10/24/2014

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Best Life Insurance Companies for Seniors Over 65

Best Life Insurance Companies for Seniors Over 65

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The best life insurance companies for seniors over 65 offer different policy options such as term life insurance, no-lapse universal life, simplified issue and guaranteed issue.  Since there are different reasons why a senior over 65 needs life insurance; whether it’s to cover the remaining balance on a mortgage, protect their income while they’re still working or to take care of final expense costs, it’s important to choose the right company and policy to properly address the senior’s particular needs.

Best Life Insurance Companies for Seniors Over 65

Since there are a few different choices on which policy to buy, let’s take a look at them one-by-one to help you choose the right policy and company for you in 2014.

 

Term Life Insurance

Term life insurance provides life insurance protection for a designated period of time and it is the cheapest option (most coverage for the lowest price). The term lengths available at the age of 65 are typically 10, 15 or 20 years. (The longer the term the higher the premiums.) A great benefit feature that is built in to most term life insurance policies is what is called a conversion option.  This allows the insured to covert a portion or all of the term life insurance coverage over to permanent life insurance.  Every company has different conversion rules but most require it to be done before the age of 70. (Be sure to check the policy and ask your agent before purchasing it about the conversion rules of your policy.)

Term Life Insurance Quotes 65 Year Old Senior

$100,000 on a 10 year term:

Male: $69.49 Protective Life  Female: $47.69 Banner Life

$250,000 on a 10 year term:

Male: $140.40 Prudential Life Insurance  Female: $87.06 Banner Life

Term Life Insurance Quotes 70 Year Old Senior

$100,000 on a 10 year term:

Male: $119.53 Genworth Life  Female: $77.70 Banner Life

Term Life Insurance Quotes 75 Year Old Senior

$100,000 on a 10 year term:

Male: $206.85 Transamerica  Life  Female: $149.08 Banner Life

Permanent Life Insurance- No-Lapse Guarantee Universal Life

A no-lapse guarantee universal life policy may be the best option for many seniors over the age of 65. The policy is similar to a term life policy in that the payments and coverage amounts are fixed; however, it doesn’t expire like a term policy does.  This is great for seniors over the age of 65, 70 and 75 looking to cover final expenses.  This policy does cost more than term life insurance since it is guaranteed to payout.  It’s best to set the maturity age to 100, 111 or 121 (Terminology: no-lapse guarantee universal life to age 100, to age 111 or to age 121).  Since the policy is more expensive than term life, many seniors will choose a coverage amount of; $25,000, $50,000 or $100,000.  This number will of course vary on your budget and need.

No-Lapse Guarantee Universal Life Quotes 65 Year Old Senior

$25,000 to age 100

Male: $60.43 North American Female: $48.75 North American

$50,000 to age 100

Male: $115.55 North American Female: $92.20 North American

Simplified Issue Life Insurance

Seniors over the age of 65 who are looking for a smaller amount of coverage such as $10,000 or $15,000 to cover final expenses can choose a simplified issue policy. The pluses to this policy include the fact that there are no blood tests and no medical exams.  There are typically just a few basic health questions.

Simplified Issue Life Insurance Quotes 65 Year Old Senior

$10,000:

Male: $53.87 Assurity Female: $44.03 Assurity

$15,000:  

Male: $79.71 Assurity Female: $64.94 Assurity

Guaranteed Issue- Guaranteed Acceptance Life Insurance

Seniors over the age of 65, 70 or 75 who need life insurance but are be in poor health or have had some significant health problems and need a no questions asked life insurance policy, a guaranteed acceptance or guaranteed issue life insurance may be the only option availableSince there are not any qualifying questions, most guarantee issue life insurance policies have a two-year waiting period or what is known as a graded death benefit.  This means the death benefit will not be paid if the insured dies in the first two years of the policy from natural causes or suicide.  Instead, the sum of the premiums paid will be returned to the beneficiary.

Guaranteed Issue-Guaranteed Acceptance Life Insurance 65 Year Old Senior

$10,000:

Male: $66.00 Mutual of Omaha Female: $51.00 Mutual of Omaha

Guaranteed Issue-Guaranteed Acceptance Life Insurance 70 Year Old Senior

$10,000:

Male: $89.00 Mutual of Omaha Female: $69.00 Mutual of Omaha

Guaranteed Issue-Guaranteed Acceptance Life Insurance 75 Year Old Senior

$10,000:

Male: $121.00 Mutual of Omaha Female: $98.00 Mutual of Omaha

 

Best life insurance options for seniors over 65

As you can see there are many different life insurance options for seniors over the age of 65.  Choosing the right company and policy is very important to achieve your life insurance goals.  Make sure you shop around and receive multiple rate quotes and work with an agent who is honest and has your best interest at heart.  By choosing one of the best life insurance companies for seniors over 65 you and your family will have the peace of mind knowing you have the right life insurance policy for your needs.

 

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

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