As you get older, you typically have fewer life insurance options available. However, there are some undeniably excellent policies out there, and some can cover you for longer than you might expect. That means if you think you’re too old to get life insurance, there’s a good chance you’re wrong. If you want to find a suitable policy, here are five places to get life insurance for seniors.
1. Guardian Life
Guardian Life has some excellent policies that can work well for seniors. If you’re open to term life, you can get up to 20 years of coverage if you’re age 65 or younger. Seventy-year-olds can qualify for up to 15 years of coverage, while 75-year-olds can get 10-year term life policies. With all of these options, the value of the policy can be $100,000 or higher, which makes it easier to get ample peace of mind.
For whole life, seniors as old as 90 years of age can qualify. Coverage levels start at $25,000, making this a solid choice for lower-cost goals like covering final expenses. However, you can potentially secure more coverage. Plus, seniors as old as 85 can explore variable and universal life policies, leading to even more options.
One benefit of choosing Guardian Life is that the company has a solid reputation, with many people being fully satisfied with their policies. When it comes to challenges, the biggest is that there isn’t an online purchase option, so getting a policy may feel a little cumbersome.
2. Mass Mutual
With Mass Mutual, seniors can explore term and whole-life policies. Term life policies are available to seniors as old as 75, and coverage starts at $100,000, though going higher is an option. For whole life, the maximum age for a policy is 90, and the lowest coverage level is $25,000, which is a good amount for final expenses and some basic costs.
Mass Mutual is also a company with a solid reputation and very few complaints. As a result, it’s an excellent choice for seniors who want coverage with fewer hassles. Plus, getting a policy online is an option, so that works well for anyone who prefers a purely digital experience.
One benefit of choosing Mass Mutual is that there are some no-exam policies available. That can work well for seniors who prefer a hassle-free experience, but these options usually cost more than the alternatives, so keep that in mind.
3. New York Life
At New York Life, seniors can secure term life policies, though how long the coverage lasts may vary depending on a person’s age. Seniors as old as 65 can get 15 or 20-year terms, giving them some flexibility. For seniors no older than 75, there’s a 10-year term option available instead. Coverage amounts begin at $100,000, though they can go up from there.
For whole life, the maximum age for a policy through New York Life is 90. The minimum amount of coverage is $25,000, but policyholders can potentially qualify for a higher amount if they’d like to explore that option.
A drawback to New York Life is that purchasing life insurance policies for seniors online isn’t an option. Still, the company has an excellent reputation and a high rate of customer satisfaction, so using an alternative approach to buy a policy is generally worth the effort.
4. State Farm
State Farm offers term, whole, and no-exam life insurance policies, giving seniors an array of options. Minimum coverage amounts for term life policies are set at $100,000, but you can secure more coverage if you prefer (and qualify). For seniors no older than 65 years of age, 20-year terms are available. Seniors who are as old as 75 can get a 10-year term instead.
The maximum age for whole-life policies can vary depending on the details. However, seniors can get it as long as they’re no older than 80, and the minimum coverage amount can be as low as $10,000, though securing more is potentially an option.
When it comes to customer satisfaction, State Farm consistently ranks incredibly high, and it takes the number one spot in some studies. As a result, it’s a strong choice for seniors who want a positive customer experience and fewer hassles. Just be aware that buying a policy online isn’t an option, but the effort is worthwhile if stellar customer service once the policy is in place is a priority.
5. USAA
While many USAA services are only open to military members, veterans, and their families, that isn’t the case with life insurance through USAA. As long as a senior is a US citizen or permanent resident, they can explore these life insurance options.
USAA has term life policies that seniors as old as 70 can check out, with the available coverage amount ranging from as low as $100,000 to as high as $10 million. Whole life is also an option for seniors up to the age of 85, with coverage amounts ranging from $25,000 on the low end up to $10 million.
One benefit of using USAA is that policyholders can convert term life policies into permanent ones before the initial coverage expires. That can work well for seniors who decide that lifelong coverage is a better fit down the line. USAA also has an excellent reputation when it comes to customer satisfaction and customer service. Just not that online purchasing isn’t an option, but that may not be an issue since the experience is typically positive.
Do you know of any other places to get life insurance for seniors? Have you tried any of the options above and want to tell others about your experience? Share your thoughts in the comments below.
Read More:
- Considering Life Insurance After 50? All That You Need to Know!
- Understanding Life Insurance: 9 Tips on How to Choose the Right Plan
- Best 4 Tips for Starters Looking to Buy Life Insurance
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
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