Life insurance is a necessary part of life as you grow older. Since there are so many companies on the market, it may feel tough to pick one that suits all of your needs. These insurance groups stand out among the rest, which makes them the best businesses to choose for your policy.
North American Company for Life and Health Insurance
North American Company doesn’t have the catchiest name, but its Custom Guarantee Group Universal Life Insurance has what you need. The death benefits are as low as $25,000 and are available for seniors through age 85. The plans also have an accelerated death benefit rider that can be used in response to illnesses that aren’t necessarily terminal, such as heart attacks, strokes, and memory loss.
North American Company does require seniors to go through a medical examination to qualify for insurance. The medical exam is used to help determine a proper life insurance rate, but can also affect whether or not you get approved.
American National is one of the best groups that doesn’t require you to go through a medical exam to acquire life insurance. If you’re worried that getting a medical exam could deny you coverage, American National is the company of choice for you.
It is required that you fill out a health questionnaire with your application, which is used to assess how much coverage you really need. The policy amounts vary from $25,000 to $250,000, but if you want more death benefits, you’ll need to take a medical exam. One of the biggest benefits of American National allows for 100% of the death benefit to be accelerated in the case of a terminal illness.
Mutual of Omaha
Life insurance for the elderly should also have enough coverage to pay for funeral expenses. Mutual of Omaha is the company if you’re looking for a little more to leave behind. This company issues policies to seniors up to age 85 and has an accelerated rider that allows up to 80% of death benefits to be accessed early.
Medical exams are an option for seniors who are looking to purchase death benefits that are $250,000 or lower. If you are under the age of 65, you can buy a guaranteed universal life express insurance plan that offers death benefits from $25,000 to $300,000 (based on age) that has simplified underwriting and guarantees a death benefit with a quick issue process
Assurity Life Insurance Company
Assurity provides whole life insurance for seniors ages 74 and younger. For those below 65, insurance is available from $50,0000 to $350,000 without a medical examination. Instead of an exam, you’re required to answer a lengthy questionnaire about your health history. More coverage is available for those who don't mind submitting to a medical exam.
Assurity plans also come with an accelerated benefits rider for those who are diagnosed as terminally ill, and an additional critical illness benefit rider that pays for an individual who is diagnosed with a specified critical illness.