAQ’s

It’s natural to have many questions before purchasing life insurance. These frequently asked questions, and answers, should help you make a more informed decision. 

What is guaranteed issue life insurance?

Guaranteed issue life insurance is generally a good bet for seniors, especially ones with chronic health conditions. Everyone qualifies for guaranteed issue life insurance, and you don’t need to take any kind of medical exam or answer a questionnaire before getting coverage. 

Since guaranteed issue life insurance covers even more “at-risk” people, it’s a bit more expensive than other options. It’s a good idea to shop around if you’re in good health and think that you can qualify for a less costly alternative.

What does life insurance for seniors exclude?

Since all life insurance is different, there are no set rules for what’s included and excluded. You will want to check your personal plan to make sure that you’re operating well within the rules. There are a few things that are generally excluded from coverage, including suicide. 

Your family might also have trouble collecting on your coverage if you die in an extreme or suspicious way. If your life insurance provider determines that your death was preventable or high risk, they might push back on coverage. 

Your life insurance also might not pay out if you perish overseas. It’s a good idea to contact your insurance provider before traveling to make sure that they acknowledge claims in the country that you’re going to.

Ultimately, the best course of action is never to take anything for granted. When in doubt, ask! 

What are the expected costs of life insurance for seniors?

All life insurance plans are different. Whole life will be more expensive than term life, and universal life insurance generally has the most expensive premiums of them all. 

You can generally count on premiums increasing as you age. If you have a chronic health condition, you’ll likely pay more for your insurance as well. Remember to read the fine print, so you’re not surprised by your first bill.

What kind of life insurance is best for seniors?

The best life insurance for seniors like you depends mainly on what you as an individual are looking to get out of it and your personal circumstances. There are several different factors that you should take into account.

If you’re healthy and can pass a medical exam and health questionnaire, you have a lot more inexpensive options.

Additionally, think about what kind of budget that you have and how many people depend on you. If you want to leave a nice chunk of money for your family or dependents, consider getting universal life insurance or whole life insurance.

How much does life insurance cost for seniors?

The cost of life insurance will change based on how old you are, if you’re healthy or not, and what you want it to accomplish after you’re gone. You can purchase a bare-bones plan or one that will leave your family with a substantial amount of money.

In general, healthier, younger seniors pay less. Women also tend to pay less for health insurance, as opposed to men, because they live longer.

Policygenius

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

Policygenius icon

You may also like

6 Steps to Get Out of a Timeshare

6 Steps to Get Out of a Timeshare

Should You Invest in Terra Coin?

Should You Invest in Terra Coin?