6 Steps to Choosing the Most Affordable Whole Life Insurance for Seniors

As inflation hits many countries, especially in the U.S., more companies will lay off their employees. Whether you are forcefully resigning or you are set for retirement, it is important to get started with affordable whole life insurance.

Although the cost of starting the policy can be on the high side, the benefits are worth it. In this article, we help you choose the best whole life insurance company. Read this article to the end to discover the factors to consider before choosing a whole life insurance provider.

1.    Does the Insurer Offer Third-Party Application Access?

The first factor to consider is if the insurance company supports third-party access. This is important because you may want to get the policy for your parents, since they may be unable to apply for it.

Note that aside from the insurer’s offering for this, you must consult with your parents. You need their consent to go ahead with the application process.

The policy provider will require important personal information about your parents. Their Social Security Number (SSN) is usable when finalizing the application.

Before applying, ask your parents if they have already applied for whole life insurance for seniors. Do they have the coverage in place? Find out the current standing to see if the terms of the policy are being adhered to. But if they haven’t, you can go ahead to make the application with their consent.

2.    Streamlined Application Process

The next thing you want to check for is the simplicity of the application process. The process should be simple so the customers/insured would be able to complete the application on time.

One of the best ways to streamline the process is by including a “Quote” function on the website. This way, prospective customers can get quotations based on the type of insurance policy they want to go for.

3.    Check the Customer Feedback

What do previous and existing customers or insured persons have to say about the company that provides the best whole life insurance for seniors? Most of the time, reviews play a critical role in the purchase decision. This is because prospective customers can decide for or against a service based on that.

Platforms like Trustpilot and NAIC’s Customer Insurance Search can help you check these reviews in real-time.

What to Look for Checking Whole Life Insurance Reviews

Here are some of the focal points to pay attention to when evaluating a whole life insurance provider based on reviews:

  • Index Rating: This has to do with the cumulative figure used to collate the total number of reviews or feedback from previous customers. It is imperative to go to a whole life insurer with an index rating between 0.50 and 1. Typically, an index rating of 1 and above could mean that the insurer has received more negative feedback than positive.
  • AM Best Rating: AM Best Rating is also helpful, as it allows you to check the compliance of the insurance company. Ideally, the rating favors companies in the A and A++ ratings. Insurance companies in this rating range are believed to keep to insurance-related obligations.

4.    What Types of Affordable Whole Life Insurance do the Company Offer?

There are several types of whole life insurance policies. You can click here to learn more about them.

Find out the number of coverages the insurance company has to offer, in terms of whole life insurance for seniors. This is because each of those categories has specific benefits for a target audience. For example, the whole life insurance for children is ideal for parents looking to lock in the policy for their kids. On the other hand, the modified whole life insurance offers lower premiums in the first few years of the policy.

So, go through the benefits of each of the policies and pick the one that offers most of the services you are looking to get from the policy.

5.    Is the Policy Affordable?

Are you looking for the most affordable whole life insurance for seniors? One of the major factors to consider is the cost or value of getting the policy.

Note that the value may differ based on the type of whole life insurance and the services offered by the insurer. Also, your age may be a determining factor. Ideally, older seniors (anywhere from age 70) are required to pay a higher premium. They pay higher than those within the 60s age bracket.

6.    Dig Deeper into the Death Benefit Policy

The death benefit refers to the amount of money or the amount set in the policy contract. The whole life insurance company pays this to the deceased insurer’s family upon his or her death.

However, there is more to the death policy than just paying the set amount in the contract. Some insurance policy providers can offer a fixed interest rate on the cash value. The cash value is a portion of the premium, which the insured can use to settle emergency bills or expenses.

By getting a fixed interest rate on the cash value, the insured persons get to earn passive income.

This is where you have to make deeper consultation with your whole life insurance agent. Find out if the policy provider would be willing to allow for the use of the dividends accruable to the cash value. If that is possible, you can decide to add the accrued interest to your death benefit. That way, you purchase more death benefits that increase the amount payable when you die.

What Happens if You Die Without Setting Things Straight?

Settling for whole life insurance requires commitment on your part. This is why you must strive to set things straight once the policy provider opens the contract.

The first thing you must do is consider adding a rider. This is more like an add-on for factoring in other things that the main policy may not cover.

Here, you want to add a rider that allows your beneficiaries (loved ones) to receive both the accumulated cash value and the death benefit.

Ordinarily, the death benefit is what most whole life insurance companies pay because that is the content of the policy. But by adding the rider, you will pay higher premiums. Then, when you pass away, your beneficiaries will have access to both the cash value and the death benefit.


Choosing an affordable whole life insurance policy for seniors is subject to factors like the expertise of the policy provider and the cost of the policy. Make sure you talk things over with your would-be beneficiaries and liaise with the policy provider to pick the best option.


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