When considering life insurance for seniors, several options stand out for different needs and situations:
1. New York Life
Is often regarded as the top choice overall for seniors. It provides term, whole, and universal life policies to applicants up to age 90, and offers a strong financial stability rating of A++ from AM Best. Policies are customizable through various riders, although the application process requires working with an agent.
2. Guardian Life
Is notable for financial stability and offers a range of policies to seniors up to age 90. Its whole life policies are dividend-eligible, and it receives very few customer complaints. Like New York Life, you need to apply through an agent.
3. MassMutual
Is recommended for seniors over 70, offering term and whole life insurance with maximum issue ages up to 90. It is financially stable with a high A++ rating from AM Best.
4. For seniors
Interested in simpler application processes, USAA Life offers whole life policies without a medical exam, making it more accessible to those with pre-existing conditions.
Choosing the right policy depends on your specific needs, such as coverage for final expenses, estate planning, or leaving a legacy. Consulting directly with an agent can provide tailored advice based on individual circumstances.
