This type of life insurance targets the old who would have difficulties accessing traditional life insurance plans due to their old age which is associated with poor health. Should you need such advice, consult a licensed financial or tax advisor. However, for people who are in poor health or who need easy life insurance quickly, guaranteed issue life insurance is one of the best life insurance policies on the market. The company offers term life coverage ranging from 10 to 30 years with living benefit riders. Issue ages go up to age 80. With that said, sometimes permanent life insurance is the right solution. It offers one of the longest terms—up to 35 years. But, again, if you’re with a company like State Farm, you may be able to renew an existing policy so that it extends into your 80s. Even if you’re in top physical condition, a term life insurance policy bought at 60 will always be more expensive than it would have been at 30 or 40. But it’s better to foot the higher bill than to be stuck without life insurance coverage when you still need it. Whole life guaranteed acceptance for purchase up to age 85; Avail $20000 worth of benefits on graded health plan; John Hancock. According to many independent life insurance agents, Guaranteed Universal Life Insurance (GUL) is the best option for a life insurance policy for seniors over 70 due to the guaranteed age in which the policy is good through. Even with an annual renewable term policy, you’re only guaranteed to be able to renew the policy for a certain number of years. As a result, premiums for guaranteed life insurance are the highest amongst those available for seniors, when compared on a cost per thousand of coverage basis. AIG issues permanent life insurance plans up to age 80, including a whole life policy (with coverage up to age 100) and universal life policy options. This site may be compensated through the bank, credit card issuer, or other advertiser Affiliate Program Disclaimer: The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. We sifted through the information to find the best information on life insurance for seniors. Guaranteed acceptance life insurance, is a type of whole life insurance policy with a limited death benefit. The maximum coverage on this plan is $25,000.Â. User Generated Content Disclaimer: The comments below each article are not provided or commissioned by the bank advertiser. Best Guaranteed Acceptance Life Insurance Companies AIG is our favorite insurer for guaranteed acceptance life insurance because their prices are competitive and they let you accelerate death benefits if you become ill. The term life policy is available up to age 75 and includes an option to convert your term policy to permanent coverage, as well as a level premium option that works for any budget. The Policy Purchase option allows you to purchase permanent coverage later on without a medical exam. Here are the ones that might suit you best: One thing to keep in mind about a term life insurance policy is that there are no guarantees of renewal. At … Start Farm offers term life insurance policies guaranteed to be renewable up to age 95, which is a huge benefit if you need longer-than-average coverage. To help you identify some of the best choices, we reviewed over 25 life insurance companies. There are vast numbers of life insurance companies currently in business. It also comes with a savings or investing component. Life insurance is a sticky topic at any time. Life insurance is the best safety net that you can invest in for your family. 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