When a senior, nearing the age of 70 or older, starts to explore their options for life insurance, they can seem limited and may come with very high price tags. It does not have to be this way, however. There are independent agencies out there that represent insurance companies that are willing to help find the right coverage at a more affordable price, regardless of age. With different options for life insurance, it is important to search for specific guidelines and needs in order to make the search easier for all parties involved.
Obtaining life insurance over 70 doesn’t have to be hard work or bank draining. If some hesitation is still lingering, try seeking out some professional help. 1 Life insurance professionals (independent agents or companies) are there to help applicants along their journey to provide them with the assistance they may need throughout their search. There are confusing terms and varying premium rates that are out there regarding life insurances.
Life insurance is here to protect and support our loved ones in the event of a tragedy. Even if already one is already a senior citizen, it is not too late to prepare for the inevitable and purchase a term or permanent life insurance policy. Nowadays, some companies provide insurance plans specifically to seniors2. Some insurance plans can even cover the fees of long term care in case one falls ill.
Expect to pay a higher premium than younger policyholders, but the investment pays off in the long run. Life insurance policies can provide much needed financial security to loved ones in the vent of a sudden passing or grave illness.
We are here to bring forth the preferred options for life insurance plans for senior citizens in 2021:
1. AIG Life
AIG has been in business for roughly a century, and they are the leading provider of life insurance policies to seniors. Their clients between the age of 50 and 60 can easily convert their term policies into whole life policies, providing more financial security. They can also purchase a new 10 to 30-year term life insurance plan.
Clients over the age of 60 can get a universal life insurance policy, which allows them to increase or lower their death benefit. For clients over 70 years old, this insurance company provides a guaranteed-issue universal life policy that pays a premium ranging from $5,000 to $25,000. Medical tests to purchase this policy won’t be required. This kind of insurance plan can help family members cover the price of final expenses.
Expect to pay at least $19 a month for guaranteed-issue life insurance policies. The rates depend mainly on age, gender, and desired amount of coverage. With exceptional customer service, AIG is one of the top insurance companies in the game to date.
2. Mutual of Omaha
This Fortune 500 company provides term life and guaranteed-issue whole life insurance policies, regardless of age. Mutual of Omaha provides policies to clients up to the age of 803.
Depending on age, one could get a 10 to 30-year term life insurance policy. Clients ages 45 to 85 can also purchase a guaranteed-issue whole life insurance policy. Anyone in the age range is eligible for this policy, regardless of their health or gender. With this policy, it’s possible to receive up to $25000 in coverage.
The monthly payment can charge anywhere from $8.80 per month, depending on gender, age, and health status.
3. State Farm
State Farm is one of the most well-known insurance companies in the US. They have a long history of catering to senior clients. The first option to look into is their single premium life insurance policy. For a single premium payment, one can receive up to $15000 in coverage. This type of system is only available to clients under the age of 804.
Clients between the ages of 55 and 85 can get a universal life insurance policy with limits up to $25000.5
Individuals in this age group may need life insurance for reasons such as to provide for a surviving spouse or partner, to ensure funding for a child’s college and postgraduate education, to pay off outstanding debts, to maximize a pension’s survivor benefit, to leave money to heirs, to leave money to charity, and to pay for estate taxes. So, make sure to choose wisely!
 “What does senior life insurance offer you?” Zacks, Jackie Lohrey, 5 February, 2019.
 “Life Insurance for seniors,” AIG Direct.
 “Our solutions for term life insurance,” Mutual of Omaha.
 “Single premium life insurance – a lifetime of benefits, just one payment,” StateFarm.