Image the following scenario. Your parents have gotten a bit older, slowed down, moved to the assisted living facility in Lakewood, and are in general enjoying their golden years.
With each day that passes, though, you start to think about the end-of-life costs they might incur, and wonder if it might be a good time to start looking at life insurance for seniors. You might also want to look into the best estate planners in Sacramento so your estate is divided as you see fit.
While it’s true that insurance gets more expensive with age, this is a case where late is better than never. Here are five top options to get you started in your search for the best senior insurance plans.
Mutual of Omaha
Mutual of Omaha has a reputation for flexible policies with competitive pricing. You’ve got your pick of term, whole, and universal life plans and these can be issued up to age 80 and 85 — respectively.
On top of the options, though, Mutual of Omaha has some of the best customer service ratings around, is considered senior friendly by most, and makes it easy for older individuals to find the information they need — be it online, over the phone, or in-person with helpful local insurance agents.
Transamerica
You can count Transamerica as another insurance provider that offers a wide range of options when it comes to coverage.
They’ve got whole life insurance, term life insurance, universal plans, indexed universal plans, and even final expense insurance. There’s a lot to pick from, but that means you’re probably going to find something to suit your needs among all the options.
While they don’t possess the same satisfaction ratings as providers like Mutual of Omaha, the breadth of choice alone is enough of a reason to see what Transamerica can do for you.
Prudential
Prudential also has a wide range of policies to choose from, and the competitive pricing puts them on par with some of the other top insurance providers around the nation. The main advantage with their coverage, though, is the long list of potential living benefits that are available with their policies.
Most insurance providers limit their living benefits to roughly 50 percent of the policy value. Prudential’s living benefits can be up to 95 percent of the total policy, depending on the circumstances, and provided you purchased these at the beginning of your policy.
MassMutual
You can get term life insurance without a waiting period through MassMutual, which is enough of a hook to draw in quite a few insurance shoppers. This is a go to when you want to get a policy quickly, without taking a medical exam, and with decent coverage that is suitable for most older adults.