Best Life Insurance Companies for Senior Adults

As a senior, choosing the right life insurance is important. This is because the coverage could be needed for a variety of different needs – and you want to be sure that you will have the proper type of protection, as well as the right amount.

Today, there are many different life insurance options that are available for senior coverage. One reason for this is because, over the past few decades, life expectancy has been getting longer – and because of that, many of the top life insurance carriers have added to their overall portfolio of product offerings.

Type of Life Insurance Available for Senior Adults

best life insurance companies for over 50In most cases, a senior will still be able to choose from either term or permanent life insurance protection. With a term insurance policy, there is only death benefit protection, a no cash value. Term policies are also purchased for a specific period – or “term” – such as 10, 15, 20, 25, or even 30 years. The length of term life coverage that you can qualify for as a senior may depend upon your age and your health condition at the time of policy application.

Permanent life insurance offers death benefit protection for no matter how long you live.  The types of permanent policies include whole life, universal life, and guaranteed universal life.  A permanent policy is intended to last for an indefinite period of time – provided that the premium is paid. This can be a real benefit, because once you have been approved for coverage, the life insurance company typically cannot cancel your policy.  It does not matter how old you get or if you contract an adverse health condition.

For low cost permanent life insurance a guaranteed universal life (GUL) policy is usually your best option if you need $50,000 of coverage or more.  However, some companies offer GUL for as low as $25,000.  A GUL can provide you coverage for the rest of your life as long as you pay the premium of course.

Seniors may also consider a type of life insurance coverage that is known as final expense insurance. This is a form of life insurance protection that is designed for paying off an individual’s funeral and other related costs. Today, on average, final expenses can be in the range of $7,000 to $12,000. Having final expense coverage can help your loved ones to ensure that they will not have to pay for your service out-of-pocket.

When choosing the right type and amount of life insurance, it is important for seniors to compare several different possibilities. This is because, just as with other types of products or services that you may purchase, all life insurance carriers do not price their plans exactly the same – even for the same types and amount of insurance coverage.

The Best Life Insurance Companies for Seniors

While the coverage that you purchase – as well as the insurance company you buy it from – may depend on your specific needs, there are certain life insurance companies that may be better for seniors regarding the life insurance coverage that they provide. Some of these carriers include the following:

Banner Life Insurance Company

Banner Life Insurance Company can be a good option for seniors who are seeking life insurance coverage. One reason for this is because Banner offers very competitive premium rates on its coverage – including policies for those who are considered to be sub-standard risks. At Banner Life Insurance Company, you can choose from both term and permanent coverage options.  Their term products are priced very competitively and their underwriting is usually very fair.

Assurity Life Insurance Company

With Assurity Life Insurance Company, the life insurance coverage that you apply for may be approved the very same day. This can provide you with insurance protection immediately – along with peace of mind. This company offers final expense life insurance options as well as traditional coverage.

Fidelity Life Insurance

Fidelity Life Insurance offers options for no medical expense coverage. This can be important if you are various health and medical issues and you still need to purchase any – or more – life insurance protection. In many cases, your application for coverage can be approved within just 48 hours.

Gerber Life Insurance Company

Even though Gerber Life Insurance Company is affiliated with the “baby food people” company, this insurer provides several different life insurance for both children and seniors. This insurer provides coverage to seniors who may have various medical issues – so, if you are in this category, know that you still have life insurance options that are available to you from top rated life insurance carriers like Gerber.

AIG Life Insurance Company

AIG offers a variety of life insurance coverage options for seniors. These include both term and permanent policies. And, they are one of the few companies that allow you buy term life insurance at age 80.  In addition, this company offers very affordable premium rates on life insurance coverage for senior adults.


Prudential is another top life insurance carrier. This large company has been offering life insurance protection to its clients for more than a century – and it is very strong and stable from a financial standpoint. Prudential has special guidelines on life insurance underwriting for seniors – which can be a positive factor for those who may have various health conditions and / or for applicants who are smokers or tobacco users. So, even if you are turned down for life insurance coverage by other insurers, Prudential may be able to provide you with coverage alternatives.

Factors to Consider When Purchasing Senior Life Insurance Coverage

Before purchasing senior life insurance coverage, there are several important factors to consider. First, if you are purchasing guaranteed issue coverage, then your policy will have a graded death benefit of some kind. This means that if the insured dies within the first two years of owning the policy, the beneficiary may only receive a percentage of the total death benefit proceeds.  For instance one policy will only return your premiums paid plus 10% interest to your beneficiaries if you pass away within the first two years.  Once the initial two-year period has passed, however, all of the death benefit will be paid out if the insured passes away.

The reason for this is because many of the seniors and other individuals who apply for these types of policies present more of a risk to the insurance carrier.  There are no health questions on the application and coverage is offered to anyone usually up to age 85.  Therefore, to compensate for this added risk, the many companies will only offer up to $25,000 of coverage.

Many policies will cover you fully from the very first day your policy is in force.  However, to qualify for these types of policies you do need to qualify for it.  The insurance company will assess your overall health.  They do this by asking you questions that you will need to answer on an application.  They also run a prescription drug check to see what medications you’ve taken in the last several years.  And depending on your age, the amount of coverage, and type of the policy you are wanting you may need to complete a medical exam and you may need to give consent to the insurance company to have them obtain and review your medical records.

Also, because seniors may present more risk to an insurer due to life expectancy issues, the premiums that are charged on certain policies may be higher than others. With this in mind, it is important to compare life insurance coverage from several different companies before you make your ultimate buying decision.

Going from one single insurance carrier to another can be quite time-consuming. Therefore, you can save a great deal of time, effort, and frustration by working in conjunction with an independent life insurance specialist that focuses on life insurance for senior adults. Doing so can allow you to more directly compare policies, insurers, and premium quotes – from many of the best life insurance companies for senior adults – all in one convenient place. From there, you can make a well-informed decision as to which one will be the best for you and your specific life insurance coverage needs.

Where to Get the Best Life Insurance Premium Rates on Senior Life Insurance

If you are in the process of seeking life insurance, we can help. We work with seniors in helping them to compare life insurance coverage options. We work with many of the top life insurance carriers in the marketplace today – and we can assist you through the life insurance buying process. We can do so for you quickly and conveniently – all from your home computer – and without the need to meet in person with a life insurance agent. If you are ready to move forward, then all you have to do is simply take a quick moment to fill out the form on this page.

Should you find that you still have any additional questions regarding the best life insurance companies for senior adults – or, even if you just happen to have a question or concern about life insurance in general – then please feel free to contact us directly. Our experts will walk you through the process of obtaining quotes, as well as policy details from multiple companies.

We understand that finding the right life insurance for seniors can sometimes be a challenge. But the good news is that there are companies and policies that are available to you. So, contact us today, we’re here to help.