The Best Life Insurance for Seniors of 2015. #instant #auto #insurance #quote

#senior life insurance #Best Life Insurance for Seniors Waiver of..

The Best Life Insurance for Seniors of 2015. #instant #auto #insurance #quote

#senior life insurance

Best Life Insurance for Seniors

Waiver of premium

Best Seniors Life Insurance

How we narrowed down the field.

Finding the best life insurance for seniors can be tricky because premium costs are based on age and health, so the older you are, the more you pay.

Contract Provisions

Contract provisions are requirements of the life insurance policy. For example, some companies impose minimum coverage levels or maximum age limits. The most important restriction for seniors to look out for is a medical exam. It’s best to choose a company that doesn’t require this in order to purchase life insurance. Look for a waiver of premium option as well. This waives your premium payment if you become disabled or otherwise unable to pay. All the companies on this list offer this and don’t require new customers to take medical exams.

Policy Features

Look for a life insurance policy with guaranteed level premiums, so you aren’t charged more for your policy as you age. If you’re looking at a term life policy, make sure the company you choose doesn’t require a medical exam to convert the term policy to a permanent policy down the road. Northwestern Mutual holds a slight edge over the other two in this category because they offer a no-lapse guarantee, which means your policy won’t expire if the premiums you’ve paid are insufficient.

Policy Riders

Policy riders allow you to customize your policy to add extra coverage where you need it. There are riders to provide accelerated benefits in the event of terminal illness, estate protection, long-term care and final expense coverage. MetLife falls slightly behind the other two because they don’t offer a long-term care rider, although their selection of policy riders is still quite good.

Financial Strength

A strong financial outlook is important because you want to ensure your life insurance provider will be around when you need them. A.M. Best, Moody’s and S P are some of the top organizations that measure financial stability, so reviewing their ratings is a good place to start. All the companies on this list have excellent financial ratings, and MassMutual and Northwestern Mutual have earned the highest possible score from A.M. Best.

The Bottom Line

All the life insurance companies listed here are good choices for seniors, but our top recommendation is Northwestern Mutual. However, it’s worth getting quotes from all of them to compare prices and see which is the best fit for you.

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