Insurance

Best 10 Life Insurance Companies For Seniors

Based on your situational need and product selection it’s time to find the best company for you.

The best life insurance companies for seniors are trustworthy, reputable, and established, and have an affordable product that matches your need.

Your focus is likely permanent coverage, so you want this company to be around when your survivors need the benefits you paid for. This could be decades from now. A company’s financial strength ratings are helpful, but they’re only one piece of the puzzle.

There are also more subtle nuances to consider, like whether you want a specific kind of rider, or if you are buying for estate preservation versus strictly minimal death benefit.

However, the carriers we recommend can often serve more than one need. Just because you don’t see a carrier listed below doesn’t mean we won’t offer their product to you, if the shoe fits, so to speak.

Given these parameters, we’ve done a lot of the legwork for you. Here are our top 10 best life insurance companies for seniors this year:

Protective Life Insurance Company

More than a century old, Protective Life offers some of the best value on the market, dollar for dollar, especially for guaranteed universal coverage.

A top-rated, trustworthy carrier, Protective Life offers several options within the universal life insurance realm.

Their life insurance plans for seniors are customizable and competitively priced, and Protective Life has selections for both individual and survivorship plans.

You won’t find much for small, burial policies from Protective, but you can get relatively low face amounts for permanent coverage with the fully underwritten options.

These make great options for those who want a little flexibility with long-term coverage.

Transamerica Life Insurance Company

Our all-around best company for senior life insurance is Transamerica Life Insurance Company.

Already on our list for one of the best burial life insurance companies and our list of overall top carriers, it’s no stretch to see them as a top solution for seniors when you consider their entire lineup of products.

Transamerica has everything from simplified final needs options up to fully underwritten choices for more complex scenarios.

Whether you require a small death benefit and want to skip the medical exam, or you and your spouse need long-term estate planning with the use of a universal life insurance product, Transamerica Life can help.

Backed by more than 110 years in the business, they are a long-standing, secure company.

A.M. Best, Fitch, Moody’s, and Standard & Poor’s all agree, having awarded the Transamerica Life Insurance Company “A” or better ratings across the board, something few carriers achieve.

The ability to add accidental life or even long-term care insurance makes Transamerica even more attractive.

Mutual Of Omaha Life Insurance Company

Whether you need easy-to-get coverage up to $50,000, or you require a larger death benefit for as long as you live, Mutual of Omaha Life, an “A+” rated, a century-old company, offers a full line of product choices.

Mutual of Omaha is simply the top selection considering its reputability, strength, and product selection, and the value is always there for each demographic, especially as you get older.

For most, it’s going to be the best bang for your buck, period.

If you want selection, simplified underwriting, and an extremely strong company, then you may want to dig a little deeper into Mutual of Omaha.

Banner Life Insurance Company

Having come in as a top 5 carrier on our overall list, Banner Life Insurance Company has two distinct advantages for seniors:

price, and
risk underwriting.
Those with serious health concerns may get a little help in the lower tables from Banner.

Banner has made an impact on the life insurance market in the past few years for its term life options, but few know how good a fit they are for seniors with their universal products and more liberal underwriting style.

Their strong financial status and excellent use of independent agents make them a great selection.

Seniors can’t use Banner’s any exam products because of age, but their Step Up UL® is a great choice for anyone looking for competitively priced permanent products.

If health is an issue, you will definitely want to look at Banner as they are consistently one of the best-priced carriers for seniors with medical conditions who can only qualify for Sub-Standard rates.

Fidelity Life Association

Many people know the name Fidelity, though likely for investing more than life insurance.

An “A” rated insurance carrier that got its start before the 1900s, Fidelity is the first company to make our list strictly because of its final expense products.

Fidelity Life is second-to-none in a couple different product areas for burial coverage for seniors, including its hybrid and graded policies.

Made specifically for people 50 and older, Fidelity offers some guaranteed life insurance products for those6 who otherwise would be denied because of health conditions.

There are no exams, issue is near instant, and the payout structure is fair.

Fidelity’s Hybrid Life mixes life and accident, something you can’t find many other places.

Sagicor Life Insurance Company

Rounding out the top 5 best life insurance carriers for seniors is Sagicor Life Insurance Company, a premier, no-exam company that meets the needs of seniors because of some of their no lapse guarantee products.

A 170-year-old company with an “A” rating by A.M. Best, Sagicor Life is reputable, strong financially, and it meets our criteria of offering outstanding value.

With issue ages as high as 85, Sagicor also hits a sweet spot for older shoppers, and while you can skip the exam, doing so might not lead to the best rates.

The no-lapse guarantee in their universal life insurance products offers guarantees while keeping premiums low.

For more sophisticated cases, Sagicor Life hosts a couple of indexed universal life insurance products, a much more niche growth and advanced planning option.

It’s not for everyone, but it can be a nice choice for several scenarios.

Assurity Life Insurance Company

Assurity Life has been around a long time, but the name dates only to 2007 when three established companies combined into one single brand.

An “A” rated company, Assurity is a top-tier no-exam company that works well for many people 55 and older.

One facet to consider is your access to critical illness and disability coverage, alongside their selection of term and universal policies.

Assurity’s underwriters may be a little more selective than other carriers, but applicants who qualify can expect competitive rates, especially on universal life insurance coverage.

On the advanced planning side, Assurity offers a single premium option, great for something like funding a policy up front and then enclosing in an irrevocable life insurance trust to satisfy estate plan needs.

Foresters

With Foresters, you can enjoy the confidence of security and a pretty wide selection of final expense options from a company established in 1834.

An “A” rated, non-profit company, expect good value with a lifetime of benefits you know you can trust.

Foresters made the cut primary because of its selection of whole life, burial and even accidental coverage.

While a small portion of people will need it, Foresters’ whole life policy is a great option for those who want easier approval with benefits available the day the policy goes in force.

There are also several universal life options to choose from if whole life doesn’t fit the bill.

5Star Life Insurance Company

Though newer to the market, 5Star Life has squeezed into the top 10 this year for ease of access and excellent value.

While not the biggest and most prominent name in the industry, 5Star has met our criteria for value and product availability.

Rated an “A-” from A.M. Best, 5Star is a secure company that offers a nice suite of choices for short- and long-term needs, including final expenses.

In addition, simplified underwriting (and guaranteed underwriting) mean fast approval, and you won’t feel the price hit as you do with other carriers that offer this type of policy.

A notable product is 5Star’s Family Protection Plan-TI, which has level premiums as far as age 100 (though the benefit could decrease over time).

Even more, the application asks just seven questions and does not check databases.

For anyone looking for simple, fast coverage to meet a specific budget, this is a great option.

Northwestern Mutual Life Insurance Company

Dropping down our list this year is Northwestern Mutual Life Insurance Company, who also fell on our best overall life insurance companies in 2019.

One of the longest standing and last remaining mutual companies, it boasts the highest ratings of any single life insurance company.

Though Northwestern Mutual won’t offer your best deal on a final expense policy, the company excels in advanced financial planning life insurance solutions.

You can get everything from term to permanent, and even variable products, when needed, too.

Like Transamerica, Northwestern offers long term care, often a great match with high-level financial planning for seniors.

Leave a Reply

Your email address will not be published.

Back to top button