At the age above 50, normally people start reverting to conventional and customary ways of living their lives. After the age of 45, people start becoming well aware of their health conditions and try to live a healthier lifestyle. The pressing or alarming feeling of being careful and precautious, adopting healthier food habits and all, is a normal thing.
Prevention is better than cure and it is advisable for people to be careful about their eating habits and general lifestyle, nonetheless. While their lifestyle needs a proactive overhaul, so does their preparation and planning for death and post-death process.
Life insurance is aimed to provide security to any individual about his own death, funeral and financial consequences of his death for the dependents. It is not an accessory, instead a necessity in today’s unpredictable world.
Numerous insurance agencies are providing a wide array of economical and practical life insurance policies for the elderly. The best life insurance over 50, are based on the:
- Price competitiveness,
- Amount of coverage,
- Low and leveled premiums,
- And a growing and quick building cash value component.
Also Read: Finding Affordable Life Insurance for Parents Over 60
What are the Best Life Insurance Companies and their Best Policy for Seniors?
- Best company for Term Life for Seniors is Protective
- Best firm for Whole Life for Seniors is Foresters Financial
- Best company for Burial insurance for Senior Citizens is Mutual of Omaha
- Best Insurer Carrier for Guaranteed Acceptance for Seniors is AAA
- Best Insurer for Universal Life for Seniors is American National
1.Best company for Term Life for Seniors is Protective
Protective was founded in 1907 and its head office is in Birmingham, Alabama. It enjoys an “A Excellent A.M. Best Ratings” which depicts its stable financial position. The best life insurance policy offered by Protective for people over age of 50 years, momentarily, is the Classic Choice Term. It offers competitive, lowest possible costs, offers low premiums every month, and it provides flexible term periods.
The term period for Protective Classic Choice Policy are 10, 15, 20, 25, 30, 35 or 40. While the rest of the insurance carriers offer 10-30 years’ term period options. This best Term life insurance for over 50; is awfully cheap and pays off well. Furthermore, Protective offers 8 different permanent policies to convert your term life into. Financial stable and reliable for coming decades. Gives you no medical exam options.
2.Best firm for Whole Life for Seniors is Foresters Financial
Whole life is a permanent life insurance policy which can offer you leveled monthly premiums and till death maturity period. Apart from the peace of mind, it has a cash value component which builds over time. You can borrow a substantial loan from it to accommodate for any emergency life event before death, just for once, too.
The best whole life insurance policy for seniors over the age of 50 years, is Foresters Financial. It was founded in 1874 and its head office lies in Buffalo, New York. Foresters Financial has enjoyed an awesome reputation in the market for the last 150 years. It depicts complete financial stability and ensures that all insurance claims will be paid in full to the policyholders, down the road.
Foresters Financial offers a peculiar best seller senior citizen life insurance policy Advantage Plus. This Advantage Plus is a participating whole life policy which offers:
- Low rates
- Low leveled monthly premiums
- Everlasting in nature
- Peace of mind
- Accumulated cash value account
- Ever growing cash value account
- Many free member benefits for the policyholders
Till the age of 55, a no medical exam policy is available with a coverage up to $400,000. An applicant age range is from 0-85 years.
3.Best company for Burial insurance for Senior Citizens is Mutual of Omaha
Mutual of Omaha enjoys a splendid market reputation amongst youngsters and seniors alike. It was founded in 1909 and its head office is located in Omaha, Nebraska. In terms of financial stability, it is awesome. It exhibits an excellent historical performance over the years.
Mutual of Omaha offers a peculiar Simplified Issue Whole Life insurance policy for the elderly. It is truly incredible since the immediate coverage is allowed. The applicant does not have to give any medical exam but he has to fill the health questionnaire honestly.
Furthermore, in case of claim approval, the beneficiary gets the payout in 24-48 hours from the carrier. It offers a limited amount of coverage ranging from $5000-$50,000. But it accounts for only the funeral ceremony of any person.
A presentable funeral ceremony along with the inclusive charges of burial, or cremation, obituary, flowers, casket, urn, grave digging, headstone; usually takes $8000-$15,000 at max. This particular simplified issue of best whole life insurance for over 50, of Mutual of Omaha is called Living Promise. It cannot be bought online and you must contact an insurance agent to buy this.
4.Best Insurer Carrier for Guaranteed Acceptance for Seniors is AAA
Guaranteed acceptance life policy requires no medical exam or filling of any health questionnaires. People who are afflicted with terminal illness such as Alzheimer’s, renal failures and serious cardiac conditions, can apply for it, too.
The best insurance company for guaranteed acceptance life insurance policy for the elderly, is the AAA. It was founded in 1969. Their guaranteed acceptance offers benefits such as lowest policy prices, small premium payments per month. A two year waiting period.
But compared to the rest of the guaranteed acceptance providers, who pay 110% of refund during the first year after death, AAA pays full refund of 130%, to the beneficiaries. You can buy a coverage of $25,000 max, and can apply till the age of 85 years, and AAA provides guaranteed acceptance for burial insurance and small credit card bills after death, in all states of the US.
5.Best Insurer for Universal Life for Seniors is American National
It was founded in 1905 and enjoys an Excellent A.M. Best Ratings, testifying its financial sturdiness. Guaranteed Universal Life is aka GUL.
GUL offers leveled monthly premiums for life and a guaranteed death benefit payout. Coverage lasts till 95, 100, 105, or 121 years of age generally. It also builds up your cash value although you should never borrow any policy loan from it. Any deduction from the GUL value component means that you lose your privilege of unchanging premiums and death benefit.
The best insurance carrier for the elderly for GUL insurance policy is American National. It offers cost competitive rates and an array of benefits to policyholders. For example, a policyholder can borrow 25%-100% of his death benefit during his lifetime in case of affliction with any fatal illness. Applicants can be 80 years old max.
How can you buy a life insurance policy for seniors without a waiting period?
If you apply for a simplified issue life insurance policy, that exempts you from undergoing any medical checkup or medical tests. Similarly, by filling a health questionnaire honestly, you can apply for the simplified issue burial insurance.
It has no waiting period and offers immediate coverage death benefit payout after the claim of beneficiaries is approved. Usually takes 24-48 hours for the payout check to get cut and forwarded to the beneficiary.
Anyone can apply for the simplified issue burial insurance; it offers life insurance coverage up to $25,000 mostly. It accounts for the after-death final expenses such as burial charges, digging and closing of grave. It caters for small overdue credit card bills, cremation expenses, obituary or flowers and headstone charges etc.
Always beware of the scams and beware there is no such thing as a burial insurance with no health questions and no waiting period. No health questions are also called guaranteed acceptance burial insurance and it comes with a 2 years waiting period as a mandatory prerequisite.
How much does life insurance for the elderly cost?
$50-$300 per month for a $10,000-$100,000 coverage.
Although it is affected by the age, gender, residential state, health, lifestyle, and the tobacco usage history of the policyholder.
Which insurance agencies must you avoid for senior life insurance policies?
The following life insurance agencies must be avoided at all costs, specifically for their burial insurance policies. They falsely advertise and grab a lot of target markets for being cost-effective. The reality is an exact opposite; they are not cheap but charge you a whole lot more than regular insurers in the market.
Better watch out for them and beware of their seductive ads and over promising claims!
- Colonial Penn
- AARP
- Lincoln Heritage
- Globe Life
- TruStage
Frequently Asked Questions (FAQs)
1- What is the burial insurance cost for 50-year-olds?
The cost typically ranges from $50 to $300 per month for coverage between $10,000 and $100,000, depending on factors like age, health, and location.
2- Which is the best over 50 life insurance policy?
The best life insurance for individuals over 50 depends on individual needs. Consider factors like cost, coverage, and policy type when making a decision.
3- Do I need life insurance after 50?
Yes, life insurance is essential after 50 to provide financial security for your loved ones and cover final expenses.
4- What is the best life insurance for adults over 50?
Various types of life insurance cater to adults over 50. Consider term life, whole life, or universal life policies based on your specific needs and preferences.