Best Life Insurance Companies for Seniors Over 70
What is Life Insurance for Seniors Over 70?
Life insurance for seniors over 70 is a type of insurance policy designed to provide financial protection for older people who may have difficulty obtaining life insurance due to their age. Life insurance for seniors over 70 typically pays a lump sum death benefit to the designated beneficiaries upon the death of the insured person. This type of insurance can provide peace of mind to seniors and their families, as it can help to pay for funeral expenses, medical bills, and other expenses that may arise.
Types of Life Insurance for Seniors Over 70
When it comes to life insurance for seniors over 70, there are two main types: term life insurance and whole life insurance. Term life insurance is a type of life insurance policy that provides coverage for a specific period of time, typically 10, 20, or 30 years. Whole life insurance is a type of permanent life insurance policy that provides coverage for the insured person’s entire life. Whole life policies typically require higher premiums than term life policies.
Best Life Insurance Companies for Seniors Over 70
When it comes to finding the best life insurance companies for seniors over 70, it is important to compare policies from different companies in order to find the best fit for you or your loved one. Here are some of the top life insurance companies for seniors over 70:
- AIG
- Mutual of Omaha
- Transamerica
- Northwestern Mutual
- New York Life
- Prudential
- State Farm
- John Hancock
- Protective Life
- Lincoln Financial Group
Benefits of Life Insurance for Seniors Over 70
There are many benefits to having life insurance for seniors over 70, including:
- Peace of mind knowing that your family will be financially taken care of
- Providing funds to cover funeral expenses and other costs associated with death
- The ability to leave a legacy for your loved ones
- Protection against outliving your income and running out of money in retirement
- The potential to build cash value over time, which can be used for a variety of purposes
Conclusion
Life insurance for seniors over 70 can be a great way to ensure that your family is taken care of financially after you pass away. There are many companies that provide life insurance policies for seniors, so it is important to compare policies in order to find the best one for you or your loved one.