Purchasing life insurance as you age is possible - you can find a plan to fit your budget and needs. However, you should make sure you get the best possible deal by shopping around and comparing life insurance rates from various companies, such as Banner Life Rates. You should also avoid working with just one insurer because you'll end up being locked into their pricing and underwriting requirements. Not all life insurance is underwritten equally.
Transamerica
When it comes to cost, Transamerica ranks in the top three for life insurance for over 50. They offer an extensive website and a plethora of investment options. However, they lack the expertise of financial advisors. Some reviews laud Transamerica's high-quality customer service and professional agents. However, others cite that the lack of widespread online quoting detracts from their overall convenience.
Mutual of Omaha
If you're looking for the cheapest life insurance for over 50, you've come to the right place. Mutual of Omaha offers policies that range in price from $29 to more than $1 million, and they even offer extended age ranges. Mutual of Omaha is a longstanding financial institution that has been in business since 1909. Its client base includes individuals, groups, and businesses. Its financial stability has been rated A+ by AM Best.
Quality of Life
The American General Life Insurance Company offers several types of life insurance policies, including Quality of Live, which allows you to receive some of your policy benefits while you are still alive. If you are over 50, you might be a good candidate for a Quality of Life policy. This type of insurance plan is flexible and affordable, and it will pay benefits even if you die before the policy matures. If you are older than 50, you can still purchase a policy with a no medical exam.
AARP
AARP life insurance is available only to members age 50 and over. Membership costs between $12 and $16 per year. Term life insurance rates can be set for 10, 15, 20, and 25 years. Permanent life insurance rates can range from $5,000 to $50,000, and they automatically increase as you age. While AARP life insurance rates aren't the cheapest, they are generally lower than comparable guaranteed policies.
Quotacy
Quotacy offers life insurance for over-50s in all 50 states and the District of Columbia. Premiums vary, depending on the risk class of the applicant. Younger applicants pay less than older ones. The website asks for information about your health and your goals before presenting you with a range of quotes. Whether you're considering buying a term life insurance policy or a permanent insurance policy, Quotacy is here to help.
