The Best Four Choices In Senior Life Insurance
It might be intimidating to shop for the best life insurance for a senior adult. Many things should be considered before settling on a provider, including the firm's financial health, the quality of its customer service, the availability of the coverage and add-ons you want, and the complexity of the application process. It is recommended that seniors who need a policy and additional coverage speak with a life insurance agent to get the lowest prices and a policy tailored to their specific situation. We rated 91 firms based on these and other factors to help you restrict your search, such as maximum issuance age, availability provided living benefits and the number of complaints received by each organization.
Life insurance buyers in their golden years only have decades to take advantage of imperfect markets. They also lack the financial flexibility to deal with an unforeseen increase in their premium payments. The finest life insurance for seniors has accurate policy illustrations, minimal internal expenses, and high-performing investments for cash value. Veralytic, the principal source of price and performance research providing competitiveness evaluations for savings account life insurance products, provided the information we used to rank the firms.
Excellent Senior Citizen Life Insurance for the Year 2022
- New York Life
- Guardian
- Pacific Life Insurance
- John Hancock Life Insurance
New York Life
New York Life is a fantastic option if you're looking for permanent life insurance and would rather speak with an agent than conduct research online. New York Life's whole-life policies are attractive as a firm that has been paying dividends to qualified policyholders for the past 168 years. Policy applicants at New York Life may do so until they become 90, making it an excellent option for the elderly as well. However, you'll have to go elsewhere for features like a complete online experience or term insurance with coverage for more than 20 years.
Guardian
Guardian has a low amount of client complaints compared to other insurance providers, and AM Best offers it an A++ rating for financial strength, both of which will be important to you if you place a premium on customer satisfaction and the company's ability to fulfill its responsibilities (the highest possible grade). The company also offers life insurance products with profit potential and no medical exam requirements for sums insured of up to $3 million. However, you need an agent's help to apply for life insurance, and it may take a lot of work to get details about policies online.
Pacific Life Insurance
We found Pacific Life superior in practically every category we used to evaluate life insurance companies. The company has a meager complaint rate, has consistently scored highly in J.D. Power's customer satisfaction rankings, offers a wide range of policy options, and provides some of the most competitively priced, persistently active coverage we've seen. Still, it also provides high-connectivity, no-medical-exam life insurance. The firm provides neither high coverage nor life insurance plans. Although it has some decent self-service and online features, it must meet expectations. In contrast to most other term life insurance providers, the firm only allows you to get a quote or apply for a policy on their website after first speaking to an agent.
John Hancock Life Insurance
John Hancock offers a wide variety of policies, a progressive wellness program, and access to insurance for people of all ages. It is one of the most significant firms out there that target the needs of seniors by providing life insurance. Moreover, the company has a stellar reputation for claims-paying and receives high marks from third-party evaluators for receiving few complaints from policyholders.
Conclusion
Consider your needs and preferences while choosing a life insurance provider. New York Life and Guardian are two of the most reliable insurance providers in the country. Plus, they're the only dividend-paying firms on our list, which is a big plus. While both Guardian and New York Life have a low rate of client complaints, Pacific Life has even less. This is true even though both firms will insure people as elderly as 90. If you are applying for a term policy and are on the older side, look at John Hancock. A 10-year term coverage is available to those 80 and older who speak with an agent. Other providers on this list don't have this problem.