July, 26 2017

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Best Life Insurance Companies for Seniors Over 60

Best Life Insurance Companies for Seniors Over 60

  • Price
  • Underwriting
  • Financial Strength

The best life insurance companies for seniors over 60 provide different policy options such as term life insurance, no-lapse universal life, simplified issue and guaranteed issue. They are also highly rated, have favorable underwriting guidelines and provide the lowest rates.  Since the life insurance needs of a senior over the age of 60 may be different than someone just starting out raising a family, it’s important to choose the right life insurance company and policy to make sure your financial obligations are take care of.

Best Life Insurance Companies for Seniors Over 60

With so many different policies and companies to choose from, where do you start? We will go over the some of the most popular types of life insurance and show some sample rates and top companies for each.

 

Term Life Insurance

Term life insurance protects you for a specific period of time and is the least expensive type of life insurance.  Term lengths for a senior over 60 range from; 10, 15, 20 25 years. (The 30 year term is available for those age 58 and under).  Advocated by the most prominent financial advisors in America such as; Dave Ramsey, Clark Howard and Suze Orman, term life insurance is the most popular form of life insurance in America today.  Term life insurance gives you the most amount of protection for the cheapest price.  Most term life policies allow the insured to convert a portion or all of the coverage to permanent insurance if the insured wishes to (Conversion typically has to be done before the age of 70).

Term Life Insurance Quotes 60 Year Old Senior

$100,000 on a 10 year term:

Male: $32.81 Banner Life  Female: $25.46 Banner Life

$250,000 on a 10 year term:

Male: $69.30 Prudential  Female: $48.51 MetLife

Permanent Life Insurance- No Lapse Universal Life

No lapse guarantee universal life insurance is a great policy for those who are looking for permanent life insurance.  This policy is like a term policy in that the payments and coverage amount are fixed; however, this policy has a cash value and allows you to set the expiration date up to the of age 121.  Since this policy is guaranteed to pay out as long as you pay the premiums, the rates for universal life insurance are more expensive than term life insurance.

No-Lapse Guarantee Universal Life Quotes 60 Year Old Senior

$50,000 to age 100

Male: $81.90 North American Female: $71.05 North American

$100,000 to age 100

Male: $ 135.98 AIG (American General) Female: $111.83 AIG (American General)

Simplified Issue- No Medical Exam Life Insurance

Seniors over the age of 60 who are looking for life insurance without the medical exam can opt for a simplified issue life insurance policy.  No medical exam life insurance is attractive for those who don’t have the time for the medical exam or can’t do needles.  There are still medical questions that will be asked and the most coverage available is typically up to $350,000.  No medical exam policies do cost more than exam policies although a few carriers now offer very competitive pricing.

No Medical Exam Life Insurance Quotes 60 Year Old Senior

$100,000 on a 10 year term:

Male: $50.90 Sagicor Female: $35.01 Sagicor

$250,000 on a 10 year term:

Male: $98.10 Sagicor Female: $65.65 Sagicor

Guaranteed Issue- Guaranteed Acceptance Life Insurance 60 Year Old Senior

Seniors over the age of 60 who need life insurance but have had some major health issues can benefit from a no questions asked life insurance policy, a guaranteed acceptance or guaranteed issue life insurance policy.  Since there are no health questions or medical underwriting everyone can qualify for this coverage.  The stipulation on these policies is that there is typically a two year waiting period for natural causes.  If the insured does pass away in the first two years of a natural cause, their premiums will be returned to the beneficiary with interest paid on the money.

Guaranteed Issue-Guaranteed Acceptance Life Insurance 60 Year Old Senior

$10,000:

Male: $55.00  Mutual of Omaha   Female: $42.00 Mutual of Omaha

Best life insurance options for seniors over 60

There are a many life insurance options for seniors over the age of 60.  It’s important to choose the right policy to properly protect your family or take care of final expenses.  By shopping around and comparing many different companies you can be confident that you found the best policy to protect your loved ones.  The best life insurance companies for seniors over 60 will help provide financial stability and to cover final expenses to ensure you don’t leave any burdens for your loved ones.

*All the sample quotes shown above are at the preferred plus health class, non-smoker, per month