There are a lot of life insurance companies out there, and it might be difficult to narrow down your options when you’re in your 70s. The bright side? Life insurance policies designed specifically for seniors (those 70 and over) are available from a number of respectable providers.
The best life insurance companies in the United States for those over the age of 70 are highlighted in this article. The dedication to serving the needs of the elderly, competitive pricing, wide range of policies, and solid financial footing of these providers set them apart.
Tips for Choosing a Reliable Life Insurance Company for Seniors
Knowing what makes a firm senior-friendly is vital before going into the top providers:
* Competitive premiums even in your 70s* Strong financial ratings from A.M. Best, Moody’s, or Standard & Poor’s demonstrate financial stability* Excellent customer service: positive reviews and a history of successfully handling claims* **Policy flexibility:** Options like whole life, term life, and final expense insurance are available. **No exam or simplified underwriting:** Easier approval for seniors. * Competitive pricing:** Flexible policies are available.
Best Life Insurance Companies for People Over the Age of 70
1. Omaha Mutual
**The reasons behind its high rating:**
The ultimate expense and guaranteed issue insurance offered by Mutual of Omaha are well-known for their emphasis on seniors. Due to its rapid approvals and lack of medical test requirements, its “Living Promise” entire life plan is highly favored by seniors.
**Medical exam:** Most plans do not need one. **Policy types:** Whole life and final expense. **Issue age:** Up to 85. **Financial strength:** A+ (A.M. Best).
New York Life underwrites AARP.
**The reasons behind its high rating:**
Life insurance policies tailored to members aged 50 and above are available through AARP and are backed by New York Life, a nation’s leading insurer. Plan applications are simple, and there is no need for medical tests.
There are two types of policies: term and whole life. The issue age is up to 80 years. There is no medical exam necessary. The financial strength is A++ according to A.M. Best and New York Life.
Step three: Gerber Life Insurance
**The reasons behind its high rating:**
For seniors between the ages of 50 and 80, Gerber Life provides guaranteed issue life insurance without medical tests or questions. It’s perfect for people who desire protection for the rest of their lives while having health issues.
* **Lifetime guarantee** * **Issue age** 50-80 * **No medical exam** necessary * **Financial strength:** A (A.M. Best) **Policy types:** guarantee-issue whole life**
Finally, Transamerica
**The reasons behind its high rating:**
If seniors are looking for term or last expenditure insurance with some leeway, Transamerica is a good option. Its coverage levels are bigger than those of several competitors, and its streamlined problem offerings make application a breeze.
Depending on the plan, you may be required to get a medical checkup, but this is entirely voluntary and depends on your health and the amount of coverage you choose. The insurance company has an A+ financial strength rating from A.M. Best.
The Fifth: Colonial Penn
**The reasons behind its high rating:**
Colonial Penn is an authority in senior acceptance policies with a guarantee. The company is unique among its competitors in that it provides life insurance to policyholders up to the age of 85 without inquiring about their health history.
* **Policy types:** whole life guaranteed * **issue age:** 50-85 * **medical exam:** none * **financial strength:** A- (A.M. Best) * **policy type:** entire life guaranteed
6. Life of Fidelity**
**The reasons behind its high rating:**
Quick approval with little underwriting is possible with Fidelity Life’s RAPIDecision plans. Rates here could be more affordable for healthy seniors compared to assured issue policies.
**Claim age:** Up to 85 (policy dependent) **Medical exam:** Not necessary for the majority of policies** **Financial strength:** A- (A.M. Best)**
No. 7: Great Western Insurance
**The reasons behind its high rating:**
Life insurance policies that pay out in full are Great Western’s main emphasis. In order to accommodate individuals with varying health profiles, their plans offer both immediate and graded benefit alternatives.
**Medical exam:** nonexistent **Financial strength:** B++ (A.M. Best) **Policy types:** final expense, guaranteed issue **Issue age:** up to 85 **No medical exam:**
Advice on Choosing a Reliable Business
Think about these things when you choose a provider:
How far do you want to go? In the event of a death, how much money do you have to cover burial costs, income replacement, and a bequest? What is your present state of health? What kind of coverage would you rather have: simple or guaranteed? **
Never settle for one quotation without first comparing costs, features, exclusions, and reputation.
Last Reflections
The aforementioned providers have shown themselves trustworthy and accommodating to elders, but there is no silver bullet when it comes to life insurance. Those in their 70s and beyond have great alternatives from these providers, whether they are searching for simple last expenditure coverage or a more extensive whole life plan.