Insurance Companies for People Over 50

Nov 15, 2023 By Susan Kelly

Your life insurance rates will increase in proportion to your age, so the longer you put off purchasing coverage, the more expensive it will be. Additionally, if you have pre-existing health issues, they may restrict the sorts of plans for which you are qualified to get coverage. We analysed dozens of life insurance companies to assist you in finding the best life insurance company for people over 50. This will help you find the best life insurance company for people over 50.

Nationwide

According to the findings of our investigation, Nationwide is the most reputable and trustworthy provider of life insurance for persons over the age of 50. According to the National Association of Insurance Commissioners (NAIC), the firm has an excellent financial strength rating, has achieved the second-highest J.D. Power rating for overall customer satisfaction among large insurance companies, and had few consumer complaints.

People over 50 have several options when shopping for a life insurance policy via Nationwide. Your medical history will determine whether or not you are eligible for a policy that does not need a medical exam. If you are between the ages of 51 and 60, the maximum coverage level that may be expedited without medical underwriting is $1 million. Additionally, we appreciate that most Nationwide's policies come with several living benefits for riders who provide extra protection at no additional expense.

Guardian

AM Greatest awards the highest possible grade of A++ to Guardian, giving the company the best possible rating for its financial health (together with MassMutual) (Superior). This demonstrates that Guardian is financially solid and that the company is extremely likely to satisfy the responsibilities it owes to policyholders, including paying claims.

During our research into 91 different life insurance firms, we discovered that Guardian offers new life insurance policies up to the age of 90. This was the highest issue age we discovered. The business provides clients access to various life insurance options, including a whole life policy that pays dividends. Guardian recently announced that it will pay qualified policyholders a total of $1.13 billion in dividends in 2022, which is more than it has ever paid in the whole history of the organisation.

Protective

Protective was the clear winner when it came to being the top-term life insurance provider for persons over 50. Protective provides the most competitively priced term life insurance rates among the companies we analysed, making it a smart choice to consider if you are searching for an economical solution for temporary coverage. In addition, Protective provides periods of 35 years for candidates who are 50 years old (most providers cap available terms at 30 years).

In addition, we appreciate that candidates for life insurance plans may be any age up to 85 years old when they apply to Protective. If you are over the age of 45 and want to get a policy that does not need a medical exam, you should be aware that the coverage is relatively restricted and only goes up to $500,000.

MassMutual

MassMutual is a fantastic option if you want whole life insurance coverage that includes dividends (along with Guardian). The firm has a very good history of dividend distribution and recently announced that it will pay over $1.85 billion in dividends to customers who are qualified for them. This would be the greatest payout in the history of MassMutual.

The ratings for MassMutual are quite good, and independent reviewers have nothing but positive things to say about the company. According to the findings of the 2021 U.S. Individual Life Insurance Study conducted by J.D. Power, fewer complaints than would be expected for a company of its size, and it performs better than the industry average regarding customer satisfaction.

Mutual of Omaha

People over 50 looking for a reliable alternative for last expenditure coverage might consider Mutual of Omaha. You may get insurance to cover your last expenses until age 85 (or age 75 in New York), and the coverage amounts can range anywhere from $2,000 to $25,000. In Washington, the bare minimum is $5,000. The approval process does not need a medical exam to be completed.

Mutual of Omaha is a fantastic company to explore as a potential supplier if you are searching for coverage that also includes accelerated death benefits. A terminal illness, critical illness, or chronic sickness rider may come standard with certain plans at no additional expense. Another benefit of choosing Mutual of Omaha for your last-cost insurance needs is the company's online quoting and application system, which eliminates the need to speak with a representative over the phone. It is important to remember that the organisation receives more complaints than other major insurance providers. It got about the number of complaints that were to be anticipated from a corporation of its size.

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