Best Life Insurance For Grandparents [10 Companies To Try Today]
Researching about the Best Life Insurance For Grandparents? This guide is for you!
Grandparents are the best, and if you’re lucky enough to have grandparents who love you and support you the way that you deserve, then you owe it to them to ensure their financial security in the future, should anything happen to them.
Before you continue reading, we have some additional resources for you;
- No Medical Exam Life Insurance By Sproutt – Is It Right For You?
- Which of the Following Best Describes Term Life Insurance? Detailed Explanation
- Whole Life Insurance Quote Online – 10 Best Companies with Free Quotes in the USA
- How to Get Free Life Insurance No Medical Exam Quotes Online In the USA
Not all life insurance policies are created equal, though, so it’s important to find one that’s right for your situation – like our 10 best life insurance companies for grandparents here.
Here is a break down of what we will be covering today.
What is Life Insurance for Grandparents?
Life insurance for grandparents is just like any other life insurance policy.
It provides a source of financial security for you and your family in case one of you passes away unexpectedly.
Life insurance policies pay out to beneficiaries in two ways: as a lump sum payment or as an income over time.
Life insurance can be taken out on any person, including yourself, but it’s also especially important if you have small children.
In that case, you’re much more likely to be one of their main sources of financial support and/or childcare while they are growing up.
Can I Get Life Insurance on My Grandparents?
Yes, but it’s not quite as easy as doing a Google search.
If you have adult children who are on their own and need a little extra cash, life insurance is an option. (If your parents or grandparents are still paying for your college or grad school, however, you might want to rethink that option.)
However, just because you can get life insurance on your grandparents doesn’t mean it’s a good idea to do so.
There are several steps involved with life insurance on grandparents.
You will have to answer some tough questions about them and also be prepared for a lengthy underwriting process — even if you’re buying whole life insurance online.
What kinds of Life Insurance should you buy for your Grandparents?
There are a lot of kinds of life insurance coverage you can buy for your grandparents.
You should make sure to get at least whole life insurance, but there are several other types you might consider as well.
We’ve rounded up some of our favorites right here in our guide!
Term Life Insurance
As we’ve covered, term life insurance is affordable and, in many cases, all you need.
It’s important to have basic life insurance coverage for grandparents (and everyone else) who are playing a key role in your family—say that of primary guardian.
Since most people need life insurance for just about one reason: death.
If someone is financially dependent on you and dies, your family would likely struggle to get by without an income stream for quite some time.
The longer you’re around after someone passes away, be it friend or relative, any time you could add extra years of your salary can benefit others as well as yourself (in case something were to happen down the road).
Permanent Life Insurance
Longer lifespans mean that many of us will be taking care of our elderly grandparents for years.
If your grandfather has amassed significant wealth in his lifetime, permanent life insurance can be a smart way to guarantee he’ll have money to last through retirement.
With no medical exams or health questions, permanent life insurance is one of the simplest ways to buy life insurance for grandparents and one of many types you should consider when trying to make sure they’re financially protected.
You can learn more about how it works!
Final Expense Insurance (Burial or Funeral Policy)
Some people use final expense insurance to buy funeral arrangements, others take out policies on themselves and their spouses (to pay for end-of-life healthcare).
If you’re buying a policy on someone else, you can usually customize it. This means picking death benefit amounts, choosing different kinds of premium payments and opting for more coverage if that makes sense.
The best time to buy life insurance is when you don’t need it.
But in some cases, such as when your grandchild becomes your dependent or needs ongoing medical care, waiting can be risky. In those situations, getting a policy for your grandchild can be very wise.
Universal Life Insurance
Life insurance for grandparents is not easy to find. However, there are actually some companies that offer Universal Life Insurance designed with seniors in mind.
These policies generally come with guaranteed rates and can be easily customized to fit a variety of needs.
Explore your options carefully before choosing an insurance company so you don’t end up paying too much for life insurance for grandparents.
It may take some time to find a policy that you like, but it will be worth it when you have a plan in place for taking care of your grandchildren if something were to happen to you or their parents.
Traditional Whole Life Insurance
If you’re looking for a simple, guaranteed life insurance policy for grandparents or older folks in your family, then a whole life insurance policy may be right for you.
Traditional whole life plans offer both death and disability benefits. Whole Life Insurance policies are great because they are very easy to understand.
You pay a single premium that is paid upfront and never changes unless you decide to change it in order to get more or less coverage (you can also make additional deposits into these plans which will increase coverage over time).
This makes whole life policies particularly appealing if you’re on a tight budget or don’t want to think about how much money is being spent monthly.
Unfortunately, all of these benefits come at an increased cost compared to other types of insurance.
What are the Best Life Insurance Companies for Grandparents?
Some life insurance companies are better than others, so it’s worth comparing a few to see which company offers the best plan for your needs.
At a minimum, grandparents should look for guaranteed life insurance policies that don’t require medical exams and can be bought at any age.
Many seniors may also qualify for a special policy that’s designed specifically for older Americans; these policies typically offer lower premiums than standard term plans.
The cost of coverage will depend on your health and overall financial situation, so be sure to compare quotes from multiple companies before choosing a specific plan.
Here is a complete list of the best insurance for grandparents
- Aetna Life Insurance For Seniors
- Mutual of Omaha Life Insurance For Grandparents
- Transamerica Life Insurance For Elderly
- State Farm Life Insurance For Grandparents
- MetLife Life Insurance For Grandparents
- Nationwide Life Insurance For Seniors
- New York Life Insurance For Seniors
- Guardian Life Insurance For Grandparents
- Pacific Life Insurance For Elderly
- John Hancock Life Insurance For Grandparents
1) Aetna Life Insurance For Seniors
Life insurance policies should be designed with your needs in mind. These types of plans can cover a variety of different needs and most often offer some sort of financial protection for those you care about most.
Seniors will typically have more concerns when it comes to life insurance as they are older, but that doesn’t mean finding a good plan is impossible; Aetna Life Insurance For Seniors makes sense for many people.
With regular checkups and good overall health, seniors can get lower rates when it comes to protecting their loved ones financially.
Younger seniors might be eligible for discounts as well, depending on their individual situations.
2) Mutual of Omaha Life Insurance
Mutual of Omaha has been around since 1917, and it’s one of just a few companies to earn a 4-star rating from A.M. Best, an independent authority on insurance companies and financial strength.
The firm offers competitive rates and allows you to set up payments that make sense for your situation — in terms of both premiums and term length.
It also provides free life insurance quotes online and in-person with its team of licensed agents who are happy to help you evaluate your coverage needs through what they call an actuarial interview that is designed to lead prospective clients toward developing meaningful, customized plans.
3) Transamerica Life Insurance For Elderly
Looking for a life insurance policy for your elderly grandparents? It’s probably best to start by looking through a site like Transamerica Life Insurance For Elderly.
The parent company of several other highly rated life insurance companies, Transamerica Life Insurance For Elderly stands out due to its superior service and convenient tools and guides.
In particular, their tool that compares coverages from multiple companies can help you make an informed decision in just minutes.
Comparing quotes is something everyone should do when shopping around for life insurance policies, but most people don’t realize that doing so is easier than ever before with sites like Transamerica Life Insurance For Elderly.
4) State Farm Life Insurance
If you’re looking for a low-cost life insurance policy, State Farm Life Insurance For Grandparents is one option to consider.
While their coverage may not be as robust as other options, they offer policies starting at $5,000 and they also have a host of discounts available.
If you are paying off debt or are still building your assets, that type of coverage can suit your needs just fine.
Each grandparent will receive a free quote from State Farm Life Insurance who offers standard and universal term policies for senior citizens.
You can compare quotes side by side and choose based on premium cost or policy features like flexibility in cash surrender options and more.
5) MetLife Life Insurance For Grandparents
Though many life insurance companies offer more than one type of plan, MetLife Life Insurance For Grandparents is designed specifically for grandparents.
As a whole, it offers some of the lowest rates available and comes with several great features to benefit both children and grandchildren.
The basic policies start at $22 per month for $100,000 in coverage for a 55-year-old grandfather who has a good health rating.
Discounts are available if your coverages increase. You can add an optional Critical Illness rider that covers cancer, stroke and heart attack.
6) Nationwide Life Insurance For Seniors
When seniors are getting life insurance, they should consider Nationwide.
The reason for this is that Nationwide is one of the most affordable companies when it comes to covering senior citizens. Plus, there are a wide variety of plans offered at cheap rates.
There are also additional coverage options which can be added for an additional cost as well.
Coverage starts at $500,000 and does not have a maximum amount to purchase like some other companies do. For example, AARP only offers coverage up to $400,000 per life insured.
Another thing to consider with Nationwide is their customer service aspect and policies on canceling or reducing your policy early.
7) New York Life Insurance For Seniors
If you’re retired and your net worth is around $500,000 or less (excluding equity in your home), New York Life might be a good fit for you.
The company offers term life insurance with a variety of premium-to-coverage options, from $50,000 to $10 million.
Its LifeShield Indexed Universal Life policy is also popular among retirees because it is an accumulation life insurance policy that has no minimum withdrawals—meaning that as long as there’s cash value in your account, you can add to it at any time.
Best of all: New York Life’s rates are typically lower than its competitors’ rates.
8) Guardian Life Insurance
Life insurance is a valuable tool to have in place, especially if you’re already paying for others.
For example, if you have kids or grandkids whom you support (financially or otherwise), then having life insurance can help ensure that they’ll still be taken care of even if something happens to you.
Guardian Life Insurance offers coverage to those with and without an existing life insurance policy; however, be sure to read through your contract thoroughly before signing up for any new policy and take a look at reviews from other customers to get a good idea of how things are going with them.
9) Pacific Life Insurance For Elderly
If you’re considering life insurance for your grandparents, Pacific Life Insurance For Elderly is a good option.
As a wholly owned subsidiary of Pacific Life, one of America’s leading life insurance companies, Pacific Life Insurance For Elderly offers unique products that are catered specifically to senior consumers.
While most life insurance policies are geared toward younger people who may have families to support and obligations like mortgages and student loans, Pacific Life Insurance For Elderly also takes into account that aging can bring on different needs as well.
If you have elderly loved ones looking for affordable life insurance options or if you yourself need help with getting covered.
10) John Hancock Life Insurance
The John Hancock Life Insurance for Grandparents program is a fully guaranteed $200,000 life insurance policy that costs less than $25 per month.
This is a great option for grandparents who have grandchildren who live with them and want to make sure they’re taken care of if something happens to them.
Policy owners can choose between five plans: $100,000, $150,000, $200,000 and two variable universal life insurance plans which allow you to invest your premiums in a mutual fund-like portfolio of investments.
The standard variable universal life plan will earn up to 6 percent annually while offering death benefit protection of up to $200,000.
Choosing the best life insurance for grandparents can be tricky, especially when every insurance company is shouting about their best rates!
So which companies are best for grandparents? We’ve done all of the research so you don’t have to!
Give us a feedback below on which you decided on or already use.
How to Get Life Insurance on Grandparents
Finding the right life insurance on grandparents can be difficult.
That’s because different policies are suited to different needs, and you need to determine your own first.
You should ask yourself a few questions before you begin looking for life insurance:
- How much will it cost? (Premiums vary by the age of the applicant and other factors.)
- What type of policy do I need? (Term or whole life, which has permanent coverage; if the latter, you’ll probably want cash-value coverage.)
- Do I want permanent or temporary protection? (There are some policies that pay out only if you die within a certain period of time after taking out the policy, such as five years.)
- Is there a maximum benefit I can get for my money?
Below we have explained the exact details to pay attention to and how to steal the best deal.
Start With A Free Quote
Free insurance quotes from multiple companies means you can compare coverage, rates and service to find a plan that fits your needs.
If you’re looking for the best life insurance for grandparents, there are many options. Many carriers allow you to purchase supplemental coverage in increments as low as $5,000.
Compare Insurance Policies
When shopping for life insurance, it’s important to make sure you compare apples to apples.
Once you find a few policies that meet your needs, you should take a close look at how they stack up against each other.
The most important areas to consider are costs and benefits.
- How much do each policy’s premiums cost?
- Are there any additional fees attached?
Bundle Life Insurance Policy
A bundle life insurance policy is one that provides coverage for multiple members of a household under one policy.
In addition to giving grandparents peace of mind, bundled policies are often more affordable than having each person insured separately.
Frequently Asked Questions
There are so many different kinds of life insurance that it can be difficult to know which one is best for seniors. In general, whole life is a good option for those who have money to spend and want flexibility, term life for those on a budget who just need basic coverage, and universal life is good for those with big financial plans who want investment options built into their policy.
Whole life insurance. The 60-year-old should consider getting a life insurance policy that is whole life in nature, which covers you for your entire life, even after retirement. This type of insurance is especially useful if you want to leave a large inheritance behind for loved ones and heirs.
A 60-year-old who already has debt may find that obtaining a level term policy could be more beneficial because it provides a death benefit only if there are no loans against it when passed away.
You certainly can. You don’t need to be a parent or legal guardian of your grandchild to purchase a life insurance policy for him or her, though it does help.
The easiest way to find policies for minors is to contact an insurance agent who specializes in life insurance for children and get individual advice based on your specific needs and situation.
Consider buying a policy from just one company and setting up automatic payments, so that you don’t forget about it down the road.
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