Finding the best life insurance for seniors can be tricky because life insurance premiums are based on age and health, so the older you are the more expensive it will be. The best life insurance for seniors will have no medical exam options, meaning you do not need to pass a medical exam to qualify for coverage. Great life insurance for seniors will also include a waiver of premium option, which waves your premium payment if you become disabled. All of the insurance companies on the list below offer great coverage options and resources to help seniors ensure they are sufficiently protected.
The Hartford offers a variety of life insurance products and is deserving of the top spot on the list of best life insurance companies. One particularly beneficial characteristic Hartford life insurance, is that medical exams are not required for those under 70. This applies to new applicants and also to current term policyholders who want to convert to permanent insurance. The Hartford's generous grace period gives flexibility if you forget to make a payment. Like others on this top list, The Hartford offers a waiver of premium option that pays if you become disabled. Final expense policies can be added on, and an estate protection rider can offset estate taxes if the policy is included in the estate.
MassMutual earns a spot on the list of best life insurance for seniors by offering many flexible coverage options and policy riders beneficial to seniors. For example, Mass Mutal allows you to tailor your life insurance policy to cover final expenses, and to get a waiver of premium option to keep paying your premium if you are disabled. In addition, a terminal illness rider gets you early access to your death benefit in order to offset end of life care. Qualifying for a policy is easier because MassMutual offers a no medical exam option. MassMutual has rock solid financial ratings, which is particularly important when selecting a life insurance provider, as policies often cover a lengthy period of time.
MetLife offers very competitive rates while providing some of the best policy riders in the industry. MetLife riders that may be interesting to seniors include the guaranteed insurability rider, disability rider, and waiver of premium rider. Like the other insurance providers on the list, MetLife offers a no medical exam option, which is great for seniors who may otherwise be uninsurable. MetLife also provides access to a guaranteed interest rate for tax-deferred growth on certain policies, which can provide more stability and predictability to your policy. An assignment clause allows the insured to transfer the rights of the policy to anyone, which can help simplify the planning and take some of the burden off the policyholder.
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