Since life is unpredictable, it’s best to prepare for unforeseen situations. A good way to prepare is by purchasing insurance. Insurance policies provide financial compensation during emergencies and offer some relief. Various life insurance policies are tailor-made for senior citizens, a popular example being guaranteed universal life insurance. This plan promises attractive death benefits while charging affordable premiums. Although life insurance policies are beneficial, researching the premiums, coverages, and company reputation is necessary before applying.
New York Life
New York Life’s accessible and flexible death benefits make it one of the most affordable policy rates for senior citizens. Another perk of purchasing New York Life’s insurance policy is that they sell policies to individuals aged up to 85. There is no medical exam that determines the availability of the policy to the applicant. The only deal breaker here is their average customer service.
American National
Apart from New York Life, American National is the only other insurance company that provides universal life insurance policies that start from $25,000. Apart from its affordability, they offer a wide range of coverages for the policies and are very transparent about it on their website. Do keep in mind that American National does not entertain smokers.
Banner Life
Banner Life is touted to be one of the best in the industry with respect to life insurance. Affordability and flexibility apropos purchase and payment of policies makes it a favorite among critics and prospective customers. Their underwriting policies are considerably lenient, which gives everyone, including those with chronic illnesses, a chance to own insurance policies.
North American Company
With an A-grade rating (as per industry standards), North American Company has a great standing in the field, especially for life insurance policies for individuals over 65 years of age. The low premium cost alone makes it economically viable for senior citizens.
Lincoln Financial
Besides Mutual of Omaha, Lincoln Financial is the only other insurance company that boasts excellent customer service. This is beneficial as the individuals selling the policies give a better overview of its advantages and are honest about the terms and conditions. Lincoln Financials’ rider selection, which may include Spousal or Child Support, is of great use as family members can also benefit from it.