Cheapest Life Insurance for Seniors: What to Know
Affordable life insurance for seniors is available through several reputable companies that have been in the business of providing insurance coverage for years. Depending on which company you choose, you could purchase life insurance for as low as $3.49/month. When shopping for a life insurance company offer life insurance for seniors, you should always read free reviews, compare multiple quotes, and find a policy that meets your coverage and financial needs.
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UPDATED: Feb 10, 2022
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- Life insurance can provide a financial cushion for your loved ones after you pass
- You can read reviews online to find the best company for you
- Always request at least five free quotes before you pick a policy
Leaving behind a legacy for your loved ones after you die is a very noble gesture, and purchasing cheap life insurance can help you make sure that those you leave behind have, at the very least, some financial support to fall back on after you’ve passed. But where can you find the best life insurance for seniors?
Senior life insurance, as seen on TV, may sound like a dream come true; however, you should never purchase a life insurance policy simply because of a funny ad or clever slogan. Purchasing life insurance is a big financial step, and this task must be taken seriously.
Individuals who are interested in purchasing affordable life insurance for seniors should be sure to do a bit of research and read free reviews of different companies before buying a policy. This way, you can be certain that you’ve found the cheapest policy available to you that can also provide you with maximum coverage.
Keep reading to discover some of the best insurance companies on the market that provide cheap life insurance for seniors.
If you want free quotes for life insurance for seniors, enter your ZIP code to start comparing rates right away.
Who provides the best life insurance for seniors?
Many seniors are on a fixed income, and as such, must pay strict attention to their budget. That being said, you should buy life insurance for seniors from companies that can provide you with adequate coverage to accomplish your goals and also work with the needs of your budget.
Thankfully, you can find great life insurance policies at great rates with companies that have been in the business for years. Some of the best life insurance companies that offer low rates and the coverage you need can be seen here:
- Mutual of Omaha
- Globe Life Insurance
- Gerber Life
Now, which is considered to be the “best” company will, of course, vary depending upon the needs of the individual looking for insurance. However, you should always make sure that you do your research on any insurance company that you are interested in — even if it is well-known.
Let’s take a closer look at each one of these companies so you can learn a little more about them and discover which one is the best fit for you and your insurance needs.
Mutual of Omaha
If you are over 70 years old, you can still purchase a life insurance policy with Mutual of Omaha, a titan of the insurance industry. This company first opened its doors for business in 1909 and advertises that you could purchase a whole life insurance policy starting at just $8.84 per month. There’s no need to worry about the financial strength of this company either, as it earned an A+ rating from A.M. Best.
AIG is another company that has been providing insurance for quite some time — since 1919, in fact.
If you were to do business with AIG, you could, as the company advertises, purchase a guaranteed approval policy starting at age 50. This means that you won’t have to bother with a medical exam in order to obtain coverage.
While the maximum age for this policy is 80 years old, you could potentially get coverage for as low as $21 per month. You can rest assured that your beneficiaries will be able to receive the death benefit provided by the policy because AIG has an A rating from A.M. Best.
Even better, if you want to get some life insurance quotes about life insurance for seniors, you can apply directly via AIG’s company website.
If you are determined to purchase insurance from a financially strong company, you may want to add AMICA, an A.M. Best A+ rated company, to your list for consideration. This life insurance institution advertises that you could potentially buy $50,000 in coverage for as little as $12.95 per month. You could even purchase a whole life 20 policy up until you reach your 80th birthday.
AMICA is no fly-by-night insurance company either. It has been serving clients since 1907.
Globe Life Insurance
Founded in 1957, Globe Life Insurance may be a little younger than its competitors; however, This company advertises that you could purchase $100,000 in coverage starting at $3.49 per month, which is nothing to sneeze at. With an A rating from A.M. Best, Globe Life Insurance could be a great choice for you if you want to get a lot of coverage for a low rate.
Gerber Life doesn’t only provide insurance for babies or kids. Seniors are also invited to take advantage of some of the great plans offered by this company, which earned an A rating from A.M.Best. Applicants for final expense coverage could potentially buy $50,000 in coverage for only $3.49 per month.
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Cheap Life Insurance for Seniors: The Bottom Line
Life insurance for elderly people is an incredible tool that can help you provide for your loved ones even after you’ve gone. Individuals on a fixed income may think that life insurance isn’t a viable option, but there are several reputable insurance companies doing business today that can help you get the coverage you need at a reasonable rate.
Now, you must bear in mind that when it comes to life insurance rates, life insurance for seniors can fluctuate based upon the company’s rules and other criteria, so you should always get a few different quotes to see which company is right for you.
If you’re ready to start looking for a life insurance company offering life insurance for seniors, you don’t have to wait.
Enter your ZIP code to get free quotes about life insurance for seniors today.
Frequently Asked Questions
Can I change my beneficiary?
Yes, if you would like to change the listed beneficiary on your insurance policy, you may do so for any reason. In order to make the change, you may need to contact your insurance representative or send in a written notice.
How much insurance coverage do I need?
The amount of coverage you need will depend upon what you would like your policy to do for you. If you are looking for final expense coverage in order to pay for a memorial or funeral, you should know that such services can cost about $10,000. Of course, if you already have the means to pay for a funeral and simply want to leave something behind for your loved ones, you may want to consider the amount of any expenses that they are currently facing.
Can I purchase more coverage if I have a term policy?
Many companies offer convertible term policies that will allow you to convert your term policy into a whole life policy, which builds cash value at certain points during the policy period. You can also purchase a second policy if you need more coverage and do not have a convertible term policy. Term life insurance rates for seniors may vary.