Cheapest Life Insurance Companies for Seniors in April 2024 (2024)

FAQs

What is the best life insurance for seniors over 65? ›

A unit of Colonial Penn coverage is the life insurance benefit amount you receive for $9.95 per month. Your age and gender determine the exact amount of insurance coverage a single unit provides. The older you are, the more units you will need to purchase in order to get an adequate death benefit.

Term life insurance is the cheapest type of life insurance policy; the cost of whole life insurance can be significantly higher.

AARP Life Insurance Review: A Good Option for No Medical Exam Coverage. AARP is a good life insurance option for seniors with pre-existing conditions, but rates are high for healthy seniors.

AARP life insurance can cost as little as $11 monthly or as high as $900.

The Colonial Penn 995 plan is a burial insurance policy that provides coverage for funeral expenses. It is a whole life insurance policy, which means it covers you for your entire life. The plan is known for its affordability, starting at $9.95 per month, and guaranteed approval for everyone over the age of 50.

What are the pros and cons of Colonial Penn insurance? Pros of Colonial Penn include no medical exams for some policies and easy application process. Cons include higher complaint ratios and limited plan options. It's advisable to compare quotes with other companies before making a decision.

Mutual of Omaha life insurance rates range from $22-$193 monthly for a $10,000 whole life policy with no waiting period. Your price depends on the policy type, gender, age, health, tobacco usage (if any), and coverage amount.

Life insurance is no longer needed for many people once they reach their 60s or 70s. At this point they have retired, their kids have grown up, and they've paid off their mortgage and other debts.

Should seniors get whole life or term life insurance? ›

You want a lower premium.

Term life insurance is likely your most affordable option, especially for seniors. Premiums for term life insurance policies are typically five to 15 times cheaper than whole life insurance. Low premiums can be particularly valuable for seniors on a fixed income.

If you have a whole life policy or other form of permanent life insurance, it generally won't be cancelled due to age, as long as you keep up with the premium payments. However, some policies may have an age cap, often 100 years, after which the policy is considered “matured” and the death benefit is paid out.

Whole life insurance policies or universal life insurance policies are permanent policies, and might also be a fit for seniors who want to leave more to heirs than what a final expense policy could provide.

Ans: Term life insurance is usually the cheapest life insurance because it only provides coverage for a specific number of years or has no cash value.

The bottom line

Life insurance is a smart idea for most seniors. That's especially the case if you have a spouse, lack plans to cover end-of-life costs or don't have a long-term care insurance policy.

Medicare is a federal program that provides hospital and medical insurance for individuals who are eligible due to age or disability. It is strictly health insurance that covers some medically related expenses and does not cover life insurance premium costs.