If you saved up for your retirement or have some funds through your social security scheme, you can have your policy doubling up as an investment. It’s a relatively cheap whole life policy option making the premiums affordable for seniors with a budget. You get to pay lower premiums throughout the term period. It has an A++ rating from AM Best and an A++ rating from S&P. LifeNet Insurance Solutions’ independent agents will help you determine what your different options are, what the best priced option will be, why one choice makes more sense than the other, and how to move forward with your application. At this age, many providers only offer 10-year plans. Insurers who offer this coverage prefer to ask just a few questions during the underwriting process and skip medical tests and examinations. }); The cash value of your policy is invested in either equities or mutual funds, depending on your policy type. Instead, Transamerica uses proprietary underwriting algorithms to determine insurability and issue immediate coverage with no waiting period. During underwriting, the questions asked normally require ‘yes’ and ‘no’ answers. They are affordable for the elderly who do not have a lot of money to spare for insurance premiums. These are our top picks and they'll help you find the right coverage for your personal life insurance needs. Consider these factors when deciding how much coverage you need: ©2020 Londen Insurance Group, Inc. All rights reserved. We offer quotes from the top providers and you will get the best deal. It doesn’t have the assured level premium rates enjoyed by whole life policy members. At the same time, you will get compensated in case of death within the period. Power, with four stars for overall satisfaction. document.write("