Best Life Insurance Companies for People Over 50
Best Life Insurance Companies for People Over 50

Best Life Insurance Companies for People Over 50

Final verdict

Every company in this list has excellent options for life insurance coverage for people 50 and older. Which company works best for you will depend on your needs and your senesce. unfortunately, some policy types, like terminus, become unavailable the older you get. In general, you ’ ll struggle to find 30-year term coverage if you ’ re 55 or older. This is one reason Protective is our go-to choice for condition coverage if you ’ re in your 50s. Another is that its quotes were the cheapest for this age group. however, early estimable options for term are Penn Mutual and Guardian, which both offer low-cost coverage to 55-year-olds .
If you ’ re in the market for permanent life indemnity coverage, you ’ ll find more options in your 50s, as most insurance carriers offer whole and universal joint biography indemnity policies to people up to historic period 80 or 85. Some companies, like Guardian and MassMutual, besides make policies available to 90-year-old applicants. Those two companies ( along with Penn Mutual ) besides offer dividends and have superior A++ AM Best ratings. But check out which living benefits each company offers. If getting an early payout ascribable to a chronic, critical, or terminal illness is crucial to you, countrywide policies include the most live benefits at no extra cost .
If you want high-coverage life sentence policy without having to undergo any medical screen, your options are much more age-dependent and, potentially, limited. If you ’ re over 50, check out PennMutual, which offers up to $ 7.5 million in coverage to applicants up to age 65, and Nationwide, which offers up to $ 1 million in coverage if you ’ re between 50 and 60.

But if you have health issues and just need a small policy for which approval is very probable or guaranteed, try Mutual of Omaha. And if you ’ re an existing Nationwide policyholder, check out its concluding expense coverage .

At what age can you no longer buy life insurance?

90 years old is the highest write out old age we ‘ve seen from any life insurance ship’s company. But many companies wo n’t issue policies to people older than 85. That said, different policy types have different long time cutoffs ; if you ‘re looking for term indemnity, issue ages are even lower. Age limits vary slightly between companies and between types of coverage .

  • Permanent life insurance: Permanent life insurance refers to universal and whole life policies. Most companies make these available to applicants up to age 85, but some companies have a maximum issue age of 80 or 90.
  • Term life insurance: Term life insurance is available in different lengths. Thirty years is the maximum length available with most companies, though some offer 35- and 40-year term policies. Generally, you won’t be able to get a policy with a term of 30 years or more if you’re older than 55. However, you’ll still be eligible for shorter-term policies with some companies until you’re in your 70s.
  • Final expense insurance: These policies are built for applicants who are generally between age 45 and 85. But some companies cut off eligibility to anyone below 50 years old or above 80 years old.
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How do I get life insurance when I’m over 50?

Depending on how much older than 50 you are, it ’ s likely you ’ ll necessitate to undergo a medical screen ( take a paramedical examination ) to apply for life indemnity coverage. however, more and more companies are offering policies that don ’ deoxythymidine monophosphate require a medical examination. These policies employ an underwrite process that is not subject on a medical examination to determine how much of a hazard you are to the indemnity company. underwrite is a risk-assessment process in which the company decides whether to approve your application for coverage and at what rate. Accelerated underwrite takes a exhaustive look at your health via medical-related questions and a check of your prescription history, but does thus without a aesculapian examination. A few companies offer accelerate underwrite to applicants up to 60 or 65 years old, for $ 1 million or more in coverage. But others may cap no-medical-exam life indemnity for $ 1 million at long time 50. If you need a larger death benefit, you ’ ll credibly need to take an examination if you ’ re in your 50s or older.

How do I choose the best life insurance company?

Choosing the right life sentence insurance company is a balancing act between how well a company ’ sulfur products satisfy your needs ( and wants ) and how commodity that company is overall. That said, the latter may be better than the former, since the policy you own is entirely american samoa good as the company backing it. But you don ’ t have to compromise. You barely need to establish what you need and then apply a determine of filters to the life insurance companies you ’ re considering. A stepwise approach can help.

First, fuck your needs :

  1. Determine why you want life insurance coverage: Is it to cover funeral expenses, to leave an inheritance for your loved ones, or something else?
  2. Assess your health: Are you in good overall condition for your age? Your health will impact your eligibility and your premium.
  3. Know what you can afford: Determine a premium amount that you can realistically afford. It’s quite possible that this number will determine how much coverage you can get.
  4. Determine how much coverage you’d like: It’s important in this step to be realistic. Life insurance costs more as you age and even more if you deal with health issues. 
  5. Determine how long you need coverage for: Do you need permanent or temporary coverage?
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Second, get life sentence insurance quotes from firm companies :

  1. Choose companies with an A or above AM Best rating: AM Best gives A ratings and above to companies it considers to have an “excellent” (A-, A) or “superior” (A+, A++) ability to meet their ongoing insurance obligations.
  2. Consider customer complaints: You can see how many complaints a life insurance company has received using the NAIC’s Consumer Insurance Search tool. 
  3. Review each company’s products: Once you’ve found a few insurers that meet the first two criteria, check out their life insurance products to make sure they have something suitable for you. 
  4. Review policy inclusions: Some companies automatically include value-added benefits in their coverage, such as accelerated death benefit riders like chronic, critical, and terminal illness riders. 
  5. Get and compare life insurance quotes: Many companies make quotes available online for term policies, and some offer quotes for final expense policies as well. But if you’re looking for more standard permanent life coverage, this is where you’ll need to reach out to an agent. 
  6. Apply for coverage: Once you’ve determined which quotes you like, it’s time to apply.

How We Chose the Best life policy Companies

In ordain to compile our number of the best life indemnity companies for 50-year-olds and complete, we developed a comprehensive life policy methodology. We started off by researching what consumers want from life indemnity companies, and for that, we looked to third-party consumer studies, including J.D. Power ’ sulfur 2021 U.S. Life Insurance New Business Study and the 2021 Insurance Barometer Study, by Life Happens and LIMRA.

With those findings in thinker, we gathered more than 50 data points on 91 life insurance companies, including ratings for fiscal strength, customer satisfaction, and customer complaints, ampere well as information about years in business, on-line tools, no-exam options, dividends, maximum consequence ages, and available riders .
Our reappraisal march gave preference to companies with superscript fiscal stability, a high level of customer satisfaction, and a robust suite of products available to applicants over 50 years old. In particular, we valued on-line quote and application tools, guileless pricing, and no-exam policy options. Companies received ratings boosts for mechanically including living profit riders with their policies. We ranked each company according to the follow categories and weights .

  • Customer satisfaction ratings: 17%
  • Ease of application: 16%
  • Financial Stability: 15%
  • Online resources: 15%
  • Policy types and features: 15%
  • Available riders: 8%
  • Cost: 8%
  • Maximum issue age: 6%

We compared individual offerings among companies by delving deep into product specifics, including maximum coverage amounts, utmost write out ages, included riders, and product-specific application processes. We used this research to determine the best life indemnity companies for applicants over 50 .

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