Life Insurance is an expensive purchase and the costs can increase steadily as you get older. Medical problems, which tend to increase as you get older can increase the costs as well. Ideally, Life Insurance is purchased when you are younger but it is never too late to invest in Life Insurance, even for those who are over 50 years of age. A specific type of Life Insurance for Seniors is available from many different insurers. In the guide below we look at 3 of the most popular providers, all of whom offer good coverage and policy riders. They are large, well-established insurers who are a safe choice when it comes to Senior Life Insurance. Find out more below.


senior life insurance


Top Life Insurance Companies


Other Senior Life Insurers To Consider


Mass Mutual has the highest financial rating from A.M. Best and has a range of policies you can customize such as long-term care riders, estate protection, and final expense. A good thing also is that your premiums will remain constant for the entire life of the policy. You will need to take a medical exam before being accepted onto one of their Senior Life Insurance plans.


If you want to convert your term life insurance or purchase a policy with Met Life, you will not need to take a medical exam, which is a big plus for saving money, more so if you have any existing medical conditions. Your premium payments will also be waived in the event you become disabled and are unable to keep up with your payments. There is also a minimum level of interest guaranteed when you purchase a life insurance policy from them.


You will enjoy lots of flexibility with your payments since you can stretch out your payments over a number of years of your choice. If premiums paid are insufficient, your policy will not automatically expire with their No-Lapse guarantee. The flexibility in plans also extends to add-ons such as long-term care, accidental death, and final expense coverage. You also will not need to take a medical exam.

Now, these three insurers are only a snapshot of the broad range of Senior Life Insurance policies you can purchase from a wide range of insurance companies. If you prefer to look at a different insurance company or use a broker to compare the market, make sure that you take into consideration the following when looking for the best Senior Life Insurance:


Contract Provisions

These are the basic requirements set by your insurance provider. Look out for age limits, minimum coverage levels, and, more importantly for seniors, the medical exam. There are also waiver-of-premium options in life insurance plans for seniors. The three companies mentioned above offer all these and are ideal for Senior Life Insurance.


Policy Features

Ideally, you should go for a life insurance policy that provides guaranteed level premiums. This ensures that you will not be paying more for your policy as you age. If you want to convert a term life insurance policy to a permanent policy, make sure that you will not be required to take a medical exam to do so.


Financial Strength

You should look at the financial outlook for the company you wish to purchase your life insurance policy from. This will give you the sense of security you need, so you will be assured that years down the line, your policy will be honored, and can be used when needed. Look for the ratings of firms like A.M. Best, S&P and Moody’s.


Policy Riders

Policy Riders allow you to customize your Senior Life Insurance plan and enable you to add to the coverage as and when required. Some riders are specifically designed for Senior Life Insurance such as estate protection, long-term care, final expense coverage, and accelerated benefits in the event of a terminal illness. The long-term care rider is considered a must when buying life insurance for seniors.

Hopefully, the advice above will help you choose the right Senior Life Insurance policy with a reliable, value for money insurer. If you decide to look beyond the recommended companies above make sure you purchase your insurance policy from a company in good financial health. Look for online reviews to find out how good their customer service is, how likely they are to pay out on your insurance policy etc. Online reviews should always be taken with a pinch of salt as unhappy customers are much more likely to write a review online than a satisfied one but it is good to be aware of any negative feedback on a particular insurer such as delays in releasing payments or questionable clauses in their small print. Life insurance is one of the most important purchases you will make in your life and as such, you should take your time when shopping around and seek professional advice if required.


Disclaimer: Our service is not intended to be, nor should it be construed as financial advice. We help our readers make informed decisions via impartial information and guides. Where appropriate, we may introduce partner companies who can provide services relating to financial products.