North American Life and Health Insurance Company
This company is rated A by AM
It offers level premium policies that are convertible into permanent life insurance up to age 74.
This is a good option if you think a term policy will work for you, but you might need a permanent policy instead.
The company offers a wide variety of riders, including one that waives certain monthly expenses if you are permanently disabled.
Another endorsement allows you to extend the death benefit beyond the initial term, up to age 120.
· Mutual of Omaha
These policies are underwritten by, who is rated A by AM
Your term can last up to age 80, and you can write a policy up to age 74.
If you need a smaller amount of benefits, Mutual of Omaha may be the best option for you.
You can make a profit of $ 25,000 to $ 100,000 with an online application only and without a medical exam.
Larger benefit amounts are also available, but may require a medical examination and contact with an agent.
So what is the best option?
There is nothing like "personal" in personal finance.
We would love to say that one of these insurance companies is absolutely the best for all seniors.
But we can't . It depends on what you are looking for. However, here are our best options for two situations:
If you are looking for the most bang for your buck, go with Haven Life.
Their medically underwritten policies are on the lower-middle end of the spectrum.
But the online application process and reputation for good service make it worth a few extra bucks a month.
If you're in poor health, consider a Mutual of Omaha policy that doesn't require medical tests, especially if you only need a small amount of coverage.
The online application makes your life easier. And you'll know you're getting a good policy, even without a medical exam.
What is the best life insurance for those over 60?
In the age range of 60 to 65, you can still apply for a term life insurance policy with most insurance companies.
In this case, we would recommend Haven Life if you still qualify for the under 65 application date.
Its application process is the easiest, and its price tends to be one of the lowest.
However, once you turn 65, you will not be able to apply for insurance from some of the companies listed above, including
Haven. Mutual of Omaha offers insurance applications up to age 74.
If you are over 60 and think you might want to convert a term life policy to a whole life policy, visit Statu Farm.
What is the best life insurance for people over 70?
As mentioned above, the Mutual of Omaha invites new applicants for life insurance up to age 74.
In North America it allows some applicants up to 75 years of age.
Once you are in your 70s, your options will be significantly less because many companies will not allow you to apply for life insurance at all.
So check with these two companies if you are planning to take out a new policy.
If you already have a policy with a life insurance company that allows it, such as Statu Firma.
You may be able to renew a term life insurance policy up to age 70.
If you don't have a renewal option with your current policy, consider looking at one of the few companies.
Including Mutual of Omaha and North American, which do allow new applicants after age 70.
Or you could look for more expensive whole life insurance options, which could also have higher maximum ages for applicants.
What is the best life insurance for people over 80?
Life insurance companies will not allow you to apply for new life insurance coverage at age 80, except for potentially burial-only coverage.
This can be a useful and affordable coverage option if you want to help your family with these expenses when you pass away.
But again, if you are with a company like Statu Firma, you may be able to renew an existing policy so that it extends to 80 years.
And North American even has a clause that allows your coverage to be extended to 120.
The bottom line here is that it's essential to think about senior life insurance and what their needs will be long before they turn 80.
Your options for new policies will become increasingly rare after you turn 65, and will be virtually non-existent in the late 70s and beyond.
But you can consider extending existing policies or adding riders to these policies.
To extend your coverage up to 80 years and even beyond this age, if this suits your particular needs.
Senior Life Insurance FAQs
Life insurance is a difficult topic at any time. But when you are an older adult.