Medicare

Affordable Life Insurance Options for Seniors

Heather Fishel

Published on June 24, 2020

If you’re a senior, you likely think that life insurance isn’t readily available for you. As you get older, life insurance options become more limited, expensive, and difficult to qualify for. However, if you start a search online right now, you can find life insurance policies made just for those age 70 and older.

You don’t have to give up on securing a life insurance policy. There are options available. Even better, there are even some insurance companies that offer policies just for seniors. No matter your age, you may still have time to secure life insurance with financial benefits for your loved ones.

The following are some of the top life insurance options for seniors.

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AIG Direct

AIG Direct offers a special kind of life insurance that’s designed just for seniors: guaranteed issue senior life insurance. It’s easier for seniors to qualify for, offers quick coverage, and can help you cover everything from medical bills to funeral costs to your remaining bills in the event of your passing.

Starting at the affordable price of $19 per month, AIG Direct’s guaranteed issue senior life insurance can get you covered in just 48 hours. Since there’s no medical exam or any health questions to worry about, you can complete the application entirely online. The policy offers up to $25,000 in coverage and is guaranteed for those up to age 85. You won’t be turned down because of your health. Moreover, you can get insurance that truly covers you through the end of your life.

You can even customize your coverage with AIG Direct guaranteed issue senior life insurance. You can add options like living benefits and chronic illness and terminal illness coverage. These benefits actually kick in if you’re diagnosed with a chronic illness like Alzheimer’s or dementia, or if you need to accelerate your death benefit because you have a terminal illness.

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North American Company for Health and Life Insurance

North American Company for Health and Life Insurance offers guaranteed life insurance coverage for seniors up to age 85. You just need to secure your policy before you turn 86,so you can get coverage that extends all the way to age 120. Even better, North American doesn’t require you to pay any premiums for your policy after you turn 100.

The guaranteed universal life insurance policy with North American offers different benefits for seniors. The Extended No Lapse Guarantee is automatically included, which ensures you won’t lose your life insurance coverage as you get older. You’ll also enjoy protection against unexpected illnesses, which gives you accelerated death benefits and early payouts in the event that you become diagnosed with a serious illness that meets North American’s qualifying requirements.

Even though you’re a senior, North American offers flexibility and control over your life insurance coverage. Once you’ve taken out a guaranteed life insurance plan, you’ll have access to a guaranteed exchange privilege. This privilege allows you to exchange your life insurance policy for another one of the company’s universal life products, all without going through the underwriting process again.

Additionally, your policy won’t change unless you personally make changes to it. You can control your premium payments, your death benefit guarantee period, and even add on riders as needed once you become a policy holder.

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New York Life

New York Life offers one of the biggest selections when it comes to life insurance for seniors. This insurer will allow you to secure term, whole life, and universal life insurance past age 60. This means you have more options and choices. You can purchase a New York Life whole life insurance policy up until age 90 and term life insurance through age 75.

In addition to offering policies that allow seniors of every age to get coverage, New York Life offers additional choices and flexibility. Seniors can convert their term life insurance policies as their needs change. Plus, there’s a level premium option that allows you to adjust what you’re paying for your insurance policy as your budget changes. You can even buy permanent life insurance coverage at a later date — and you don’t need to undergo a medical exam. You have options for living benefits, including chronic illness care and terminal illness coverage. If you’d like, you can buy additions and increase your coverage too.

New York Life has a couple of special perks just for senior customers. The Spouse Paid-Up Option, which is available on term life insurance policies, allows your spouse to buy life insurance for themselves with no medical exam even after you pass. If you’re a member of certain senior organizations, you can even get special types of coverage at special pricing.

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Find a Senior Life Insurance Policy Today

If you’re reaching age 70 or older, you might think that your life insurance options are limited. However, the truth is you just need a policy that’s made for seniors and an insurance company that can serve your needs. Insurance companies do offer policies for older adults, but it takes some research in order to find them.

To find a senior life insurance policy that offers the coverage you’d like, you need to search online. Search for guaranteed life insurance, which is often offered solely for seniors. Look into life insurance age cutoffs and see if you qualify for coverage with different insurance companies. And don’t forget to get price quotes from multiple insurance companies. You should compare policies and premium prices from different insurers to make certain you’re choosing the best option.