The aim of life insurance for parents over 60 is to protect and offer coverage to you and your loved ones. This is because it guarantees coverage in case something unforeseen happens during life. For example, disability due to some serious accident. In case of occurrences that are covered by the policy, it guarantees compensation and/or assistance for the insured or beneficiaries.
The price of parents life insurance increases with the age of the insured. Therefore, the more “experienced” in relation to age, the more expensive the product. And then the question may arise: is there life insurance for the elderly? If so, what is the value of this insurance: is it more expensive than those who prefer to hire younger?
How much does life insurance for parents over 60 costs?
To purchase this protection for the elderly, you will need an insurance company that specializes in this type of product.
Life insurance plans are more expensive for seniors. However, this is not a rule, there are insurers and life insurance products available at equal prices for all ages.
In our country, insurers are allowed to charge different prices according to the age of each insured. This happens because younger insured customers have much less risk (theoretically) of needing to trigger the insurance claim.
Both men and women over 60 years of age pay more price on insurance plans.
But don’t be scared, we’ll help you with information and choosing the best cost-benefit conditions.
What is the best parents life insurance for over 60?
Insurers usually offer different types of life insurance, of which these three, in particular, are relevant for seniors:
Term life insurance ensures that the surviving dependents are financially supported in the event of death by immediately providing the agreed sum insured. However, if the insured survives the agreed date, no payment will be made and the insurance will expire.
Endowment life insurance is significantly more expensive. The advantage, however, is that not only relatives are financially protected in the event of death, but also the insured person himself in old age. In addition to protection in the event of death, a financial cushion is saved here. At the end of the term, the insured receives the capital saved, including interest and surpluses, paid out. This is usually done either as a whole sum or in predetermined installments as a regular pension supplement.
Of all three, the funeral insurance for parents has the cheapest contribution payments and is still possible from an entry age of 75 years. In the event of death, relatives usually face high costs. Death benefit insurance ensures that funeral expenses and all other expenses related to death are covered. This allows the bereaved to focus on their grief. In contrast to the other two insurances, whose contributions depend on the state of health and age, no health questions are asked in the case of death benefit insurance.
Can I get life insurance for my elderly parents?
Yes, there is. If they are in the best age and are looking for life insurance for the elderly, know that it is possible to hire this product. However, not all insurers offer this option. They consider that life insurance for over 60 presents a greater risk of loss, so not all of them work with this product.
Best Life Insurance Companies for Over 60
As a senior, you may think that you have limited options for purchasing life insurance, but this is a misunderstanding. Many insurance companies offer policies for 65 years and even up to 90 years of age. In fact, there are so many life insurance products available for parents over 60, the choices can be overwhelming.
To help you make some of the best decisions, we’ve reviewed over 25 life insurance companies. We compared plans, prices, and insurance restrictions to select our list of the best life insurance options for seniors over 65. These are our top tips to help you find the right coverage for your personal life insurance needs.
Overall best: New York Life
New York Life is the top-selling mutual life insurance company in the United States. New York Life was founded in 1845 and offers all types of life insurance, including term, life and universal insurance, which can be purchased well beyond the age of 60. It was the top-rated life insurance company in our life insurance company reviews in 2021, and it also has the option to receive dividends on some plans. All of these reasons led us to choose New York Life as the best senior life insurance policy.
You are entitled to dividends through New York Life life insurance, which can be purchased up to the age of 90. The company offers life insurance for parents over 70 and includes an option to convert your Term Policy into permanent coverage, as well as a Level Premium option that is suitable for all budgets. With the option to purchase a policy, you can later purchase permanent cover without a medical examination.
New York Life also offers guaranteed no-medical-exam policies for AARP members. If you are not a member, the membership cost is added to the price of your policy so it is easy for you to obtain. All non-AARP guidelines issued through New York Life may require simplified underwriting (medical questionnaires) or a medical examination. To get a quote, you need to speak to a finance professional.
Second best overall: John Hancock
John Hancock was founded in 1862 and has options for the term, final expense, whole life and universal life insurance. We selected John Hancock as runner-up because the company has all of the key policies needed to meet the needs of parents over 60 such as expedited death benefits, flexible underwriting for health issues, and potential premium refunds based on activity levels. These are all important features to have in recent years.
John Hancock offers term life insurance for 10 to 30 years up to a maximum age of 90 years. For example, at the age of 75, the maximum term is 15 years. The term life insurance can be issued without a medical examination if your completed questionnaire (simplified version) has been approved.
The final expense policy for Guaranteed Lifetime does not include a medical exam and is available up to age 80 with a maximum death benefit of $ 20,000.
Permanent life insurance cover is available from John Hancock up to the age of 121 and can be issued up to the age of 90. Plans include death grants, flexible awards, and cash value accumulation that you can borrow from, as well as a few other options including:
A death guarantee
Options to participate in the market
Guaranteed interest rates (either 0% or 2%)
Best Guaranteed: Transamerica
Founded in 1930, Transamerica offers term life, whole and universal life insurance products that seniors up to the age of 85 can purchase. We chose Transamerica because of its instant coverage, fast underwriting, and the ability to choose plans with budget-friendly premium payment options, this is the best end-of-life guaranteed insurance for parents over 60.
The company offers a term of 10 to 30 years plans with riders. There are also several options for universal life insurance, as well as a life option that offers even premiums and guaranteed cash values.
Although most policies require medical examinations, Transamerica offers a Guaranteed End Life Policy which, in our review, is the most appropriate for this type of protection. There are no medical examinations; They use simplified automated underwriting and can provide instant coverage. Features of this policy include:
Premiums up to 121 years
The edition is up to 80 or 85 years old, depending on the plan
A minimum death benefit of $ 10,000 and a maximum of between $ 25,000 and $ 40,000, depending on the age of the plan.
Best term: AIG
AIG was founded in 1926 and is the eighth largest life insurer in the United States. The company has an A + (Superior) financial strength rating from AM Best. We have selected AIG for the best life insurance for parents over 60 based on the range of term insurance issues available up to 80 years of age as well as livelihood options covered by the company’s quality of life (QOL) products are offered.
AIG offers term life insurance with 18 different terms, some with livelihood options. It offers one of the longest terms – up to 35 years. AIG term life insurance can be purchased up to 80 years of age (convertible up to 70 years of age).
AIG also offers a Flex-Term Quality of Life Policy, which includes subsistence benefits and gives you access to part of the value of death benefit early on if you are diagnosed with a chronic, terminal, or critical disease.
AIG issues permanent life insurance plans up to the age of 80, including life insurance (with coverage up to the age of 100) and universal life insurance options. QOL products are also available at no additional cost with some plans.
There is an instant policy option with no exam life insurance for parents available up to age 85 with a death benefit of up to $ 25,000. There is a reduced death benefit for the first two years of this policy if the cause of death is nothing other than an accident, including suicide.