Is it possible to get life insurance to age 90? You may already be very familiar with how term life insurance works— rather than guaranteeing to insure you for your entire life, term life provides coverage for specific time periods (typically between 10 and 30 years). Are there other options for this age group? What are the top 10 life insurance companies for these policies?
We’ll answer these question and more…let’s get started!
term life insurance up to age 90
Term life insurance is the most popular type of life insurance. It provides great value, but the biggest drawback is that it provides temporary coverage.
For some shoppers it isn’t an issue. Term coverage is a very practical approach to life insurance; since it may be long enough to cover any dependents a person may have or cover an individual until usual retirement age.
At the end of the term many no longer feel they have the need for life insurance. Term life insurance is also a lot cheaper than your average permanent life insurance, like whole life.
A smart alternative?
But what happens if you do want your life insurance coverage to last until you’re well into your golden years? What if you’re in your retirement years or even looking at life insurance for seniors over age 80?— You’re in luck.
You can purchase policies to age 90 years old! In fact you can get life insurance to age 100, 105, 110 and even 121. Fortunately, you do have these options, and we are here to help.
Universal Life Policy with No Lapse Guarantee Rider
Your main option here is a Universal Life Policy with a No Lapse Guarantee Rider. This is a form of permanent life insurance, but it is very similar to term insurance in that your premium rates are locked in for a certain period of time— albeit a longer period of time than most term life policies.
See, a Guaranteed Universal Life policy allows you to have premiums that never increase, locking in the rate to age 90 or even higher.
Now, although GUL is permanent life insurance, it differs from other forms of permanent life insurance by not building up significant cash value over time. After all, it is not designed to do this— it is designed to provide you with cheap but permanent life insurance coverage for as long as you live.
The Best Insurance Companies for Guaranteed Universal Life
We work with over 60 different insurance providers, and we have narrowed it down to the top companies for Guaranteed Universal Life insurance policies that lock in rates to age 90 and beyond. The following life insurance providers offer some of the most competitive rates for this kind of coverage:
- American General
- Banner Life
- Mutual of Omaha
- North American Company for Life & Health
- Principal
- Protective Life
- Prudential
- Transamerica