Guaranteed universal life coverage is typically best for people 60–80 years old and greater. GUL maximizes your value by matching the permanent insurance of whole life coverage to the lower price of each. If you want to find out how we selected the best insurance coverage, then this article is for you.
An insurance firm is just as good as its capacity to pay money on claims. We’ve looked over how financially stable each provider is to ensure that they would be able to hold up this deal. The picks we put at the top have “Superior” ratings from independent agencies that rate the financial health of insurance companies exclusively. Because the Insurance Information Institute suggests reviewing two or more reviews side-by-side, we needed to find top ratings from another major group: either the “Excellent” from Moody’s or the “Very strong” from S&P Global.
Permissive Age Requirements
To make sure that the insurance could be accessed by the majority of seniors at the cheapest price, we searched for agencies with a lenient ‘most recent age of issue’. The majority will assign GUL through the age of 85 if the insured consents to a medical examination. That same exam could mean potentially getting denied for coverage if a senior experiences severe health problems. We set the age of issue provision at 80 years because of this. This is the oldest that a lot of providers are going to deliver no-exam GUL.
We searched for a fair expiration date as well. As with term life coverage, GUL generally expires at a predetermined date—the only thing is that it’s anticipated that a GUL policy will outlive the recipient. Life insurance agencies usually set up policies through the age of 90-121. Policies that last until 95 will cost less than ones—in comparison—that last until 120, but we were on the hunt for those who secured the “guarantee” in guaranteed universal life insurance. This meant that we needed coverage provided through the age of 120.
Variation of Policy Sizes
The soundest life insurance policy is the one that suits your death benefit requirements and your funds, in comparison. Such needs differ greatly for seniors. The size of the policy you choose is going to end up determining the price. The larger the coverage, the larger the premiums will be—and vice-versa.
Our cheapest selections provide a good comparison of premium policy choices. Death benefit needs start out as minuscule as $25,000 using American National or New York Life and the majority go as far as a company’s retention limits will permit (millions).
This denotes that almost anybody will have the chance to find the cheapest insurance plan for their situation—one that they’d be actually satisfied paying for
Level Premiums Guaranteed
We only look at providers offering GUL insurance using guaranteed level premiums. This means the prices will stay the same during the existence of your coverage. It’s an important safeguard, as certain companies provide competitive pricing to begin and hike up your rates after each year. Our top picks guarantee that the price you pay is the cheapest one you’ll have forever—in comparison to adjustable ones.
Generous Living Benefits
Seniors who are at risk of getting health problems will find that “living benefit” riders are a significant life insurance addition. This will pay for your medical care, treatments and assisted living. Such expenses would usually be burdensome on those insured or their family. We checked to be sure that each one of the selections grants an expedited death benefit rider, which usually are the cheapest living benefits.
Don’t forget that these fees are typically taken out of the death benefit and consume a bit of the amount that your recipients will obtain in the end. A more modest death benefit is probably more favorable than large medical debts acquired throughout the insured’s life.
The 5 Best Life Insurance Companies for Seniors
New York life is one of the best insurance companies out there with flexible policies. If you’re looking for a great range of coverage than American National. Customer is key right? If that’s true for you, then Mutual Omaha is the Insurance Company you need. As far as death benefits goes, Lincoln Financial has the best plans. Banner Life has the most flexible financial plans.
Think About Your Benefactors
When choosing a life insurance policy, it’s important that you take into account the needs of those who will receive the financial support. For instance if it is your children, and they have a low income, you may want to invest in a larger life insurance policy. On the other hand, if your descendants have a large sum of money, then they won’t need as much financial assistance once you pass.
Different Types of Life Insurance
Before you pick a life insurance policy, it is important that you know that there is more than one type of life insurance. Here are the various types of life insurance available:
- Whole Life Insurance
- Variable Life Insurance
- Term Life Insurance
- Universal Life Insurance
Each of these types of life insurance offers benefits that vary from one to another. It is important that you do thorough research on each type of life insurance before signing a policy. Everybody’s needs differ, so when you pick an insurance policy, you need to pick a plan that is best for your needs.
Another thing to consider, is that while you are still alive you will have to pay premiums for your life insurance policy. So it is very important then, that you choose a policy that will leave you benefactors taken care of while not breaking the bank for you. This will require balance and good financial planning. If you have a financial adviser, it would be beneficial to consult with them BEFORE choosing a life insurance policy.