Are you a senior citizen looking for some life insurance coverage plans from which you can choose? None of the available options for life insurance for seniors before you meet your expectations? We understand your situation!
Shopping for a senior citizen’s life insurance plan is somewhat daunting. You have to make a decent choice, considering several things, like is the company for life insurance financially stable? Is the company’s customer service good? Will it be easy to apply for its policy? Do the policy of life insurance and its features meet your expectations? Etc.
Don’t worry! We have made your task easy by researching numerous companies and ranking them according to their features like maximum age issue, the number of grievances each company received, availability of living advantages, etc. Just for you, we have filtered some of the best life insurance for seniors in 2022. Do you want to have a glimpse at them?
5 Best Life Insurance for Seniors in 2025
1. New York Life Senior Life Insurance
New York Life Insurance is one of the best life insurance plans for seniors, and it has the best AM rating of A++. They even offer policies for applicants who are 90 years old.
Besides, New York Life senior life insurance has many dividend payments and a huge selection of riders, including a rider of disability income.
This insurance company for seniors has received few customer complaints. New York Life Life Insurance Company for senior citizens does not accept credit card payments.
Downfall
However, the downfall of this company is that you have to talk with an insurance agent to get a quote or apply. Also, the company provides only limited information on its policy on its website.
But, the good thing about this company is that it is a reputable and reliable company withstood numerous financial storms, including the great depression and multiple recessions.
2. Guardian Life Insurance For Seniors Over 60
Guardian Life Insurance Company is an old and trusted company with an AM A++ rating since 1860. Less than 10 percent of companies possess this rating.
Besides Guardian, New York Life Senior Insurance is another company with this rating. Like New York Life, Guardian also allows 90-year-old applicants to apply for insurance coverage. Also, the policyholders of the whole life insurance are qualified for dividends.
Downfall
According to NAIC, the Guardian, like New York Life, has fewer records of customer complaints. On the Guardian website, you will find copious educational material. It isn’t easy to find out policy-specific information. So, an agent is required since you can’t apply without them.
Nevertheless, the company is beneficial because it pays dividends on your entire life policy.
3. Nationwide Senior Life Insurance
This Nationwide Senior Life Insurance company is one of the top-rated senior life insurance companies and has secured an AM A+ ranking. You can pay through a credit card for its insurance, as the company accepts credit card payments. You can get a quote from this company from Nationwide.com or visit their office.
The company is the only one in the insurance field that entails chronic, critical & lethal disease-accelerated death advantage riders, and that too at no extra rate (applicable for most of its insurance policies).
Furthermore, the riders (as living benefits) will allow you to access one’s death benefit prematurely before their death. It will help you pay for the expenditures if you encounter a qualifying condition.
Moreover, the company can be listed among the best life insurance for seniors as it ranks #2 among 21 companies on which J.D. Power’s 2021 survey was done on customer satisfaction.
Recently, NAIC confirmed that this company has received fewer complaints than expected. Moreover, the company proposes no-exam coverage for some senior citizens. It offers three living benefits and online term applications.
Downfall
The downfall of this company is that you will not get the offer of a whole-life dividend-paying with this company. Also, the simplified whole life insurance policies for seniors of this company are solely available for the existing policyholders (existing nationwide customers), that is, the auto and homeowners policyholders.
4. Pacific Life Insurance For Senior Citizens:
Want to know about some more life insurance companies that are the best life insurance for seniors? Then, count Pacific life insurance for senior citizens. Though this company does not accept any credit card payments, it holds an AM rating of A+. You will get a quote from this company on Leaplife.
The company offers such good customer service that it receives extremely few customer complaints. It has received the 2nd fewest number of grievances (compared to its size) compared to the other popular insurance companies.
Also, the company offers policies for senior applicants who are ninety years old. Besides, seventy-year-old applicants will get term coverage plans from this company.
Moreover, choosing this company will be your best decision ever as it will give you several accelerated death benefits and riders. Furthermore, the company proposes accelerated death benefits, most at no extra expense. It includes riders for chronic as well as terminal ailments and long-term care.
Downfall
The only disadvantage of this insurance company is that you will not get any online quote/application on the company’s website.
5. John Hancock Life Insurance Company For Seniors
The John Hancock Life Insurance Company falls among the best life insurance for seniors over 60, with an A+ AM rating. Though it allows no credit card payment, it permits an elevated maximum age for the applicants of term insurance.
Besides, it also offers senior insurance for diabetic patients as its Vitality rewards. It incentivizes policyholders to lead a healthy lifestyle (encompassing potential discounts on their life insurance premiums).
The discretionary critical illness rider of this company doesn’t curtail the death benefit of its policy. The insurance company also arranges wellness programs.
Downfall
The downfall of this company is that it will cost extra to get most of the accelerated benefit riders of this company. Also, the applicants will get no online quote, live chat, or application if they choose to move further with this company. Unlike other companies that keep a cutoff age of 75 or less, this company offers insurance policies for 90-year-olds as well.
Using the rider will not decrease one’s death benefit in this company, which is uncommon. To proceed with its policy, you are required to hire an agent.
Thus, if you prefer a rock-solid company with a record of financial stability for ages, then New York Life is the one you are looking for. Also, Guardian may suit your purpose in such a case. Both of these companies provide you with the added privileges of paying dividends.
And, if your preference is to choose a company that is best in terms of fewer customer complaints, then Pacific Life wins the battle, and you may go with it. Also, the company provides coverage to ninety-year-old seniors like Guardian & New York Life.
And if you are looking for best-term policies, companies like John Hancock and Nationwide are waiting to embrace you. Nationwide will also provide you with living benefits. So, first, question yourself about what type of insurance policy you want, and you will get the answer. You will easily be able to decide which company is best for you.
Wrapping Up:
So, these are some of the best life insurance for seniors. Now, which company you choose for your coverage is up to you. Choose wisely from whichever company you choose, depending on the type of insurance coverage you are looking for. Be sure that the insurance company you choose meets your personal preferences and expectations.
FAQs about Best Life Insurance for Seniors
Answer: If you are a senior and want to avail yourself of a life insurance policy, then go for a guaranteed issue policy. This policy is the best choice for seniors with poor health.
This kind of life insurance policy never asks you for a medical exam. It never interrogates you with any health-related query. So, you will not be turned down by the company.
Answer: People over 65 years of age may go for any of the following insurance companies as all of them are the best life insurance for seniors:
1. New York Life
2. Guardian
3. Pacific Life
4. John Hancock
5. Nationwide
Answer: Yes, if you have attained the age of 65 years, it’s an excellent idea for you to enroll yourself in a life insurance policy. It will protect and secure your family and dependents financially after your death.
Many insurance companies also offer premium exemptions, accidental death cum disbursement coverage, accelerated death benefits, and other living benefits. If you want to avail yourself of living benefits, Nationwide is the best for seniors’ life insurance.
Answer: Term life insurance is the best and cheapest option for people who are 60 or have crossed 60 years of age.
