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Top 5 Whole Life Insurance Plans for Seniors
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Financial Shopping

Life insurance is just a topic that many people don’t like to think about. Regardless of that subtle discomfort, however, the older we get the more real and important life insurance becomes, and finding the best life insurance available then becomes that much more pressing. Whole life insurance is unquestionably the most thorough and comprehensive of all the life insurance policies. If you’re ready to set up whole life insurance, but are having trouble deciding which policies are best, these five should definitely top your list. North American Company and Colonial Penn both provide great options. American National and Humana One are also excellent providers, while Mutual of Omaha is a great option for Whole Life coverage starting at a somewhat higher minimum.

Like every life insurance policy, individual budgets, goals, plans and needs will be considered and evaluated in order to determine which policy works best for each circumstance. There are many insurance companies and a variety of insurance structures and policies to choose from. With the end in mind, these five policies are certain to be a good place to start.

Top 5 Whole Life Insurance Plans for Seniors

  • North American Whole Life Insurance
  • Colonial Penn Whole Life Insurance
  • American National Whole Life Insurance
  • Humana One Whole Life Insurance
  • Mutual of Omaha Whole Life Insurance

North American Whole Life Insurance

North American requires a medical exam, but before discounting this company it is important to realize that for seniors in good health this can be a bonus. North American Company insurance also has several added benefits that may not be found with other policies.

Highlights

  • Death benefit amounts starting as low as $25,000.
  • Accelerated death benefit rider options.
  • An A+ rating from Standard & Poor’s.

Colonial Penn Whole Life Insurance

Colonial Penn is more than a common household name (thanks in part to the endorsements of Alex Trebek), they are also an established and reliable agency offering coverage for those from 50 to 85 years of age in most states.

Highlights

  • Guaranteed acceptance regardless of your health condition.
  • There is no medical exam required and no health questions that need answered.
  • A straightforward fixed rate assuring that there won’t ever by any rate increases.

American National Whole Life Insurance

American National is similar to North American in policy and structure, although there are some noted differences. Primarily in the qualification process, as American National has multiple options regarding a medical examination.

Highlights

  • Offering coverage plans with and without a medical exam.
  • Coverage options from $25,000 to $250,000 without an exam
  • Flexibility such as plans in excess of $250,000. (Note that these plans require an exam).

Humana One Whole Life Insurance

Humana One may not have the same national recognition as some other major providers, but they are worth considering for several reasons. One example of that can be found in Humana One’s ability to tailor coverage amounts to fit their client’s needs and budget.

Highlights

  • Policy benefits which are very flexible in range and in $1,000 increments.
  • Payment options for premiums like their 10-year Pay plan.
  • Options for clients who don’t pass their medical exam.

Mutual of Omaha Whole Life Insurance

Mutual of Omaha is one of the most respected and strongest insurance providers available today. They are on the short list of the very best companies providing benefits for higher than average death benefit amounts.

Highlights

  • Accelerated rider benefits up to 80% of the death benefit.
  • Options to bypass a medical exam (check for requirements regarding these options).
  • Excellent financial strength among insurance providers.

Conclusion

Life insurance is a kind, responsible and caring decision. It is an act of kindness to yourself because of the peace of mind you’ll have in knowing that you’ve left something for those you love. It is a responsible choice, as well, since whole life insurance acts as a safety net in the event of an unforeseen emergency. Lastly, it is a caring action that can help alleviate the unwanted stress of dealing with death and burial expenses for those we leave behind. It will take some shopping and comparisons to locate the right policy for your needs, but these five policies are a good place to start. Talk to an agent today to discuss your life insurance needs, so you can find the plan that’s right for you and your loved ones.