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Cheap Life Insurance for seniors (2020)

A Life Insurance for seniors is a cornerstone of financial security for USA Citizens and peace of mind for their families and small businesses. Getting cheap life insurance policy in 2020 can be challenging task. Because there are so many USA life insurance companies and products available, it can be a real challenge to find the low cost Policy.

Mostly United States peoples have certain questions in their mind about affordable Options. In this guide we will answer all those life insurance FAQs (Frequently asked questions) and policy rates by age  to help our readers make the right decision.

In this article we will cover following topics.

 What is the best life insurance for seniors? 
 What is No-Exam life insurance policy for seniors?
 What is the cheapest life insurance policies over 50?
What is the best life insurance policy over 60?
How much does life insurance cost for a 70 year old?
How much is life insurance for a 80 year old?
What are the top USA life insurance companies?
What are NEW YORK life insurance option?

Agent selling life insurance policy to senior couple

What is the best life insurance policies for seniors?

With a wide choice of senior life insurance options with the term life, whole life, guaranteed universal life insurance, and equity-indexed life insurance. Term life insurance  is the most popular plan overall for seniors, with people shopping on the Internet. It is the least complicated type of life insurance.

Term Life Insurance

Term insurance coverage pays benefits just if death happens throughout the term of the policy, which generally is from one to 30 years. Many term policies do not offer any other extra benefits. Term policies normally can be found in two types: level-term, where advantages stay the same through the length of the policy, or decreasing-term where benefits typically reduces over the life of the policy. With the term insurance, you can get 10 years, 20 years, and 30-year level plans where the cost is guaranteed not to go up for the entire length of the contract.

Term Life Insurance Rates For Seniors

Healthy guys over 70 can expect term life insurance no medical exam policy and able to  pay $120 to $300 for a ten-year term life policy with a $100,000 death benefit. And healthy women will pay between $86 and $230 for the exact same policy.With term policy  some of the best term life insurance companies with the lowest costs these days seem to be Gerber life, Mutual of Omaha, Geico Insurance, Globe life, New York life, Fidelity Life and Trans america.

Level term life insurance

Level term life insurance, like all term policies, lasts for a specific period of time. The premium rate for the policy stays the exact same level, for the entire life of the policy. Similarly death benefit likewise stays the exact same. When individuals point out term life insurance generically, they usually imply level term insurance coverage. It’s the most typical form because of its simpleness; the insurance policy holder does not need to worry about the premiums varying from month to month or change from  year to year. They do not need to worry about the death benefit changing from the policy’s start to end, and there is no cash value or fees involved. For anybody searching for a standard financial safety net to make sure that their loved ones are protected in the event of the death of the primary breadwinner, level term life insurance is the very best alternative. It’s likewise the most typical policy offered by life insurance business, so it’s easy to compare quotes and get the very best rate.

level term insurance rates

For anybody searching for a standard financial safety net to make sure that their loved ones are protected in the event of the death of the carer, level term life insurance is the very best alternative. Level term policy is easy to compare quotes and get the very best rate. With level term insurance, you can get $100,000 to one million or more coverage. Whether you’re 18 or 85 . age-wise term insurance rates graphHealth issues If you have some health issues such as diabetes, heart conditions, arthritis we can still help you. In such cases, we usually would need to take some of your health histories and then talk to the individual insurance carriers to see who will offer you the best policy.

Return of Premium Term Insurance

Another type of life insurance is called Return of Premium Term  Policy (ROP) where at the end of the plan (20 or 30 years) you receive the full amount of premiums back to you in one large lump sum tax-free. This is more expensive, of course, but it can be considered a forced savings plan because the payment at the end is guaranteed.

Term Life Insurance Quotes

For amounts greater than $300,000 and if you don’t mind taking an exam, which is always free and is done at your home or office, get our Traditional Term Life Quotes. We search all the major carriers who can give you affordable, good quality term life insurance.
When does No Exam Life Insurance make sense?

No Exam Life Insurance

The best senior citizen life insurance currently is “No  Medical Exam Life Insurance”.You simply answer some questions online or via a phone call and, if you qualify, you can get a policy without having to take a medical exam. These no medical life insurance policies can be issued quickly, sometimes within 24 hours.

 

No Exam Life Insurance Quotes

People can get free quotes on these plans. If you want to move forward with no medical exam policy. you would need to have available your doctor’s name, address, the reason for the last visit, list of any medications being taken, and any other pertinent information regarding your health.)

The No Exam Plan from Fidelity Life is called Rapid Decision Term. You can get up to $300,000 coverage. With this plan, you have a 10 or 15-minute conversation with a licensed agent and after that, you could have a policy issued in as soon as 24 hours.

Guarantee Life Insurance offers a Simple Term. There is no exam to take. You can get up to $250,0000 if you have taken out a mortgage within the last 2 years or up to $100,000 for most everyone else.

Permanent Life Insurance

Insurance policy that you keep your entire life and does not expire is normally called Permanent Life Insurance. It is usually, but not always, more expensive than term.

Seniors Whole life insurance Policy

Senior Whole Life Insurance is mostly used choice in United States. Whole life insurance has been very popular for many decades. The whole term is something you see a lot of advertising on the Internet but it is really an oxymoron because you either get whole life or term. They are 2 different products.

Some of the permanent plans are very flexible. With guaranteed universal life insurance  and Equity Indexed Universal Life you can raise or lower the insurance amount, you can vary your premium payments or stop them completely when there is enough cash value in the policy. The attractive thing about these plans is that they can be designed to give you some serious cashback when you reach retirement age.

Instant quotes 

We have the capability to offer US senior citizen instant life insurance quotes for these types of plans because they are entirely flexible and made for your specific situation. If you are interested in these types of senior life insurance policies one of our licensed agents can design a plan especially for you, some of the major reasons people have insurance plan are income replacement for family protection and security, business continuation plans, buy-sell agreements, insurance, second-to-die plans for estate conservation, and final expense plans.

We have been helping families with their insurance needs since 1983.

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Cheapest Life Insurance Over 50

Life insurance over 50 is must, think about various financial aspects of securing your loved one’s. when picking insurance plan than people in their 20’s or 30’s do to provide funds to look after young kids up until adulthood. The majority of people buy those policies as brand-new moms and dads in their 20’s, 30’s, and 40’s.

The issue you need to consider is once you remain in your 50’s or older, it can be more difficult to qualify for insurance policy, particularly at moderate life insurance rates. People over 50 need insurance policy for the following reasons:

  • To accommodate your life patient life partner.
  • Guaranteed aid for a kid’s school and post-graduate expenses
  • To take care of remarkable obligations
  • Maximize an cash value advantage
  • Cash aid to beneficiaries
  • To leave cash to charity house
  • Settle for tax charges

seniors over 50 have pre-existing health conditions

If seniors over 50 have pre-existing health conditions, or existing  health conditions but your health is good now, you may qualify for a lower rate. As long as you are seeing your doctor as prescribed, you may qualify for life insurance that’s very affordable. We write over 80% of people who have been turned down or rated up by other companies with a standard or better rate.

Diabetes, Cancer, and Heart Disease

Senior quote for Diabetics

If you’ve had trouble getting life insurance, call us at 800 340-7011 to get a standard rating for diabetes. Get a great rate for up to $100,000 of term insurance for people with type 2 diabetes taking oral medication, or $50,000 whole life for type 2. There is no exam required and the policy is issued in a few days.

Five years treatment free

If you’ve had cancer, a heart attack, heart surgery, or stroke, and been treatment free without medication for that condition 5 years or more, you may qualify for a low standard term or whole life rate,

Receiving treatment or medication

If seniors have pre-existing conditions, or existing conditions but your health is good now, you may qualify for a very low rate. As long as you are seeing your doctor as prescribed, you may qualify for low cost life insurance. We find over 80% of people who have been turned down or rated up by other top rated life insurance companies for a standard or preferred rate.

Impaired Risk

If you are over 50, having trouble getting life insurance. we can help you.

We find seniors insurance policy with almost any health condition as long as they do not have AIDS, are not currently receiving kidney dialysis or oxygen, confined to a medical facility, or are terminally ill.

Even if you have Alzheimer, cancer, diabetes, a heart condition, liver or lung disease, had a stroke or transplant, disabled or declined live insurance. we will find a policy for you.

Old couple gardening in a garden

Best Life insurance over age 60

Life insurance over 60 is common for seniors in their 60’s to either be retired or approaching retirement, there still could also be some beneficial value in investing during a insurance policy. Some typical costs you’ll wish to believe at this age are:

  • Any outstanding debt
  • Estate planning
  • Future medical expenses
  • Funeral costs

Health issues
Most insurance policies would require a checkup which implies that your health will play an out sized role within the premiums which will be charged. However, there are other sorts of cheap life insurance for ages 60 and over that don’t require a checkup or maybe answering questions on your health, like Guaranteed life insurance where no medical checkup is required. 

Best life insurance for seniors over 60

There are many companies providing insurance plan for people over 60 but Transamerica is a wonderful choice for this sort of coverage if you’re seeking a policy under $100,000.
The premiums are competitive and coverage starts as low as $25,000. a number of the highlights of a policy with Transamerica include the following:

Coverage plans of Transamerica

  • It Provides coverage for those between the ages of 18-80. Yes, even people who are in their 70’s or 80’s are ready to purchase a term life insurance policy through Transamerica.
  • No medical examination needed for those from 18-60 who purchase policies from $25,000-$99,000.
  • No medical examinationneeded for those 18-60 who purchase policies from $25,000-$50,000.

There are 10 year term life insurance policies also as 15yr, 20yr, 25yr and 30 year terms

couple reading life insurance policy

Life insurance cost for a 70 year old

People over 70 have wide range of policies to choose from. If you have health issues then life insurance for seniors over 70 no medical exam is one of option to chose from. Whereas, Other option is guaranteed issue life insurance policy that is available at very affordable rates for 70 year old. Peoples with good health condition have advantage of getting reasonable insurance policy at very cheap rates. The table below shows the average rates of insurance policy along with age and cash value. Different rates are available for male and female.

Cheap Life Insurance For Seniors Over 70 Chart
Old Couple using laptop

life insurance for a 80 year old

If you are over 80 and thinking to buy term insurance policy Because the maximum age for term life insurance is 88, so your other choice above 80 is purchasing whole life insurance. However if you need a regular policy, you should be in good health and take a medical examination. Since many policies do not break even for 7 to ten years, they may not be best option.

Another Best option for people over 80 is final expense insurance. If your major debts are low and want to make sure that you leave enough for your funeral expenses, this kind of policy might be best for you. Men over 80 can expect to pay about $160 for final cost insurance coverage, and ladies over 80 will pay about $140.

Top USA Life Insurance Companies

Aarp Life Insurance

AARP’s life insurance policy with New York Life offers plans to elders that have pre-existing health problems or would have difficulty in getting policy coverage from elsewhere. None of AARP life insurance seniors plans require a medical examination unless you have a major medical issue, AARP Life offers term life, and also whole life insurance policy premiums that are a lot cheaper.

Aarp New York Life

If you get a quote from AARP, the policy is underwritten by New York Life.
The AARP policy rates are higher as compared to the policy which is offered by New York Life. New York Life got an A++ strength ranking from A.M. Best.

The coverage used by AARP New York Life includes both term and whole life insurance.

Both plans make use of lenient underwriting, which means New York Life asks a few medical-related questions and does not require a medical exam to get approved for insurance coverage.

Product Name: Guaranteed Issue Insurance
Policy Type: Whole Life Insurance
Applicant Age Range: 45 – 80
Coverage Amount Range: Up to $25,000
Cover tax-free cash payment
Cash value yes
Medical Exam Required: No
State Availability: All states
Phone Number To Apply: 800-340-7011

AIG Life Insurance for seniors

AIG is a worldwide insurance provider that provides life insurance policies throughout the USA. You can purchase guaranteed life insurance policy coverage through AIG if you’re between 50 and 85 years old. AIG claims that your application will never ever be refused for pre-existing health factors. Coverage ranges from $5,000 to $25,000, with insurance policies beginning for as low as $20 monthly premiums. Types of insurance policies AIG offers are Term life, guaranteed issue, whole life, variable universal life, and accidental insurance. Today, American International Team (AIG) is headquartered in New york city City, although the company was founded in Shanghai, China in 1919.

Product Name: Guaranteed Issue Whole Life Insurance
Policy Type: Whole Life Insurance
Applicant Age Range: 50-85
Coverage Amount Range:$5,000 to $25,000
Cover tax free cash payment
Cash value yes
Medical Exam Required: NO
State Availability: All states
Phone Number To Apply: 800-340-7011

Gerber Adult Life Insurance Plans

For individuals more than 50 years old, Gerber Life is offering cheap plans to make sure that children and also seniors can have the best possible coverage. Established in 1967 by the Gerber Products Company. Today, Gerber Life is one of the best insurance providers with good economic strength and security. With Gerber’s life, applying for a plan for seniors is very easy and straightforward. Gerber life insurance for adults include guaranteed issue insurance that provides the coverage, flexibility, and also comfort you should have.

Additionally, A.M. Best, the credit rating company that ranks insurance provider on economic security, expertise, and also honesty, has granted Gerber Life an “A” rating. This score is the third-highest awarded out of thirteen possible groups.

Product Name: Whole Life Plan
Policy Type: Whole Life Insurance
Applicant Age Range: Adults age 18 to 70 can apply.
Coverage Amount Range: $50,000 to $300,000.
Cover tax free cash payment
Cash value yes
Medical Exam Required: A medical exam is required for age 51 and over and who apply for more than $100,000 in coverage.
State Availability: All states
Phone Number To Apply: 800-340-7011

Mutual of Omaha Life Insurance for Seniors

Mutual of Omaha is among America’s top insurance and financial services companies. Headquartered in Omaha, Nebraska, the company is best known for its life and medical insurance. Mutual of Omaha provides term, and whole life insurance policy. Term life offers inexpensive coverage for a certain amount of time i.e for 10 or 20 years. Whole life insurance, at the same time, covers you throughout the lifetime of your plan and build cash value that can be utilized even when you’re alive. Mutual of Omaha policies range from 45 to 85 years but in NEW YORK these policies range up to 75 years old.

Product Name: Whole Life Guaranteed policy
Policy Type: Whole Life Insurance
Applicant Age Range: 45 – 85 (in NY, ages 50-75)
Coverage Amount Range: $2,000 – $25,000
Cover tax free cash payment
Cash value yes
Medical Exam Required: No
State Availability: All states except( in AR, MT, NC)
Phone Number To Apply: 800-340-7011

Globe Life Insurance

Globe Life

Globe Life Company of New York achieves an A+ ranking from A.M. Best Company based on its economic strength, expertise, and stability.

Globe Life acquire 83.19 general in the 2020 Top rated Life Insurance Company survey. Globe’s highest position was 12th for customer care and review. Globe Life ranked 13th for the cost and simplicity of the use of internet sites and apps. Seventy-two percent of the insurance policyholders choose Globe Life over other insurance companies.

Globe Life Insurance Coverage

If you’re looking for final expense insurance coverage with restricted underwriting, probably because you have health issues. Globe Life offers a range of insurance plans to meet your requirements. Nonetheless, if you’re healthy or want a bigger death benefit as your income replacement once you pass, we advise that you should compare quotes from various other insurance companies. This will help you to compare insurance plans cost.

Globe Life only provides coverage without any medical exam so, if you’re healthy, you’ll pay fewer prices for your monthly premiums. Furthermore, their term life policies only last for 5 years, so if you know that you want coverage for a longer period, you’ll pay higher premiums generally since the cost increases each time you renew coverage.

Product Name: $1* Buys $50,000 Whole Life Insurance
Policy Type: Whole Life Insurance
Applicant Age Range: 45 – 80
Coverage Amount Range: $5,000, $10,000, $20,000, $30,000, or even $50,000 of coverage.
Cover tax free cash payment
Cash value yes
Medical Exam Required: No
State Availability: All states
Phone Number To Apply: 800-340-7011

Colonial Penn Life Insurance Company

Colonial Penn

Colonial Penn is a trustworthy life insurance company. Colonial Penn has received high economic strength scores, which shows that the insurance provider can fulfill its claims responsibilities to its clients.

Colonial Penn offers insurance policies which include the term, whole life, and guaranteed-issue whole life. Whether you are searching for a term or whole life insurance policy, Colonial Penn has excellent options for you. Colonial Penn’s insurance products are available in 49 states, the Virgin Islands, and also Puerto Rico. Because of differences in state regulations, some insurance plans might vary a little with the insurance coverage. Colonial Penn also offers a 30-day money-back warranty.

Colonial Penn Program

Today, Colonial Penn provides insurance products for ages 18-85 years, and all our products are created to help people at a difficult time. Colonial Penn’s most prominent plan is Guaranteed Acceptance issue Insurance, available specifically for ages 50 and over. And also Colonial Penn whole life insurance and term policies are among best life insurance policies. We are dedicated to providing our customers with cheap, best insurance coverage.Also Colonial Penn life insurance rates are very affordable.

 

Product Name: Guaranteed Acceptance Life Insurance
Policy Type: Whole Life Insurance
Applicant Age Range: Ages 50-85 in most states
Coverage Amount Range: varies
Cover tax free cash payment
Cash value yes
Medical Exam Required: No
State Availability: All states
Colonial Penn phone number to apply: 800-340-7011

New York Life Insurance Options

New York Life Insurance has worked for 175 years with people to safeguard their families and futures. They believe the importance of human guidance and in trusted relationships. New York life insurance offers many different types of policies. New York Life is the largest nationwide insurance provider in the US.

New York Life offers both term and whole life insurance policies. It offers 2 kinds of term life insurance policy, both of which can be converted to a whole life insurance policy within a specified duration:

Annually convertible term life

Annually convertible term life can be renewed yearly. Premiums begin at low prices and increase each year. The price changed if the policy is converted.

Level-premium term life

Level-premium term life plans have terms of 10 to 20 years. The premium remains the same throughout the entire term. When the level-premium duration ends, your costs increase. The price also changes if the plan is converted.

New York Life whole life insurance

New York Life provides a range of whole life insurance plans, including one that allows the insurance holder to choose the payment schedule. This gives clients the flexibility to pay off the coverage amount early, getting rid of premiums later. The company also offers numerous insurance policy features such as coverage that protects you if you end up being impaired or terminally ill.

On top of that, New York Life provides 2 other types of life insurance:

Universal life

Universal life, which allows you to change the cost of premiums and death benefits.

Variable universal life

Variable universal life, which allows you to make a decision on how to invest the cash value of the plan.

 

Rapid Decision Term from Fidelity Life

Many people would like to get their life insurance easily and without the hassles of taking an exam and a blood test. They would prefer to be insured quickly and not have to wait months for the coverage.

Rapid Decision Term from Fidelity Life is a great solution.
Fidelity Life was established in 1896, rated A-Excellent by AM Best.

Lock in your rate for 10 to 30 years of guaranteed level premiums.

You canhave 10, 15, 20, or 30 year life insurance plans with guaranteed level premiums.

American family life insurance

The American Family Life Insurance Company works under American Family Insurance. The American Family Life Insurance Company is often called AmFam.

Term Life policy with American family

The American Family Life Insurance provides 10-year, 20-year, and 30-year term insurance. Their Term policy  benefits and premiums never change.

They also provide several other riders, which are used for extra coverage. The most typical are:

  • A rider for $10,000 worth of protection on natural, adopted, and stepchildren of the main insurance provider.
  • A rider that waives premiums if the primary insured ends up being absolutely handicapped.
  • A rider that offers the recipient with an additional death benefit, up to $100,000 if the cause of death is a policy-defined accident.

AmFam’s term life policies also provide extra death benefit option. This include the policy owner to gather part of the death benefit while insured person is diagnosed with a terminal disease and particular conditions are met.

Sometimes, term life insurance policy holders might have the option to transform their term insurance to long-term insurance without evidence of insurance coverage.

simple term insurance

To get affordable life insurance for seniors without the hassles of taking an exam and to be insured quickly without waiting months for the coverage. Give us call, Mlife Insurance agents are trained to get you simple term insurance fast.

Companies

With Simple Term from Best companies you can get instant quotes, answer a few questions, apply and purchase the policy online and if you qualify, be covered the very same day!

Living Benefits

Life insurance allows the policy owner, to make cash value through your insurance plan that accumulates over your lifetime. This is often considered as a good thing about life insurance because, in contrast to death expenses that pays out once you pass on you’ll use the cash while you are still alive.

 

Everyone can get up to $100,000, depending on your age and health. If you have taken out a mortgage within the last 2 years you can get up to $250,000.

With Simple Term you are guaranteed

  1. No medical exam
  2. Online application for life insurance (usually takes less than 10 min.)
  3. Benefits that never go down during the term
  4. Rates that never go up during the term

Cancel within 30 days and get a full refund if not completely satisfied

    • $25,000 to $250,000 of protection non-medical
    • 10, 15, 20 or 30-year terms
    • Affordable premiums
    • Guaranteed rates
    • Level-Term benefits
    • Renewable at end of term up to the maximum age
    • Convenient payment options
    • Flexible payment schedule
    • 10-Minute application
    • Easy to qualify
    • No Medical exam
    • None long forms or frustrating paperwork
    • No waiting, No follow up
    • There is no risk or obligation
  • 30-day money-back guarantee.

Disclaimer

MLife Insurance is a life insurance agency licensed to sell insurance in most of the U.S. states including DC. MLife Insurance doesn’t approve any insurance that shows up on our site. Insurance quotes showing up on this site are non-official. While we have put forth a valiant effort to guarantee all rates demonstrated are exact but a human mistake is possible.

Not all products are accessible in all states. Product qualification for every bearer shifts depending on the accompanying elements: health condition of the applicant, age, and underwriting limitations. All plans with no waiting period require an applicant to be medically fit by insuring company. All insurance policies with guarantee acceptance that have no waiting period will be dependent upon the insurer’s plan before death benefits are available for the insured.

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