Financial experts often advise people to opt for a suitable life insurance policy as soon as they start working or preferably in their mid-30s. This is because the premiums are lower when people are young. Also, as most life insurance policies require you to undergo a physical examination, it is easier to clear these tests when you are young. However, if you didn’t apply for life insurance during your heydays, you are still eligible for guaranteed life insurance.

Guaranteed life insurance, also known as guaranteed issue life insurance, is an insurance policy that doesn’t require any health qualifications. This type of life insurance, like every other life insurance, pays cash to the beneficiary upon the death of the insured. However, it is essential to understand that since guaranteed life insurance for seniors doesn’t require medical underwriting, the cost of the premiums is higher than the other conventional policies.

If you are looking for a guaranteed life insurance policy for the elderly, consider these companies as they offer life insurance policies that may fit yours and your family’s unique financial circumstances.

AIG
AIG Direct’s guaranteed issue life insurance policy offers coverage to seniors without a medical exam or a health questionnaire. This type of insurance policy is perfect for those who would use the coverage to pay for extra expenses like medical bills, funeral costs, or other financial emergencies. This insurance policy covers individuals aged from 50 to 85 years as they are usually uninsurable through other insurance plans owing to their health issues. This policy offers coverage that includes chronic illness and terminal illness. Moreover, this policy comes with a guarantee that the premiums won’t increase while the policy continues.

Mutual of Omaha
Mutual of Omaha is a reputed insurance company that is well-known for its varied life insurance policies and excellent customer service. This insurance company offers three different whole life policies: Whole life Guaranteed Direct, Whole Life Guaranteed, and Whole Life Express. The guaranteed life insurance from this company covers seniors through the age of 85. Moreover, this company has a different approach to medical exams; you wouldn’t have to take a medical exam if you choose a policy under $250,000.

Colonial Penn
Colonial Penn offers guaranteed acceptance life insurance which begins at $9.95 per month. Moreover, there are no pre-existing condition exclusions, no medical exams required, and the premiums don’t increase throughout the life of the insurance policy. People between the ages of 50 to 85 are eligible for this policy. The coverage offered by this insurance company is available up to $50,000.

Colonial Penn is a reliable insurance provider and has been in business for over 50 years. Moreover, the company has an “A-” financial strength rating by AM, which is considered as the best insurance-rating organization.

MetLife
For seniors aged between 50 to 75 years, MetLife offers a guaranteed acceptance whole life insurance policy. Opting for this policy will ensure that you are not denied coverage due to any health reasons. Moreover, you don’t have to undergo any medical exams or complete health questionnaires. Another important factor to consider while opting for life insurance for the elderly is that the policy pays a limited graded death benefit for the first 2 years of the coverage.

Fidelity Life
This insurance company offers a guaranteed whole life insurance policy called Rapid Decision Guaranteed Issue. The coverage amount offered by this policy is up to $20,000 for individuals between 50 to 85 years of age. Moreover, like every other guaranteed life insurance for seniors, even this policy doesn’t require any health examination and medical questionnaire completion. Moreover, this insurance policy even has a cash accumulation value. For the first three years of the policy, the death benefit is reduced. However, when the fourth year begins, you will receive full coverage. Even the premiums remain the same throughout the term of the policy.

MassMutual
MassMutual is one of the leading insurance providers with guaranteed acceptance life insurance policies for seniors. Another reason for seniors to opt for this particular insurance policy is that the premium doesn’t increase throughout the term of the policy. Moreover, the death benefit is limited for the first two years of the coverage, and the amounts are available for $2,000 to $25,000 with premiums that begin as low as $10 monthly. People who belong to the age group of 50 to 75 are eligible for this policy and would not have to undergo any physical examination or answer medical questions. The death benefit is guaranteed for the term of the policy as long as you pay the premiums on time.

Ensure that you do your research and check consumer reviews before you decide to opt for guaranteed life insurance from any of these companies.