ATTENTION GRANDPARENTS: Best Life Insurance for Seniors Over 60 👴 - YouTube

Let’s talk about buying life insurance as a senior.

A policy can help your family cover outstanding debt, living expenses, medical bills and funeral costs when you pass away.

It’s also one way to leave a financial legacy to your kids and grandkids.

But if you’re over 65, you may run into two challenges when you’re shopping for life insurance:

the cost, and how much coverage you can buy.

These 5 companies stand out for making life insurance more accessible and affordable for seniors.

Our top pick is New York Life, which has a lineup of life insurance policies to suit seniors’ needs.

It offers a rare, five-year term life policy.

This is perfect for seniors who are close to retiring, and only need life insurance until their Social Security benefits kick in.

Its permanent policies start at $25,000, which is great for seniors who don’t need a lot of coverage — or want to keep their premiums low.

To put that into context, most insurers only offer policies worth $100,000 or more.

You can buy a guaranteed issue policy up to age 85 without taking a medical exam, and that coverage lasts the rest of your life.

Insurers often charge seniors sky-high premiums because of their age and health— but not Legal & General.

It has a more relaxed approach to underwriting, and accepts applicants with common health issues like asthma and sleep apnea.

It also offers slightly cheaper rates to those with more serious conditions, like diabetes.

And if you can prove you get an annual physical, you may be able to lower your premium even further.

It sells convertible term life policies up to age 70, which means you can upgrade to a permanent policy later on.

When it comes to cost-effective policies for elderly applicants, Mutual of Omaha has a few great options to choose from.

These include permanent policies that last your entire life, and build a little bit of cash value over time.

It issues guaranteed universal life insurance up to age 85 and waives the medical exam for policies worth less than $250,000.

You can also buy a term life policy worth $100,000 or more up to age 80, and renew it up to age 95 — which is unusual.

Finally, you can customize your coverage with a long list of add-ons,

including a return of premium rider that reimburses you for the money you’ve paid in premiums if you outlive your term.

As a senior, you may have accumulated wealth and assets and be in a good position to leave some money to your kids and grandkids.

If that’s the case, look into Lincoln Financial.

Its term and permanent policies start at $100,000 and go up to $10 million or more.

If you meet the criteria, you could take out a policy with a very generous death benefit.

Thanks to its competitive underwriting, the insurer is ideal for high-risk applicants — like seniors with pre-existing conditions.

Lastly, you can buy up to $1 million in term life insurance without a medical exam.

Maybe you only want to buy life insurance to cover your end-of-life expenses, or maybe you want to skip the medical exam.

Either way, you might be in the market for a simplified issue policy — which is where Transamerica shines.

It’s open to issuing policies up to age 85, with coverage ranging from $10,000 to $40,000.

It offers a few payment plans to choose from, including one that allows you to pay off your policy in 10 or 15 years while you’re still in the workforce.

There’s no waiting period, which means your loved ones will get a payout — even if you die the day after taking out your policy.

And there you have it: These 5 life insurance companies cater to seniors with cheaper premiums, competitive underwriting and flexible policies.

If these companies aren’t quite the right fit, you can compare more options on finder.com.

Thanks for watching!