5 Best Life Insurance for seniors

5 Best Life Insurance for seniors:

Best life insurance for seniors over 60 is not so tough you are worried unnecessarily. The first fact is, younger adults purchase the life plan on a particular motive to financially help the dependants in the event of his/her death. Later for the seniors, they purchase this policy totally for a different set of intentions.

Arranging the funeral cost, make financial support for the special child, or intending to take part in the social activities even after deaths-all these could be the reasons, for which a senior needs life coverage at the last state of the life.

However, choosing the best life plan for the seniors, force us to visit 25 different life insurers and decide finally which one we should bring on our top list.

Based on the coverage benefits, policy cost, customer ratings, auxiliary benefits, Coverage limitations- we have compiled the below list for the seniors of our American community.

Here is our today’s selection-

  • Mutual of Omaha (Best overall)
  • AIG (Best Final Expense Insurance)
  • Banner (Best Term Life Insurance)
  • MassMutual (Best Whole Life Policy)
  • Gerber (Best for Grandchildren)

Mutual of Omaha

Coverage:

Mutual of Omaha offers all the Term, Whole, and Universallife plans for seniors. Senior with the age of 80 can get the term policy from this company. And for whole coverage, seniors with 85 age can move on. Term coverage starts with a $100,000 price and the whole life coverage has an offer range up to $2,000 -$25,000. 

Pros:

  • Whole life coverage do not need a medical exam
  • Seniors with 80 /85 can move on here
  • Customer service is good
  • Variety of policies
  • Competitive costing

Cons:

  • Offered riders are limited
  • Some policies may pull you from hiring an agent.
  • All policy is not free from the pre-medical check-up

AIG

Coverage:

AIG is best to offer the guaranteed whole life insurance to offer the final expense for the seniors. AIG offers a coverage limit of $5000 to $ 25,000. Any seniors up to the age of 80 can proceed with the policy from AIG with no pre-medical requirement. 

Pros:

  • Guaranteed Acceptance Up to the age of 80
  • No additional cost for Chronic & Terminal Illness Accelerated Death Benefits
  • $5000 to $25,000 Coverage range.

Cons:

  • For the first two years, limited benefits
  • Negative Customer Complain

Banner 

Coverage:

Banner offers both the Term and Universal Life coverage for the senior person. If you are searching for the term coverage with the best price, undoubtedly Banner would be the winner among all competitors. Though you must need to be 75 aged or younger, you can extend the life plan from Banner up to the age of 90 (depending on the plan). 

Pros:

  • Competitive costing
  • Senior with 90 age can move on 
  • Customer complain very less

Cons:

  • Limited Policy Option
  • Must need to be aged 75 (younger) for signing up

MassMutual

Coverage:

MassMutual is a national insurance and financial service provider. This company holds an A++ AM Best Ratings both for the whole and term coverage. Best whole life plan for the seniors, nobody can be the competitors like MassMutual. More ever, this company has a fantastic option, anybody who has the term coverage also can switch on for the whole life coverage. Applicants up to the age of 65 can get the Direct Term from an online system of this insurer company. The whole life coverage limit for the senior with the death benefits of &25,000. 

Pros:

  • Unique Convertible Policy
  • Comprehensive Online Tools
  • Perfect for healthier seniors/relatively youngers

Cons:

  • Need a pre-medical exam
  • No Living Benefits are available now
  • No Guaranteed Issue Policies
  • Aged 65 or older, cannot move on for an online application.

Gerber Life Insurance

Coverage:

Seniors having the dependant grandchild can purchase the life plan from Gerber securing a good economic future. Gerber has a very sharp and exact purpose for each of its offered policies. Any senior can start this policy with a younger grandchild. More ever, this value (face) automatically can be double at the age of 18 of the responsible child. When the grandchild turns 21, automatically he/she become the owner of the life policy. And at the age of 21, the grandchild can enjoy a cash amount for the full value, or even can continue the plan for the whole life.

Pros:

  • No chance to enhance the premium
  • Automatic payments save up to 10%
  • The child reaches once at the age of 21, the face value doubled up
  • At the age of 21, the child becomes the owner of the policy.

Cons:

  • Limited Max death benefits (only up to $100,000)
  • Average Customer Rating

Finally, many times we have heard the question of how to choose the best cheap insurance for the seniors. The exact answer to this question is, purchase the coverage exactly what a senior needs. Whole life coverage has guaranteed death benefits but it is a little bit expensive. But term life coverage is cheaper and offers a higher coverage level.

But the disadvantage of term coverage is, it doesn’t last forever. However, any senior who has good health can purchase a worthy life plan that suits him/her most.

That’s all about the Best Life Insurance for seniors. If you have any asking, please ask me in my comment box. I am waiting for any of your feedback.

Thanks.

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