What type of life insurance should you get when you are older? Whole life is an excellent choice, since it allows you to use the cash value for other things while retaining a fixed death benefit, reinvest the cash value to increase the policies’ overall value and ensure that your beneficiaries have the funds they need to survive after your death. Whole life is especially good for seniors, since rates remain stable throughout your lifetime, giving you the ability to budget the cost no matter what health changes you experience as you age. Keep reading to learn more about the top four whole life insurance policies for seniors, so you can choose the one that's right for you.
Top 4 Whole Life Insurance Policies for Seniors
- AIG Direct
- New York Life
- Mutual of Omaha
AARP Whole Life
AARP gives seniors the opportunity to take out a whole life policy between $10,000 and $100,000 at a reduced group rate. The cost can be as little as 34 cents per day for the average policy. With no medical exams needed, almost everyone qualifies for this highly rated (A++) plan.
- Offered by trusted New York Life
- Gives seniors 50 and up a chance to get a whole life policy
- Variety of options available
AIG Whole Life
Getting a whole life insurance policy as an older adult just got easier with AIG Direct. Offering a variety of plans for the 50 and up crowd, this A+ rated company uses only licensed agents to guide consumers through the insurance buying process.
- Accrues tax-deferred cash value or dividends 9depending on the policy)
- Payments remain fixed throughout your lifetime (no matter what health problems you face)
- Offers coverage up to 100 years of age
New York Life
A trusted source for whole life insurance for more than 100 years, New York Life offers seniors a variety of products to choose from. Consumers can request a free information kit by mail or ask for a direct quote via email or the phone.
- Policies beginning at $50,000
- Comes with A++ protections
- Offers free quotes
Mutual of Omaha Whole Life
Offering guaranteed protection, Mutual of Omaha is a good choice for seniors with health problems who may not qualify for other policies. With coverage ranging from $5,000 to $25,000, Mutual of Omaha does not require a medical exam or request medical information. All policies are guaranteed for consumers between the ages of 45-85 and can be obtained for as little as $8.80 per month.
- Premiums and benefits remain stable for the life of the policy
- Coverage guaranteed regardless of health status
- Builds cash value to borrow against
Getting life insurance at your age isn’t always easy. Luckily, the four whole life policies listed above with AARP, AIG, New York Life and Mutual of Omaha, all have products designed for the older consumers in mind. Whether you want a whole life insurance policy to pay your outstanding bills, cover funeral costs or help your aging spouse maintain their lifestyle after your death, these top four whole life insurance policies are designed to help you reach your goal.