Some seniors find the need to add life insurance in their older years to protect their loved ones and provide financial security. Investopedia undertook a review to find the companies that offer the best policies at reasonable rates.
Its researchers collected more than 5,000 data points for 91 of the top life insurance companies. They evaluated 55 metrics developed to produce an objective and comprehensive review.
Key considerations were the companies’ financial stability, customer satisfaction ratings, variety of products and features offered, overall buying experience, and policy costs and methods of payment.
Here’s a summary of Investopedia’s key findings for the best life insurance for seniors:
- Best Overall: New York Life Insurance for financial stability and dividend payment
- Best Financial Stability: Guardian
- Fewest Customer Complaints: Pacific Life Insurance
- Best Term Policy: John Hancock Life Insurance
The financial stability rating was based in large measure on the rating by AM Best, the leading financial analyst of life insurance company finances. Another key factor was the maximum issue age at which a senior could purchase a policy. The top companies will issue policies to qualified applicants up to age 90.
Council of Seniors Wants to Promote Future Security
Seniors’ ability to better afford insurance is just one more reason why we’re dedicated to getting Congress to pass The SAVE Benefits Act here at Council of Seniors. Inadequate Social Security cost of living adjustments (COLAs) from recent years makes this bill a must. Once it passes, the missing $581 that should have been paid all along will be returned to seniors.
Please sign our petition right now! Let’s work together to show Congress it must make this bill a top priority.
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