What do you think about life? Are you satisfied with what you have? Would you like to live like that forever? A quite hilarious question, right? Well, everyone knows that we cannot live forever, and there is nothing in this world that can be done to make us live a little longer. We all need our final days to be less stressful, and the only way to get the stress off our heads is by joining one of the senior life insurance companies.

So, in this article, we will bring you all the details that are there for you to know about the life insurance plans that are offered for seniors. We shall start from a discussion about what these are, after all, and then talk about why you should join them and the benefits that you will receive by joining one of these companies. 

What do you mean by a senior life insurance company?

Well, just as the name sounds, these are the companies that are mainly regarded to provide senior life insurance facilities to the seniors. 

They offer various facilities that help senior citizens have a comfortable life, even at the end of their youth. These companies make sure that you get all the things that you need when you are at that stage of life where you are not able to get anything done without thinking about the well – being of your family members when you are gone.

They provide you the opportunity to make sure that you, even when you are gone, your loved ones, and especially the ones that depend on you, will have a safe and sound lifetime without any trouble.

These companies are, therefore, wholly dedicated to supplying you with the comfort in life that you have been looking for a very long time.

Why should you join one of these companies, or why would you need to obtain a plan?

The answer to this question could get various forms about the person who is trying to provide solutions. Well, there is one thing to keep in your mind thoroughly is that the need for these plans comes with an understanding of the nature of life.

Until then, you will always consider these as a waste of money and will neglect and avoid all of them.

Note that the price and the values of life insurance go very high with age, and therefore; if you take longer to make a choice, the price will be higher. 

The advantages and disadvantages of having senior life coverage

There are good and bad of everything, and if I were to say that all life insurance companies are incredibly pure and filled with good only, then I would probably be lying to you. 

The advantages:

1. Protection

The best advantage that any life insurance can provide you is the protection that it brings to you. These do not merely bring stability to your life, but also bring protection for your loved ones and your family members at the most critical times.

2. Cash value accumulation

Various insurance companies have cash values accumulated in them. You can withdraw this cash from the account when you need them. Say that you were to undergo an emergency medical treatment or that you have some hospital charges or related expenses to cover. You get to be free of worries and quickly withdraw the cash value from your policy.

3. Tax benefits

These come for not just for you but also for your children as well. When you pass down a benefit to them, they will be getting an increased amount of value and will not be required to pay anything for what they receive as well. With a life insurance plan, you can stay safe and steer clear from government taxes most efficiently and effectively.

4. Funeral benefits

This will mean that you can cover your own funeral cost even after you die. These plans are easily obtainable and are more affordable than many of the other types available in the market.

5. Affordability

Most of them are pretty much affordable, and therefore anyone can leave some heritance to their family members even with a minimal amount of money. Especially considering that they are affordable; anyone can get on with a plan and easily make their dreams come true.

The disadvantages:

 Since you know all the advantages, here are some of the most remarkable cons of getting a life insurance policy – or, should I say, trying to get a policy?

1.Medical requirements

This is the worst con when it comes to these companies. That is why; you cannot get life insurance if you are not able to fulfill the medical requirements that they ask you to fulfill. This is also a factor that changes from company to company, therefore make sure that you select one that will not make you go through a lot of trouble.

2. Not always affordable

You should note that despite what they say on these companies being completely affordable, it is not still the case. There are individual companies and specific packages that are entirely out of the league to some of the ordinary clients. 

3. Paperwork

This is something that none of us like to do. Well, what to do, most of the companies involve a lot of paperwork. This is actually troubling to some people, and you should also consider that most of the companies allow online applications, too, but that is not the case for all the companies. Therefore, this could be considered as a con of these companies.

The five best life insurance companies that you should know

Here, we have brought you the top five picks in the industry, along with the reviews. 

New York life: the top of the list in which grants you the most flexible plans 

New York Life is on the top of the list, given that it is one of the best companies to offer life insurance coverage even if you are a senior over the age of 80 years.

There are only a bunch of companies that provide the feature for seniors over 80. So, it deserves to be on the top.

It also offers cheap life insurance for seniors when compared with other companies. The company has a no – exam coverage, which means that any senior person can obtain it without going through any medical check-ups. This is unquestionably valuable to those who have already identified diseases. Your medical examination results that are most likely to be disqualified in other companies will be accepted here.

If you were to select the full underwriting coverage after going through a medical examination, the prices would be much lower. But we should state that the differences are almost negligible. 

It also provides a life benefit carrier which provides the policyholders with the opportunity to obtain a maximum of 250,000 USD death benefit. The death benefit is redeemable at the time of the death of the insurance holder. The money will be given to a benefactor that is named by you.

Well, this helps your family to face the moment with at least some financial stability. Passing away of a loved one is a harder moment to bear, and with a small gesture as this, you can show how much you loved them even when gone.

Many companies provide term life insurance for seniors. They differ in many ways, especially about the features and coverage that their policies offer you. 

Out of all the companies, New York Life is the best when it comes to this category.

You can visit their website and find out more about their policies and payment schemes through this link:


2. Mutual of Omaha: the top of the list for the best customer care service

This company is also among the other companies that offer plans for seniors who are over the age of 80 as well, but it is not the cheapest when concerned with the other companies.

If you are not in a stringent budget, you should try it out.

However, it is highly recognized for its customer service and the easy to use manner that they are maintaining their website and all. Many people like to work with this company regardless of their somewhat expensive packages, given that they are more concerned with the effectiveness of their service and the time taken to provide them. 

Everyone loves the convenience, and this company is among the very few that have figured out how to provide it.

They follow a very easy and smooth signing up process as well as policy management procedures. We can positively name them as one of the companies that people love to work with. Many people believe that the amount they pay is minimal when considered with the service they offer.

If you are an aged person who is concerned about your health and is worried about getting insurance with the current condition – worry no more!

This company does not have medical examination requirements, as well.

You can get the coverage that includes death benefits up to a value of 250,000 USD without any checks. This typically means that anyone can get the plan, whereas it covers the requirements of many people.

An outline of Guaranteed Universal Life Insurance…

If your choice is Guaranteed Universal Life Insurance, of course, you can get a guaranteed death benefit, just like whole life insurance. But their percentages are cheaper and are hence more affordable. You can select when you want it to end or make it last until you live. This is the best for those who are willing to leave some money for the beneficiaries at the cause of death and are looking for a more affordable choice.

The best company in this category is Mutual of Omaha.

For more details and to find out the representatives near you, you can visit their official website:


3. Legal and general: the top in legally trustable and generally affordable 

This is the insurance branch of the much larger group of companies Legal and General. It is named Banner Life is also one of the best companies that provide life insurance for seniors. 

If you are looking for insurance that will go through your entire life, they have options that are much cheaper, more accessible to afford, and filled with features that will suit your requirements.

But when it comes to the seniors, they are far more generous than any other company.

They offer more inexpensive premium packages to seniors who have already been diagnosed with incurable diseases, and they maintain a special package to families that have a history of cancer. 

Their policies are limited to seniors between 50 and 80. This can be named as one of the perfect life insurance for seniors over 60 until 80 years of age. The plans can be arranged separately according to your age. There is no problem whether you are age 50 or of age 70.

Their whole life policy lasts a lifetime, and you can get a policy just by searching online for values varying from $2000 to $15000. The lowest premium package costs only 8.80 USD per month, which is the cheapest of them all.

They can be named as a company that provides the cheapest life insurances for seniors. 

Also, when considering the convenience you get when signing up online, it is something you cannot say no to.

To learn more about their plans and to join them online, you can visit their website through the link below:


4. American national: the top of the list of those who have the widest range of coverage 

Starting at 25,000 USD, this company provides universal life policies. They have a variety of packages that are bound to include your particular requirements, as well. They provide life insurance for seniors over 60. But there are no policies to those over 80 years of age. Hence, they have a limited age of issuing their coverage.

And to get life insurance for seniors over 75, they should be non – smokers or not be people who actively smoke at the time of the medical examinations. The underwriting requirements are strictly considered by this company, and there is no method to get through them. Especially if you have used to smoke or or to use drugs, you will have to reconsider your choice.

But if you were to put the age limit aside, you will find many more features and types of coverage, which puts them at the top of the list.

They provide 50% of the value of the package or a maximum of 250,000 USD as death benefits, which is a better version when considered with other companies that keep the percentage limited to as little as 25% of the whole amount.

They are a company that provides everything online. You can find out more information as well as go ahead with a package online with the support of their website.

Visit this link to find out more:


5. Lincoln financial: a colossal death benefit

Last but not least, in our top picks of the best life insurance for senior citizens is the Lincoln financial, which is a company that provides decent customer service along with a more considerable cash value accumulation.

They provide the coverage with some features that allow you cash withdrawals after some time, which makes it more useful than others. They have a high death benefit value, child term and spouse term facilities, and many more. So, if you were to worry about what you were leaving for your loved ones, this would provide you with a better answer.

The policies are not very cheap when considered with the others, given that they have a higher initial payment. But when found with the value-added features that they offer, you can believe that the service is worth the price.

They have coverage to seniors until the age of 95, which means that they have extensive coverage with no doubt at all. 

To find out more about their policies and obtain one visit them at the below link:


Wrapping up…

Well, now you know absolutely everything that you will ever need to know regarding senior life insurance company. If you have ideas or questions regarding this topic, kindly, mention them in the following comment area.


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