The insurance coverage for individuals above the age of sixty, i.e., seniors, should be guaranteed universal life insurance or GUL. This will provide the insurer with complete coverage at lower term costs.
If the senior is purchasing the term insurance for the first time, then he should take into consideration various factors such as his physical health, whether he wishes to convert the term insurance to permanent in future and, of course, his financial condition.
Hence, it advisable that he purchase a life insurance policy only from a reputed insurance firm after having studied the riders of the particular system carefully. To find such companies, we recommend checking quotes from Seniors Life Insurance Finder.
Top 5 Life Insurance Companies for Seniors
If you are planning to advise a senior in your family about purchasing a life insurance policy, then you must check out the top-notch insurance companies and the policies that they offer, so that you can guide him with choosing a policy that will meet all of his requirements.
1. New York Life
The life insurance policy offered by New York Life is ideal for individuals who are looking for term insurance on a budget. The low entry point makes it easy for an insurer to purchase a life insurance policy from New York Life. Its GUL policy starts at $25,000, and such low entry points make this suitable for seniors who have budgetary constraints.
Moreover, New York Life follows, no medical examination policy in the case of seniors. In other words, for seniors within the age of sixty to eighty-five who wish to purchase a life insurance policy, do not need to undergo any medical examination before buying the policy.
The only prerequisite for this is that they should not have any pre-existing medical conditions. However, even those with pre-existing medical conditions can purchase life insurance policies after payment of nominal charges.
The system also comes with riders like the money received from the policy can be used to pay medical bills in case of terminal illnesses, which can help to alleviate the financial burden on the policyholder and his family members.
Thus, the New York Life GUL policy is suitable for seniors who have not purchased any policy in the past.
2. National Family Assurance
National Family Assurance also offers seniors a low entry point with insurance policies starting at $25,000. However, lower the insurance value, lower will be the benefits.
Hence, the National Family Assurance policy should be purchased by individuals who are not expecting many expenses and have limited needs.
The unique feature of the policy offered by National Family Assurance to seniors is that it has a broad range of protection benefits in case an illness was to occur later on in life.
Say, for instance, a senior in your family has purchased a life insurance policy from National Family Assurance at the age of sixty, and he happens to fall ill five years later. Then with the help of the accelerated rider, much of the financial burden of undergoing the treatment for the illness can be reduced.
Nearly fifty percent of the expenses to up to $25,000 will be paid by the insurance company, as expenses incurred due to the treatment. This can prove to be generous because often companies restrict this value to nearly twenty-five percent of the insured amount.
Thus, the National Family Assurance life insurance policy offers support to seniors during an illness that the policyholder might suffer.
3. Mutual of Omaha
The Mutual of Omaha is one of the few insurance companies that are known for its excellent customer service. The company’s website itself is very intuitive so that the seniors are able to find an agent who will understand their requirements and are guided consequently.
The website of the company lists the phone numbers of the agents along with their respective profiles so that seniors can identify someone they a comfortable talking with. Moreover, the Mutual of Omaha also follows a lenient view regarding the medical examination.
Seniors who are within the age of sixty to eighty-five do not need to undergo any strict medical examination, to purchase a life insurance policy.
However, this is only applicable if you are opting for a policy that is within $25,000. Any insurance policy of a higher monetary value requires a medical examination.
If senior wishes to purchase a GUL policy from Mutual of Omaha, then he should be prepared to pay at least $50,000. The entry point for Mutual of Omaha is higher than other insurance companies.
However, the company is known for its excellent customer service and quick resolution of issues, which also makes it one of the foremost insurance companies.
Transamerica offers a wide range of term and permanent life insurance policies for seniors. Seniors who are up to the age of eighty-five can purchase the GUL policies offered by Transamerica. They can also pay for the policy with a single transaction or make the payments through ten separate payments.
This method of payment makes it easier for seniors who are looking for flexible ways of paying the premiums or who are trying to purchase an insurance policy while staying within a budget.
Additionally, Transamerica is not strict about medical examinations. However, it is essential that the policyholder not have any pre-existing medical conditions and preferably not be a smoker. If the policyholder has a medical condition or is a smoker, then the underwriter must be informed.
The underwriter will then ask the senior-specific questions related to the health of the senior. Based on the evaluation of the underwriter, the valuation, or the payments to be made, to purchase the policy will change.
Thus, Transamerica offers insurance policy to seniors at reasonably flexible terms and prices, but it does have certain conditions that the customer must meet before he can purchase a life insurance policy from the company.
5. Banner Life
Banner Life offers seniors the flexibility of making the payments for the policy with ten to fifteen separate payments over an extended time period. This is the unique feature of Banner Life.
The GUL policies offered by Banner Life are designed, keeping in mind the requirements of the seniors and their budgetary constraints.
Hence, the company introduced the option of flexibility in payments of the insurance amount. The only thing that the policyholder must keep in mind while making the payments is that the premium amount must remain fixed. The policyholder can choose to complete the payment over a period of ten to fifteen years.
Moreover, there is no waiting period between the purchasing of the policy and the start of the policy. Similarly, Banner Life even offers policies to individuals who are usually considered to be under the high-risk category.
Thus, Banner Life insurance policies are ideal for seniors who wish to purchase GUL policies that are within their budgetary constraints and which they can pay off over a period of time.
Additionally, the policies offered by Banner Life come with riders that can prove to benefit not only for the policyholder but for his family members as well.
What to Expect as a Senior?
Seniors can opt for two types of life insurance policies. He can either purchase a term insurance policy or a Guaranteed Universal Life Insurance Policy or GUL. The term insurance policy is also a life insurance policy that ranges for a time period from ten to thirty years. This type of life insurance policy is ideal for seniors who are in relatively good health.
A GUL policy is perfect for seniors who want coverage for his entire lifetime. This coverage will include all estate-related requirements that need to be met after the demise of the policyholder.
The GUL policy is ideal for seniors who wish to leave behind a legacy and want to ensure that all expenses relating to their funeral are taken care of.
The beneficiaries are not burdened with the funeral expenses. The GUL policies are also suitable for seniors who wish to leave behind a legacy for their beneficiaries. Thus, depending on the requirements, a senior should select an appropriate insurance policy.
However, while choosing a particular insurance policy, he should take into consideration the insurance value and the premium payable. He should also take into account the interest he would have to pay for the insurance.
Purchasing a life insurance policy should be done only after careful consideration. The policyholder must also understand all aspects of the policy and make sure that it meets all of his requirements.
Finally, he should purchase the policy only from a reputed company to be assured of complete support.