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Best life insurance for seniors over 60

Compare 5 senior life insurance companies with the features and flexibility fit for this season of life.

The best life insurance company for anyone over 60 offers a variety of options regardless of your age and health status along with quality customer service and unique perks designed for this part of your life. To help you compare policies, our life insurance experts spent over 500 hours researching 100+ life insurance companies, bringing you the best life insurance options with unique features that specialize in your needs at this age.

5 best life insurance companies for seniors

These five companies cater to seniors with a wide variety of life insurance options over 60 years old, lenient underwriting, quick decisions on approval and stand-out add-ons or programs that cater to anyone over 60.

1.Best overall pick: Mutual of Omaha
2.Best for final expense policy: AIG
3.Best for living benefit riders: Prudential
4.Best for a quick decision: Fidelity Life insurance
5.Best for seniors with diabetes: John Hancock

Mutual of Omaha is best overall

Mutual of Omaha

Finder rating 4 / 5 ★★★★★

Mutual of Omaha offers term life up to 80 years old, whole life and universal life up to 85 years old and no-exam life insurance options. That means, you're eligible for any type of policy at 80, where other competitors limit access to certain policies at a younger age. And, it's term life offers term lengths up to 20 years at age 70, that's a longer term for this age group compared to other insurers. Plus, these policies offer coverage ranging from $2,000 to over $100,000 depending on which policy you choose.

Not only is there a wide range of coverage options and add-ons for seniors to choose from, but you'll get quality service, a user-friendly website and you can get quotes online, over the phone or with an agent.

AIG is best for final expense policies

AIG

Finder rating 4 / 5 ★★★★★

AIG's final expense guaranteed issue policies are specifically designed for seniors up to 80 years old, where many competitors cut off access to guaranteed policies at a younger age. You'll skip the medical exam and health questions and be guaranteed a policy worth up to $25,000.

What makes this final expense policy stand out is that you'll get living benefits included for free. That means if you suffer a chronic or terminal illness, like Alzheimer's or cancer you can access up to 50% of your death benefit to cover medical or day-to-day expenses.

Prudential offers the best living benefits

Prudential

Finder rating 4 / 5 ★★★★★

Prudential offers living benefit riders that allow you access to your death benefit if you're diagnosed chronically or terminally ill. While you have to pay 5% to 25% extra to tack on these living benefits to a term or universal policy, you can access up to 100% of your death benefit amount. Many competitors cap how much you can take from your death benefit at 60% or less. For example, if you have a policy worth $100,000 and are diagnosed with a chronic illness like cancer, you'll be able to access all $100,000 of your death benefit to use how you see fit.

Fidelity Life is best for a quick decision

Fidelity

Finder rating 3.5 / 5 ★★★★★

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on Fidelity's secure site
Fidelity Life stands out for offering life insurance specifically geared towards people over 60 with term life, whole life, guaranteed issue plans and final expense insurance. You can get up to a $150,000 term policy lasting 10 to 30 years if you're under 70. But this company stands out for more than just its term life offering, these term policies come with a quick approval or denial decision. That means, you'll skip the medical exam and just answer a few health questions instead — so you won't have to wait six to eight weeks for a decision.
If you're under 65 you can access up to a $1 million policy, with an immediate decision and a delayed medical exam. And, if you prefer whole life, Fidelity Life offers a no medical exam policy for people under 80.

John Hancock is best for seniors with diabetes

John Hancock

Finder rating 4.5 / 5 ★★★★★

John Hancock offers term life for people up to age 80 and permanent policies up to age 90. But it makes our list for its aspire program that caters to people living with type 1 and type 2 diabetes. This program is coupled with your life insurance plan to offer up to 25% off the cost of your insurance for making healthy choices, virtual consults with diabetes experts, free medical supplies, discounts on healthy foods and fitness devices and tools and education to support your overall health.

How to compare life insurance quotes over 60

In addition to the benefits, features and price of the policy being applied for, there are some key questions to ask yourself when comparing quotes on life insurance policies.

  • Benefit amount. What’s the maximum amount of coverage you can get? And how much do you need?
  • Cost. Are there expensive extras that you don’t need? Are the premiums level or rising?
  • Maximum entry age. What’s the cut-off age for applying?
  • Free look period. How long do you have to cancel and get a refund?
  • Claims process. What is the insurers claims process?
  • Policy renewal. What’s the maximum age you can renew coverage?

Best types of life insurance policies for seniors

The best type of policy for people over 60 comes down to your health, budget and if you need a policy that lasts your entire life or just to cover you for a specified number of years.

Term life insurance is best for healthy seniors

This type of policy is generally the most affordable and offers coverage for a set period of time — like 10 or 15 years. You’ll be able to buy higher coverage amounts with a term policy compared to a final expense or guaranteed issue permanent life policy.

But, it requires a medical exam, so if you’re not in the best health your rates are higher. Fred Hoffman, CoFounder of Seniors Life Insurance Finder, talked with Finder about term life insurance for people in their 60s.

Simply said, you only have one more chance in your 60s to acquire term life insurance. At this age, rates are still quite low, and you may still select a 10-year, 15-year, or 20-year term life insurance. But, this applies only when you are in a good shape. You may not be eligible for a term policy if you have an incurable illness or are not in excellent health.”

Fred Hoffman, Senior Life Insurance Finder

Permanent life is best for seniors who need life-long coverage

A permanent policy lasts your entire life, and builds cash value over time. However, most permanent policies come with a higher monthly rate than term policies.

Emory Smith from EJS Financial told Finder, “in most cases, seniors over 60 should own permanent life insurance. Permanent products include whole life, universal life and indexed universal life, among others. These policies last as long as 125 years old with enough premium payment. Term insurance is less expensive, but generally not a great fit since term insurance does not protect to life expectancy and loses conversion privilege at age 65 to 70.”

No-exam policies are best if you don’t qualify for traditional insurance

If you don’t qualify for traditional term life because of your age or health, the best type of policy is a final expense or guaranteed issue permanent life policy. These policies skip the medical exam and guarantee you’ll have coverage.

But these policies offer much lower coverage amounts between $2,000 to $25,000 depending on which type you choose.

Manny Lirio at Vantis Life Insurance Company suggested to Finder that “final expense insurance policies are typically designed for people who, because of age or health, may not qualify for other life insurance products or may have an underlying health condition that could prevent them from getting coverage otherwise.”

6 riders people over 60 should consider

Depending on your insurer, you may be able to customize your coverage with important riders that can support you and your family and give you peace of mind. These include:

    • Accelerated death benefit rider. Pays out a portion of your death benefit early if you’re diagnosed with a terminal illness, and you can use the money however like — not just on medical bills.
    • Critical illness rider. Pays out a lump sum if you’re diagnosed with a critical illness specified in the policy, like heart disease, cancer or stroke.
    • Long-term care rider. Allows you to access money from your death benefit to cover the cost of a nursing home or similar expenses if you’re diagnosed as chronically ill.
    • Disability income rider. Offers a monthly benefit if you become ill or injured and can’t work for a period of time — which is worth considering if you’re still in the workforce and have a family relying on your income.
    • Spouse rider. Pays out a death benefit if your spouse passes away, and is typically limited to half of the policy’s face value.
    • Estate protection rider. Usually only available on joint policies, this rider offers an additional death benefit if both policyholders die within a specified time frame.

How to save on the cost of life insurance

There are a few ways to lower the cost of your coverage:

  • Buy a policy as soon as you identify a need for it. The sooner you can lock in a rate, the better — as they’ll continue to go up over time.
  • Improve your health and lifestyle. If you’re a smoker or have some health conditions, it could cost you. However, there are still a lot policies that have competitive life insurance premiums for those who smoke and have health conditions.
  • Compare a handful of insurers. Shop around! Each insurer has different underwriting standards, so it pays to compare companies to get the best possible coverage at the lowest possible rate.
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Pros and cons of life insurance over 60

There are plenty of reasons to consider buying life insurance, though weigh the benefis against the cost and any exclusions you may face.

Pros

  • Provide for your loved ones. Allows you to provide financial support for your loved ones if you die unexpectedly. Plus, add-ons can help cover medical and rehabilitation costs while your spouse maintains their current standard of living.
  • Cover immediate expenses. Your death could place a significant financial burden on your family, taking out life insurance cover can help them cope with the cost of your funeral and other immediate expenses.
  • Peace of mind. Life insurance gives you the security and peace of mind of knowing that you, your spouse and family are protected should the worst happen.

Cons

  • Pre-existing conditions. If you have an illness or there’s an illness that runs in your family medical history, you may be offered a policy with excluded coverage for a specific ailment.
  • Insurance cost. In general, older people are seen as greater risks to life insurers, this means you may be paying significantly higher premiums the later in life you apply.

Alternatives to life insurance for people over 60

If life insurance doesn’t meet your needs, there are alternatives to consider that may work for your situation.

  • Disability insurance. This type of policy is best for someone who hasn’t yet retired. It pays out a percentage of your salary if you experience a covered illness or injury that leaves you unable to work.
  • Critical illness insurance. This type of policy pays out a lump sum benefit if you suffer a covered illness like a heart attack or stroke. These types of policies are relatively low cost, but they’re limited to only cover you after specific illnesses.
  • Investing and saving. Most financial advisors still recommend a life insurance policy alongside investments. However, if you have the money to invest, know that it involves a greater amount of risk, but could also produce a higher rate of return that you can set aside for family.

Bottom line

The best life insurance policy for people over 60 offers the coverage you need regardless of your age or health — and offers excellent customer service with special perks for seniors. But before committing to coverage, be sure to compare multiple insurance companies to get the best possible deal. You can learn more about life insurance for seniors in our comprehensive guide.

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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