The investment in oneself through the acquisition of the best whole life insurance for seniors is an irrefutable testament to the maintenance of one’s physical health, as well as the longevity of one’s wealth and overall well-being, regardless of the chronological age one may find themselves in.
However, it is imperative to note that the majority of companies offering insurance benefits operate within a strict age range of 65 to 90 years old. The all-encompassing nature of whole life insurance is unparalleled in the realm of financial investments, as it ensures not only lifelong coverage but also doubles the deposit in question.
The benefits of this criteria of insurance provide a guarantee of unchanging privileges for the policyholder, and even after their unfortunate passing, their loved ones are entitled to the same amount of premium benefits and a liable and incremental cash value.
Since you will pursue insurance for your whole life, this needs careful consideration. We’ve completed the research for you, leaving only the best options at your disposal. Let’s scroll down for the whole discussion!
10 Best Whole Life Insurance For Seniors
Now the question is how to pick the best whole life insurance for you and your loved ones? Our editors have selected the top ten best whole life insurance for seniors by focusing on a few factors.
We have considered insurance providers that are financially strong and reliable enough to continue the lifelong insurance. Besides, we have enlisted insurance that holds a low level of customer complaints and peak customer satisfaction.
1. MassMutual
Since 1851, MassMutual has been providing insurance services to people for securing the financial future and safeguarding their near & dear ones. MassMutual’s whole life insurance service is a permanent policy that ensures a lifetime value for you and your nearest ones.
They provide Lifelong insurance service with building guaranteed cash value and earning dividends for enhancing death benefits for your family.
Advantages
- Provides insurance coverage in all the 50 states of the US
- You can get a minimum coverage amount from 25K to 100K dollars for Legacy HECV
- Based on the policies, they offer insurance services to individuals aging from 0 to 90
- They provide an unlimited maximum benefit for the participants
- Offers multiple whole life insurance alternatives like Legacy HECV, Legacy, 10 to 25 Pay, Legacy 65 & 100
- You can also pay business loans, college expenses, cover mortgages, fund retirement goals for spouses, etc. with their benefits
MassMutual has insured more than 6.2 billion dollars on paying life insurance & annuity privileges. As of 31 December 2021, they have insured more than 830 billion dollars of life insurance protection in force.
For eight consecutive years, the Ethisphere Institute has recognized them as one of the most principled companies in the world. Signing up for MassMutual insurance is a breeze – it’s simple and straightforward!.
MassMutual has multiple insurance plans available for the applicants. Among the insurance services provided by this company are Universal Life, Variable Universal Life, Term Life and Whole Life Insurance.
You should analyze plans, recommend your financial profile, purchase by recommendations and review the strategies from MassMutual insurance professionals.
However, you need to contact a financial professional before jumping into the whole life insurance from MassMutual. This whole life insurance offers a death benefit, which is shared with your loved ones regardless of when you die or how long you live. You can build cash values that can be used in paying college fees, emergencies, or any supplemental retirement income.
2. Guardian Life Insurance
If you are a senior who is looking for the best whole life insurance for seniors, including couple benefits, Guardian Life Insurance is the best pick from our editors.
Whole Life insurances from Guardian offers a set of comprehensive benefits for the whole life, instead of term life benefits. This whole life insurance service has a wide section of benefits including, health, life, and wealth sectors.
Advantages
- They offer insurance coverage in all the 50 states of the US
- You can get a minimum coverage amount of 25 thousand dollars
- They provide an unlimited maximum benefit for the participants
- Based on the terms & policies, they offer insurance services to individuals aging from 0 to 90 years old
- Guardian also offers insurance services with the potentiality of earning dividends
They also have disability insurance for people suffering from disabilities such as HIV. You can get insurance benefits with Guardian insurance from any age range. The basic benefits or components of Guardian Whole life insurance are premiums, cash value, and death benefits.
Guardian also offers a universal life insurance service for all that provides insurance benefits with flexible monthly premium payments, including cash values.
Both whole life and term life insurances are great. But if you’re close to your retirement, we prefer switching with term life insurance. The cash value and its growth are deferred from taxes, which means you don’t have to pay taxes for the extra benefits you’re getting from the Insurance policy.
You can also pay business loans, and college expenses, cover mortgages, fund retirement goals for spouses, etc., with their cash value benefits. After all, the Guardian doesn’t assure dividends for all.
They have been providing dividends to the permanent pay holders since 1868. However, for 2023, they have set a budget of about 1.2 billion dollars for paying dividends.
3. Quility Permanent Life Insurance
Are you worried about the upcoming future of you and your loved ones just because you’re close to retirement? You can go for Quility Life insurance to ensure peace of mind for the unprecedented future of your family.
Quility is the brand name of the Quility family of companies, a licensed insurance producer affiliated with Symmetry Financial Group LLC.
Advantages
- They offer insurance coverage in all the 50 states of the US
- You can get a minimum coverage amount of 25 thousand dollars
- They provide an unlimited maximum benefit for the participants
- Based on the terms & policies, they offer insurance services to individuals aging from 0 to 90 years old
- Guardian also offers insurance services with the potentiality of earning dividends
They provide both whole life and term life insurances which will provide you with mortgage loans when you’re in your bad times. Applying for Quality Whole life insurance is pretty simple, and they offer affordable coverages for just 15 to 20 dollars.
The term life insurances are available for 10 to 30 years. Quility provides up to 1 million dollars in coverage, and they offer it to your inbox in 10 minutes.
But before you apply, you can make the right decision by contacting a licensed insurance agent. They offer advisory opinions through live chat, and all can be done by scheduling a consultation. They don’t require any medical exams for application.
You can apply by entering your personal data, and primary beneficiaries and submitting the form. If you feel doubt about taking the mortgage protection insurance from Quility, you can read the guide on their website to get acknowledged about the facts.
4. AARP Life Insurance
AARP is a non-profit organization for seniors aged over 50, and they are an interest-based company in the United States.
For making the life of the older citizens of the US more effortless, they offer a set of comprehensive insurance alternatives.
They have long-term, short-term care options, dental insurance plans, and visionary insurance plans for eye-disabled individuals.
Advantages
- AARP offers insurance benefits for all the states of the US with cash values
- Minimum coverage for a standard whole life policy is 1500 dollars, and 1000 dollars for a guaranteed acceptance policy.
- They offer insurance for individuals ranging from 50 to 80 for specific criteria for AARP members.
- Maximum coverage for a standard whole life policy is 50 thousand dollars(5000 dollars in Washington DC), and 25 thousand dollars for a guaranteed acceptance policy.
- AARP also offers insurance services with the potentiality of earning dividends
- Get insurance coverage by paying an affordable amount for as low as 11 dollars.
The whole life or long-term insurance plan from AARP is provided with cooperation from the New York Life insurance company. They offer guaranteed acceptance for life insurance with policies for standard whole life benefits.
Signing up a process for AARP Whole life insurance is pretty simplistic, and they offer affordable coverages for just 15 to 20 dollars every month.
If you apply for AARP whole life insurance from the New York Insurance company, you can get coverages from 10 thousand to 100 thousand dollars by paying rates as low as 11 dollars per month.
AARP also has insurance benefits for healthcare, Medicare eligibility, pet animals, vehicle, life & property, etc. They offer insurance benefits for spouses with ages ranging from 45 to 80 and 50 to 75 for the residents living in New York.
5. New York Life Insurance
New York Life has been providing life insurances since 1854 with the potential of annual dividends.
If you are looking for one of the best whole life insurance for seniors, you can trust New York Life, an A++ category insurance provider with over 800 in JD power rating. They offer permanent protection with added cash values when you need it most in your terminal life.
New York Life has been providing insurance benefits to improve the financial career of people for over 175 years. You can get term life insurance, whole life insurance, universal life insurance,
Advantages
- Provides insurance coverage in all the 50 states of the US
- You can get a minimum coverage amount of 25 thousand dollars for Legacy HECV
- Based on the policies, they offer insurance services to individuals aging from 0 to 90
- They provide an unlimited maximum benefit for the participants
- Offers multiple whole life insurance alternatives like Custom Survivorship Whole Life, and Customizable Whole Life Insurance
- You can also pay business loans, college expenses, cover mortgages, fund retirement goals for spouses, etc. with their benefits
Variable life insurance, and many more insurance services from New York Life. If you are looking for lifetime protection with added advantages, you can check out the best whole life insurance policy for seniors.
With New York Life insurance, you can get access to your cash values which are tax-free. Premium cash benefits provided by them are guaranteed never to increase. You can get started with New Life long-term insurance within minutes with eligibility conditions.
The premiums have a Mix of the death benefit and cash value, which guarantees cash growth. They have been providing dividends to the permanent pay holders since 1854. However, for 2023, they set a budget of about 1.9 billion dollars to pay dividends for the policyholders.
6. Northwestern Mutual Whole Life Insurance
Northwestern Mutual is an insurance producer that sells whole life insurance policies with multiple payment alternatives. The short-term insurances from Northwestern Mutual are available for 15 to 25 years, and they provide financial planning benefits for individuals aged from 65 to 100.
Whole life insurance provides prominent coverages that last for the entire life with enjoyable benefits.
Advantages
- Get minimum coverage of up to 50 thousand dollars based on the payable amount and term duration.
- They include cash values which are differed from taxes, which means you don’t have to pay tax for the cash advantages.
- Provides a maximum benefit of about 70 million dollars for the eligible participants
- Insurance service is available for all the states inside the US
- Provides services regarding whole life insurances for individuals aged between 0 to 85
- They have insurance policies that come with the potentiality of getting dividends for qualified long-term policyholders.
The eligible participants of Northwestern Mutual Life Insurance can get a minimum benefit of 50,000 dollars and a maximum of 70 million dollars.
Northwestern Mutual insurances come with a life insurance calculator, which allows calculating the benefits. They offer to build cash values that grow over time, and you can use this amount for almost anything.
The best whole life insurance for over 50 policy from Northwestern Mutual is known as Whole Life Plus, which provides endless benefits regardless of the age range.
It is one of the largest insurance producers in the United States, which has set a budget of about 6.5 billion dollars for paying dividends amongst the participating members. Before you jump in, make sure you contact one of their financial advisors.
You may like: The 7 Best Life Insurance For Seniors No Medical Exam
7. State Farm Whole Life Insurance
State Farm is a renowned bank based in the US in New York, which offers financial benefits by producing insurances of various categories.
They offer multiple insurance services named- Whole Life Insurance, Limited Pay Whole Life, Single Premium Whole Life, and Final Expenses. The age ranges for eligibility into the insurances vary on services & their policies.
Advantages
- Provides multiple insurance services named- Whole Life, Limited Pay Whole Life, Single Premium Whole Life, and Final Expenses
- Age ranges for eligibility into insurances vary on services & their policies, for instance, 50 to 80 for the Final Expenses service.
- Provides a minimum benefit coverage of 10 thousand dollars for all
- They have no maximum coverage limit for the services(10 thousand dollars for Final expenses policy)
- Their insurance programs are available in all 50 states of the US, except for Massachusetts.
- State Farm also offers insurance services with the potentiality of earning dividends.
The Limited Pay Life Insurance from State Farm bank lasts for 15 to 25 years. You can set the longevity range and the monthly payment amounts regarding the benefits in these insurance terms. The Single Premium Life Insurance service provides a one-time benefit that lasts for the whole life. The Final Expenses service covers burial expenses for the insurer after death.
The Final Expenses policy is only available to New York, which provides up to 10 thousand dollars as a burial expense for the insurer after his death.
Limited Pay Whole Life policy also has level premiums that last 10, 15, or 20 years based on choice. Before applying, you need to council with State Farm agents to avoid long-term mistakes.
8. Nationwide Life Insurance
If you plan to get all of your insurance policies (whether it is a whole life or term life) from one provider, you can check out the services from nationwide Life Insurance.
They have a wide section of premiums and rider benefits with multiple Life insurance terms & policies. Amongst the insurance services of Nationwide, they allow payments in two options.
Advantages
- Provides permanent protection with predictable & fixed bill payment options
- They also allow the utility to customize a policy with riders for an extra fee.
- You can also get assured cash values with incremental growth, including the death benefits.
- You can also pay business loans, college expenses, cover mortgages, fund retirement goals for spouses, etc., with their cash benefits.
- Cash value and its growth are deferred from taxes, which means you don’t have to pay taxes for the extra benefits.
- Get a wide section of insurance policies for pets, automobiles, houses, umbrellas, and other essential commodities of everyday life.
The payment options are Whole Life 100 and 20-pay Whole Life. Whole Life 100 insurance service provides exact premiums until they stop when you turn the age of 100.
Their 20-pay Whole Life insurance offers premiums that are equal until you pay the policy after a term period of 20 years. Let’s discuss the key benefits of Nationwide Whole Life Insurances!
Nationwide comes with a comprehensive available whole life policy riders & alternatives. They include- Chronic Illness Rider, Premium Waiver Rider, Children’s Term Insurance Rider, Terminal Illness Rider, Critical Illness Rider, Accidental Death Benefit Rider, etc. However, if you are not sure about the services of Nationwide, you can talk to a specialist to get a real-life solution.
9. AIG Life Insurances
For the sheer protection of the future life of your loved ones, you may have searched for the best whole life insurance for seniors, and AIG is one of the leading ones for insurance in the US.
They have been providing services regarding insurance since 1926, and in the United States, it is in the top ten insurance providers as of November 2021.
Advantages
- They come with more than 18 flexible term limits with considerable lengths.
- Provides term policies with living benefits for individuals aged 80, including retirement protections
- It comes with a maximum of 35 years term length for whole life insurances
- You can raise their instant issue options for up to age limits of 85
- The maximum age range for the insurance services is between 70 to 100
- Get a cash value coverage worth up to 25 thousand dollars(available for ages up to 85)
Amongst the services, they offer long-term or whole life insurances, term life insurances, universal life insurance, and guaranteed insurance policies.
These insurances will help you keep going in your life without any stress and concern for the future. If you are interested in the insurance services from AIG, you can start the process by getting a quote first.
However, they have limited options for the whole life insurance services. With the cash values from insurance coverages, you can pay your college fees, and mortgage loans, pay debts, and set a secured future for your loved ones when you’re close to your retirement. If you are stuck with any questions regarding the life insurance of AIG, you can talk with a financial professional.
10. Policygenius Life Insurance
Policygenius is not an insurance company, and they sell products or services regarding insurance. They believe you don’t have to always go with the waves.
Getting away from waves can also serve people. They have served more than 30 million shoppers with the right insurance services worth almost 90 billion dollars. You can start searching for the right insurance product for you from Policygenius.
Advantages
- Offers services with intelligent tools circulate everything with human support and get Unbiased advice.
- They offer insurance coverage in all the 50 states of the US
- You can get a minimum coverage amount of 25 thousand dollars
- They provide an unlimited maximum benefit for the participants
- Based on the terms & policies, they offer insurance services to individuals aging from 0 to 90 years old
- Policygenius also offers insurance services with the potential of earning dividends
- Pay business loans, college expenses, cover mortgages, fund retirement goals for spouses, etc. with their benefits
- Get insurance coverage by paying an affordable amount for as low as 55 to 136 dollars per month.
They have a comprehensive section of insurance services consisting of term life, whole life, and no medical exam life insurance. If you are unsure about the benefits and services between term life and whole life insurances, you can compare both services. Policygenius services have an excellent rating of 4.7 out of 5 in the Trustpilot platform.
Policygenius has a wide section of insurance services, including home insurance, life insurance, auto insurance, and disability insurance. The premium services of Policygenius are offered based on your age, health, coverage amount, term length, and rider services. The Life insurance rates are increased by 4.5 percent to 9 percent each year.
What Are The Alternatives Of Best Whole Life Insurance For Seniors
Do not fret if the concept of whole life insurance services does not sit well with you or if you are unable to obtain these particular services. There exist a plethora of alternative options for whole life insurance services specifically tailored towards seniors, all of which can provide a secure future for your beloved family members. Thus, let us embark on this multifaceted discussion posthaste!
Term Life Insurance
Conventional term life insurances are a great alternative to whole life insurances. The main variation between whole life and term life is noticed in their term length. Whole Life insurance comes with lifelong benefits, where term life has a term length of between 10 to 30 years.
Term Life insurance comes with coverages that remain constant for the whole term length, and they don’t include cash values. However, term life insurances are pretty much cheap whole life insurance for seniors. Each term of life insurance expires after the set period for that term policy.
Universal Life Insurance
Universal life insurance is pretty much identical to whole life insurance services. However, the whole life insurance doesn’t come with the adjustable flexibility for coverage, premiums, and death benefits. But, with universal life insurances, you can set a stack of flexible benefits and premiums including death benefits.
Variable Life Insurance
Whole life insurance provides cash values and they offer a set of sectors on which you can spend the cash values. With variable life insurances, you can set specific sectors on which you can invest the cash values provided by your insurance policy.
Indexed Universal Life Insurance
Indexed Universal Life insurances are similar to universal life insurance. But they are tied to an indexed stock number which determines the overall functionality of the insurance policy, such as premiums, payment rate, coverages, term lengths, etc.
FAQ About Best Whole Life Insurance For Seniors
What does modified whole life insurance mean?
Modified whole life insurance comes with a modified period for the first few years. In these modified period years, they will pay you fewer premiums and you can’t contribute with the cash values of the policy as well. However, after the termination of the modified period, the premiums will rise up and reach a stable level.
How to determine if a whole life insurance is worth it or not?
Modified whole life insurance comes with a modified period for the first few years. In these modified period years, they will pay you fewer premiums and you can’t contribute with the cash values of the policy as well. However, after the termination of the modified period, the premiums will rise up and reach a stable level.
How to determine if a whole life insurance is worth it or not?
The worthiness of whole-life insurances depends on the needs and financial stability of the individuals. Whole life insurance is great for you if you can afford the increased premiums and want a significant growth in your cash assets for the time being. However, if you want to safeguard your family after your death, term life insurance is pretty much enough to consider.
What is the average cost of whole life insurances?
Suppose you’re insuring a 500000 dollars whole life insurance for a 40 years old healthy adult. In this circumstance, you have to pay about 5700 dollars per year. For the same amount of policy in 20 years term insurance, you may need to pay 315 dollars each year.
How do I pick the best whole life insurance quotes?
Before you go for the quotes about whole life insurances you should contact an independent financial expert or insurance broker. These financial experts will take a few data about you, and provide you with a comprehensive collection of insurance providers based on your customized data. By observing the AM’s best rating of these companies, you can find out how stable the company is, and the likelihood of providing the promised policy.
Are there any differences between term and whole life insurances?
The primary variation between whole life and term life is noticed in their term length. Whole Life insurance comes with lifelong benefits, where term life has a term length of between 10 to 30 years. However, term life insurances are pretty much cheaper than whole life insurances.
Final Verdict
We are concluding the ten best whole life insurance for seniors by saying that, our researchers have independently researched and picked these companies. In our research procedure, we have looked at the reputation, price segment, premiums, coverages, and financial stability of the companies.
Moreover, we have considered the age issues, term lengths, conversion options, and various other policies of insurance companies. Customer satisfaction and complaint reports are also crucial factors we have considered during our listing.
In a nutshell, you need to contemplate on these factors and more specially your personal needs & preferences before taking the final action.