Who Has The Cheapest Life Insurance For Seniors?

Although purchasing coverage as a senior may be pricey, it might assist your family in handling any outstanding debts following your passing. The money can be used to pay for your burial, any debts you leave behind, your mortgage, or your children's college tuition. It might even be saved up for retirement in some circumstances.

The cost of your life insurance premiums is influenced by your age, gender, health, way of life, and policy type. Older persons' life insurance rates are higher because insurers view them as higher-risk customers.

There are affordable life insurance options available for seniors, while the cost of a policy will vary depending on your policy type and personal characteristics. You can find a price that works for you by shopping about and comparing quotations because some insurance companies give life insurance at better rates than others.

The Most Affordable Life Insurance Providers for Seniors

According on your personal profile and the type of policy, life insurance costs typically vary. MoneyGeek conducted research on the least expensive life insurance providers based on age, lifestyle, and policy type to assist you in finding senior life insurance that is inexpensive.

You can find the lowest costs for your particular situation by comparing insurance quotes. To pick the one that will meet your budget the best, go over our list of the least expensive life insurance providers.

2022's least expensive life insurance providers

Priority order:

#1 Banner Life,

#2 AIG,

#3 Guardian Life,

#4 State Farm,

#5, Transamerica

Companies Offering Seniors the Cheapest Term Life Insurance by Age

According to MoneyGeek, State Farm offers the most affordable life insurance for people in their 70s and 80s, while Transamerica gives the most affordable coverage for seniors in their 60s.

Your age affects the life insurance premiums you must pay. With each year, the likelihood of serious health disorders rises, making older persons more difficult to insure. According to our research, the price of a 10-year term life insurance policy might rise by up to 228% every ten years.

Banner Life

Banner Life is the No. 1 Cheapest Life Insurance Company of 2022 due to its reduced monthly premium costs compared to the other firms in our rating. Term and universal life insurance products are available from Banner Life. Customers can also get quotes from the business online.

The term lengths for Banner's term life insurance policies span from 10 to 40 years, one of the broadest ranges in our evaluations. Although there are only a few riders offered, applicants can still pick from a variety, including the Children's Life Insurance Rider and the Accelerated Death Benefit Rider.

With coverage amounts starting at $50,000, Banner Life's universal insurance policy provides lifetime protection for those between the ages of 20 and 80. However, because there is only one rider—the Accelerated Death Benefit Rider—universal life policies are more constrained than term life policies.

AIG

AIG's sample rates are close to Banner Life's, placing No. 2 on our list of the most affordable life insurance providers in 2022. Depending on the policy you select, coverage amounts can range from $5,000 to $10 million.

AIG provides term life insurance with 18 options for term lengths ranging from 10 to 35 years. Without having to undergo a medical checkup, you can change a term life insurance policy to a permanent one.

The guaranteed issue whole life and universal life policies offered by AIG both don't call for a medical checkup.

While you can seek a quotation online, the application procedure ultimately requires that you speak with an agent.

Guardian Life

The range of plans available from Guardian Life includes term, universal, whole, and variable universal life insurance. Term, universal, and variable life insurance plans begin with $100,000 of coverage, whereas whole life policies begin with $25,000 of coverage.

Permanent life insurance plans from the insurer provide flexible or guaranteed level premiums as well as a variety of coverage options with riders. The company's universal life insurance plans include riders that cover long-term care, charitable giving, the elimination of monthly deductions, and increased expedited benefits. On its full life insurance, Guardian Life offers dividends. While its term insurance products come in 10- to 30-year periods.

You will require an agent to assist you with all policy types. Online information on Guardian Life's policies or their features is absent. For a term life policy estimate, you can use its online instant quotation tool, but you'll still need to speak with an agent after that.

State Farm

The term, universal, whole life, and last expenditure insurance are all available from State Farm. Depending on the policy, you may be able to get combined coverage, in which case the deceased insured's beneficiary will receive the death benefit. A medical checkup is not necessary for all plans.

State Farm's inability to provide quotations or an online application for a policy is a drawback. You must speak with an agent directly in place of doing so. You may be able to obtain insurance the same day, depending on the policy. Check to see if State Farm is available in your area as there are various licence restrictions that vary by state.

Additionally, AM Best has rated State Farm with an A++.

Transamerica

Transamerica provides whole, universal, and term life insurance. Trendsetter Super and Trendsetter LB are two of its term life insurance policies. While Trendsetter Super has coverage of up to $10 million or more, Trendsetter LB is a no-medical-exam insurance with coverage of up to $2 million (and no medical exam in some cases). The following three permanent insurance options are provided by Transamerica: Index Universal Life Insurance, Final Expense Life Insurance, and Whole Life Insurance.

Transamerica offers a variety of riders for its life insurance plans. Comparatively to the other businesses that made our list of the Cheapest Life Insurance Companies of 2022, the offering is more constrained. Transamerica provides an online quote tool to assess costs, but you must interact with a local agent to purchase insurance. The business got an A rating for financial security from AM Best.

Final Words

In general, term life insurance policies are the least expensive, although whole life insurance and other permanent policies are more expensive. The cost of a life insurance policy can, however, be impacted by a wide range of factors.