Best Life Insurance Companies For Seniors

Posted in Insurance Companies
Last updated August 14, 2019

If you’re looking for senior life insurance it’s possible that you’ll be overwhelmed by the sheer number of options available. You’ll want to consider how much it will cost you, how easy the application is to fill out and how many policy type options at your disposal, among many others. Unfortunately, if you want to get the fullest picture, it’ll likely require a lot of time-consuming research.

Have no fear though! True Blue Life Insurance has taken a look at all of the options and figured out the best of the best. We even have the best for specific insurance categories you may be looking for. We know how to get you the best deal. It’s what we do.

Best Senior Life Insurance Companies by Category

Level: Aeatna
Graded: Royal Neighbors
Modified: Mutual of Omaha
Guaranteed: AIG
Funeral: Great Western

Best of:
Level Benefit

Our review:

Aenta is the parent company of American Continental Life. This means that customers benefit from the financial stability, reputation, and customer service of one of the largest insurance providers in the world. The level benefit plan is priced excellent and the qualification requirements/health questions are lenient. We are able to save customers up to 70% on their premiums and provide them full first-day coverage by answering a few health questions.

Brochure:

Products:

  • Level Benefit Whole Life
  • Graded Benefit Whole Life
Best of:
Graded Benefit

Our review:

Insurance with a Difference. As a fraternal organization, their conservative financial management philosophy and commitment to safeguarding members' interests produce results that will make you confident in your purchase. Assets: more than $904 million under management Surplus $209 million. The Graded product comes with several membership benefits. Royal Neighbors is one of the most lenient companies for those with health conditions.

Brochure:

Products:

  • Level Benefit Whole Life
  • Graded Benefit Whole Life
Best of:
Modified Benefit

Our review:

Mutual of Omaha has an excellent reputation in the insurance industry. The company is known for strong ethics, great customer service, and well-priced products. Application is taken over the phone in 15 minutes. There may be a phone interview conducted by a company representative. One of the most popular final expense companies. Outstanding customer support.

Brochure:

Products:

  • Level Benefit Whole Life
  • Graded Benefit Whole Life
  • Modified Benefit Whole Life
Best of:
Guaranteed Acceptance

Our review:

AIG is the world’s largest insurer. With AIG, you can be confident that you’re covered by a financially strong company. Their guaranteed acceptance product is the best on the market. The application is completed online with a digital signature, and the process takes about 15 minutes. This policy has no health questions and is often our best-priced guaranteed acceptance plan.

Brochure:

Products:

  • Guaranteed Issue Whole Life
Best of:
Preneed/Funeral

Our review:

Great Western Insurance Company is an Ogden, Utah based company writing life insurance and annuities specifically to fund pre-arranged funeral plans. Great Western has been providing funeral home owners and pre-need sales organizations with exceptional service and superior marketing support since 1983.​ ​ Great Western offers both Final Expense and Preneed Funeral insurance. We normally recommend a final expense policy, though Great Western has one the best funeral policies on the market.

Brochure:

Products:

  • Level Benefit Whole Life
  • Guaranteed Issue Whole Life
  • Preneed/Funeral

The top 10 senior life insurance carriers

The companies that we place most of our clients are in our top 10 companies list. The best company for you depends on your particular situation.

This list is based on our extensive rating table where we rate companies based on various factors.

  1. Aetna (American Continental
  2. Royal Neighbors
  3. Mutual of Omaha
  4. AIG (American General)
  5. Gerber
  6. Americo
  7. Foresters
  8. United Home Life
  9. Sentinel Security
  10. Great Western

What is burial/funeral insurance?

A burial life Insurance is a policy whose proceeds are used to pay for funeral services and burial expenses after you die. It’s a form of basic life insurance that is both more affordable and easier to obtain than the traditional forms of insurance. Plus it will cover those who are over the age limit on a term life insurance policy, and at a much lower cost as well.

Some of the expenses covered could include the funeral service itself, the cemetery plot and headstone or marker, the casket, the costs associated with the funeral procession, and any other miscellaneous costs. This type of policy helps to ease the financial burden that is placed on a family when a loved one dies.

How to not get taken advantage of when buying funeral/burial insurance

Buying burial insurance as a senior can be a needlessly difficult and treacherous experience.

Unethical insurance salespeople and agents from less reputable providers prey on seniors over 75, by selling low-quality final expense policies. This is because agents’ commissions are based on a percentage of the first year premiums, in some cases up to 110%. So, their job is to sell these low-quality policies to unsuspecting and vulnerable seniors.

We encourage anyone who is being solicited with these types of policies to contact an independent agent for a second opinion on the policy being offered and to obtain other quotes from higher quality companies before making your final decisions.

How do I know which company is best for me?

The company you choose has serious implications because the pricing of burial policies vary greatly. Given that many life insurance underwriting standards change during the twilight years, seniors are often left with limited options as they age. Certain companies make it difficult for family members to receive benefits and there are more options than seniors are aware of. An independent agency like True Blue can save you up to 80% on the price of a policy. You may think that a no questions policy is the best option, though in many cases we can get you a cheaper policy with first-day coverage by answering a few health questions.

Why should I get a burial insurance?

Coping with the loss of a loved one is something almost everyone will have to deal with at one point in their life. When it does happen, it can be an extremely difficult experience to manage from an emotional standpoint. If you add a financial burden to the situation—oftentimes involving thousands of dollars in expenses—the whole event can become devastating.

A burial insurance policy can ease the financial burden by covering the costs involved with funeral services and final expenses.

Does it matter what policy I choose?

There are several types of burial insurance plans and they vary greatly. Some plans provide first-day full coverage, and others have a two-year waiting period. Plans that offer the exact coverage can cost 30% more at some companies. By working with True Blue we guaranteed to find you the best plan. We find you the plan and complete the paperwork for you.

How can True Blue help get you the best plan?

When you are ready to apply, simply pick up the phone and call 1-866-816-2100 to speak with a licensed True Blue insurance agent, who will guide you through the process.

Our dedicated department has over 33 years of experience issuing burial policies. Plus, as an independent insurance agency, we deal with all of the top insurance companies, so we will work to get the best price for you and answer any questions you may have. We deal with the insurance companies on your behalf, and policies are issued immediately or within 48 hours, depending on the insurance provider you ultimately choose.

Best life insurance company rankings

We ranked over 40 companies to determine the best companies for seniors. You can see how we rated each company below.

RankingCompanyFinancial StrengthProductsPrice (based on rates)Ease of ProcessCustomer ServiceApproval OddsTotal
(out of 60)
1.
American Continental Aetna Life Insurance Company


1098810954
2.
Royal Neighbors of America Life Insurance Company
1097710952
3.
Mutual of Omaha Life Insurance Company

1098710751
4.
AIG American General Life Insurance Company
107988951
5.
Gerber Life Insurance Company

9681010851
6.
Americo Life Insurance Company

87587944
7.
Independent Order of Forester Life Insurance Company
106659743
8.
United Home Life Insurance Company
68686943
9.
Sentinel Security Life Insurance Company
78976643
10.
Great Western Life Insurance Company

77795742
11.
Prosperity Life Insurance Company

67966741
12.
MetLife Insurance Company
103289739
13.
Fidelity Life Insurance Company
655105738
14.
Liberty Bankers Life Insurance Company
67785537
14.
NY Life Insurance Company

103288536
15.
American Life Insurance Company of TX

74467735
16.
Nassau Re Life Insurance Company

55664634
17.
Columbian Life Insurance Company

67534631
18.
Colonial Pen Life Insurance Company
72272727
19.
United Heritage Life
43345524
20.National Family Assurance Life Insurance Company52343623
21.Lincoln Heritage Life Insurance Company42234520

A word of warning:
Seniors get bombarded with mail and phone calls from agents that represent just one company. Certain companies charge double what other companies do for the same coverage and we hear stories of companies not paying claims. Call 1-866-816-2100 to speak with an independent True Blue burial insurance agent before purchasing a policy.

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About Brian Greenberg

Brian started his financial career working for Metlife Insurance Company. Using his internet skills, he decided to pursue a better way to provide customers with life insurance by building a quoting engine and underwriting fulfillment process. With True Blue Life Insurance, Brian is licensed to sell life, health, and annuities throughout the United States. He is committed to constantly improving the online life insurance process.

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