People over 50 may need to evaluate their life insurance requirements as they transition into a new era with growing children, expanding businesses, and aging parents. Life insurance provides various benefits for financing funerals, debts, and mortgages and ensuring beneficiaries maintain a similar quality of living. Furthermore, you should continue reading to find out which life insurance is best for people over 50 and what you should know about getting insurance at this point.
Best Life Insurance for People Over 50
For people over 50 seeking the best life insurance, making an informed choice is crucial. The cost of insurance and the options available will be significantly influenced by your age, your health, and financial objectives. Moreover, we compared companies depending on the features and rates of their term and cash value policies. This helps to determine which offers the best life insurance for people over 50.
Lincoln Financial
Lincoln Financial is offering affordable prices to people over 50 who purchase term life insurance. Generally, Lincoln Financial offers dependable policy illustrations and inexpensive rates for individuals seeking cash-value life insurance. Lincoln Financial’s survivorship policies are worth taking into account for couples purchasing life insurance as part of their estate planning. These insurance payouts occur after both policyholders have passed away, covering two lives under one policy. Furthermore, beneficiaries utilize the money to satisfy other debts or estate taxes.
Penn Mutual
Penn Mutual’s permanent life insurance policies ranked higher due to certain factors. This includes cost competitiveness, historical performance, accurate policy value projections, cash value account access, and financial soundness. The company also has a low complaint rate. Also, the premium for 20-year term coverage was about $100 less than the $1,835 group average.
In addition, this company offers top-rated coverage with over 90% in four of five permanent life insurance categories. It is tied for the second-lowest rate for a 20-year term policy. However, the cash value access score of the company was lower than that of other top companies. Furthermore, over 50 people should consider a permanent life insurance policy, including a guaranteed issue whole life policy.
Protective
Protective boasts some of the lowest average prices for term life insurance. In addition, the insurer ranks highly for both dependable policy illustrations and historical performance. Also, its permanent life insurance products are reasonably priced. Competitively priced term life insurance policies provide reliable cash value evaluation illustrations, while permanent life insurance policies have low internal costs. This allows premium payment towards cash value.
New York Life
New York Life is ranked as the best older adult life insurance company due to its strong financial position and ability to issue policies up to age 90, earning an A++ rating from AM Best. Few complaints were lodged by the corporation with state regulators. In addition, whole-life policyholders are qualified to receive dividend payments from life insurance.
New York Life has the longest tenure of dividend payments, having been paying them continuously since 1854. It offers customizable policy options like living benefits, a spouse’s paid-up insurance purchase option, and a disability premium waiver. The website lacks a web application, and users must provide their phone number and other personal data for a quote and comprehensive policy information.
Fidelity Life
Fidelity Life is a recommended option for older individuals who have significant health issues or have previously been denied coverage. The company provides whole life, last expense, and accidental death benefit plans, among other alternatives, for permanent no-exam coverage. Additionally, a medical checkup is not required for its term or whole products for candidates between the ages of 50 and 85.
Moreover, people over the age of 50 can purchase the company’s no-exam RAPIDecision Senior Term Life for sums ranging from $10,000 to $150,000 for terms of 10, 20, and 30 years. Furthermore, Fidelity Life is rated A by AM Best, a credit rating firm that denotes “excellent” financial soundness.
Haven Life
Haven Life offers affordable term life insurance, suitable for those seeking a provider with excellent digital assets, as policies can be acquired online. It may not be the best choice for those who prefer discussing life insurance needs with an agent or prefer a permanent policy.
Moreover, MassMutual underwrites Haven Life’s life insurance products and has an A++ (Superior) AM Best financial strength rating. MassMutual outperformed the industry average in customer service according to the results of the 2022 U.S. Individual Life Insurance Study. The National Association of Insurance Commissioners (NAIC) data indicates that MassMutual has a lower-than-average number of customer complaints.
Guardian Life
Guardian provides whole life insurance that matures at 65, 95, 99, and 121 years old. The universal and variable universal life products from Guardian, which are issued up to age 85, can be of interest to you if you’re searching for alternative permanent coverage options. The policy type is a term, with a maximum age of 75, coverage of $100,000+, and a whole policy with a maximum age of 90, coverage of $25,000+.
Pacific Life
For the majority of its products, Pacific Life provides a good mix of affordable rates and trustworthy drawings for customers over 50 who are interested in purchasing cash-value life insurance. This optimizes the accumulation of your financial value. The company’s investments have performed well, supporting the development of clients’ cash values. Many of Pacific Life’s policies will produce financial value even in the early years, unlike other companies. Due to its affordable prices, buyers of term life insurance over 50 should give Pacific Life some thought.
John Hancock
John Hancock received high ratings from top rating agencies for its stability in the insurance industry. Because these ratings indicate the chance of a provider paying policy beneficiaries’ claims, they are an essential component of your life insurance journey. Generally, rating agencies have given John Hancock a positive rating, indicating a strong financial position for the company. John Hancock’s cost competitiveness, policy performance projections, and historical performance scores were all below the group average.
Mutual of Omaha
Mutual of Omaha provides a range of alternatives for both term and permanent life insurance. Its whole life insurance policy is intended exclusively for those in the age range of 45 to 85 (or 50 to 75 if they reside in New York). Mutual of Omaha is the top choice due to its superior past portfolio performance among all life insurance providers examined.
The policy offers strong historical performance, can be issued up to 85 years old, and offers multiple riders for customization of coverage. However, the company lacks guaranteed issue policies, has limited online application options, and its cash value policies may not grow as rapidly as other insurers.
