Best Life Insurance For 55 And Older Senior Citizens
While total life insurance is the most popular type of permanent coverage, guaranteed universal life insurance is often the best option for seniors. The benefit of whole life insurance for 55 policies is that they generate cash value over time, which is a fund that can be borrowed or withdrawn.
People over the age of 55 should consider different factors when choosing life insurance than people in their 20s and 30s. While this demographic (ages 50-100 or older) has a wide range of needs, providing funds for the care of young children through adulthood is generally not one of them. Most people buy those policies as new parents between the ages of 20, 30 and 40, 55 years old.
The problem: Once you’re 55 or older, it can be harder to qualify for life insurance, especially at affordable prices. However, people in this age group may still need life insurance for reasons like these:
If you’re looking for a list of the best senior life insurance for 55 to 60 companies, look no further because we’re here to help. As a senior, you probably think you have no choice. When it comes to life insurance, but in reality, you still have it!
Best Life Insurance For 55 And Older Senior Citizens
You had a term life policy on which it expired and now you are looking for a new plan or never had life insurance. And you are realizing now that your family continues to grow how important it is to you to buy a life insurance for seniors over 55 age policy .
Either way, you came to the right place because we’ve made a list of the 15 best senior life insurance companies here. We will provide you with a brief review of each company. With its rating and a table of possible quotes from these companies.
Watch out for some ways to get cheap life insurance for 55 because. As you will see, your life insurance premiums are not very high, but they are not a comparison of a 20-year-old’s premiums. Don’t worry, there are still ways to get cheap life insurance. And we’ll take it after our 7 best senior life insurance companies.
- Lincoln Financial
As you can see, the above list are the 7 best senior life insurance companies. But they are in no other order than alphabetical. This is because we cannot tell you which one is exactly the best. Since everyone has different lifestyles and health, we cannot tell you which one is the best for you.
That’s for you to discover again depending on your health and lifestyle. However, this list we have provided are the best life insurance for 55 companies available for seniors. And some are even more lenient with just their seniors like Transamerica. Be on the lookout for a few things to keep in mind to find the best life insurance company for you. And how to get a cheap life insurance policy later.
What are the best life insurance policies for seniors?
Life insurance is one of those things that we know we should have, but we feared as a subject. In fact, with so many options and complicated conditions. Choosing from a variety of life insurance for 55 to 60 policies can be intimidating.
As a senior citizen, buying a life insurance policy can be even more complicated and expensive. Because as we age we become more at risk and more likely to pay.
Ideally, when it comes to senior life insurance policies. We just want an easy explanation of what is available and how much it will cost. In this article, we will try to demystify the whole life insurance issue. And explore some of the best options for seniors.
Types of life insurance
There are many different variations of life insurance for 55 available these days. We will stick to the main types of plans that would be suitable for people over 55.
- Term Life Insurance
- Whole Life Insurance
Term of life insurance
This type of insurance offers the most coverage at the lowest price. This is especially true if you are in good health (it will be less expensive the healthier you are overall).
Provides coverage for a specified number of years (generally 10-30 years in five-year increments). While ensuring that premiums are the same every year. As a senior, you may be limited in the number of years in your term plan.
Many companies do not offer 30-year plans after 50-55 years, 20-year plans are available through 60-65 years. And people over 70 can only purchase 10-year plans. After that, shorter-term plans will be needed to extend coverage (1 to 5 years). Which probably means higher premiums with each new policy.
Guaranteed Universal Life (GUL)
Guaranteed universal life insurance is a form of permanent coverage and, as the name suggests, there are some guarantees. Most of these guarantees are positive for older people in particular, so we will explain in more detail.
Premiums for GUL will stay the same throughout your policy. Which is a good thing for seniors to manage in terms of their budget. Furthermore, GUL is a “safer” insurance policy. As it is not dependent on the financial market (and is not prone to fluctuations). Your premiums are set and defined without any surprise premium increases.
Another positive aspect is that over 55 age premiums can be set for a long time. In fact, during his remaining life and up to 105 years and over. There is a guaranteed death benefit regardless of how long you live. Here you can select the expiration age of the policy. For example, there are options for GUL: up to 90, 95, 100 and 121 years.
Some older people select the older option to reduce the risk of surviving their policy. Surviving your politics is something that most would like to avoid. They are then placed in a position where they need to buy back another policy. Probably with a higher premium than the previous one.
You are provided with a payment schedule. Which must be met in a timely manner or else your guaranteed premiums may be compromised. Also, there is not always a cash value (or it may be limited). However, the lower premiums are fair compensation.
What to look for in affordable life insurance?
Your insurance needs have probably changed since you purchased a life insurance for 55 age policy. Meeting regularly with your agent to review your coverage is a good way to continue. Protecting what matters most to you.
If you are buying life insurance for the first time, start by evaluating what obligations you have. Does anyone depend financially on you? Do you have outstanding debts like a mortgage or car payment?
Ask yourself, “Who (or what) am I trying to protect with this policy?” Answering this question will help you know what to look for in your life insurance policy.
Are you trying to replace the income your family would lose if you passed away? Do you want to cover the funeral expenses? Pay a mortgage? Find a policy that can address those specific needs if you die.
Cheap Life Insurance Quotes For Seniors
Buying life insurance is much like buying a new car: the prices of various models can be relatively the same. But the specific characteristics can vary significantly. When looking for coverage, carefully compare the benefits offered by each insurance provider. Don’t automatically choose low-cost life insurance for 55, 56, 57, 58, 59, 60 just because the cost is attractive. There may be a policy with characteristics more aligned with your needs, even if it is more expensive.
Because premiums are higher for those over 50, finding affordable life insurance can be a challenge. Choose a policy that can reasonably pay for today, tomorrow and the foreseeable future.
Your circumstances can change at any time, so it is important to choose something that does not become a burden. Having to cancel a policy because it is too expensive can cause you to lose the premiums. You have already paid and may affect your ability to qualify for coverage later if your health changes.
This is why it is so important to make sure that the coverage you select is affordable.
No medical examination considerations
Some life insurance over 55 policy companies offer policies that do not require applicants to undergo a medical examination. This can be important for people over 50 because it is usually the age when medical problems begin to arise.
When searching for this type of policy, look for policies that are a simplified problem or offer guaranteed approval.
When purchasing a simplified problem policy, you will need to answer some medical questions on the application form. But you will not have to undergo a medical examination. A good example of a simplified life insurance policy is final expense insurance.
- Top 7 Best Life Insurance For 55 And Older Senior Citizens.