Best Guaranteed Acceptance Life Insurance for Seniors | Top 5 Picks

What is the best-guaranteed acceptance of life insurance for seniors? This is a common question among today’s seniors. Guaranteed acceptance life insurance, also known as guaranteed issue or GI life insurance, is whole life insurance with an average death benefit.

Like other life insurance policies, guaranteed issue policies accumulate cash value over time and provide coverage as long as premiums are paid. Unlike most other policies, there are no health questions or medical exams when applying for life insurance. Finding the greatest guaranteed acceptance life insurance for your circumstances, on the other hand, might be difficult. Thus, we have highlighted some excellent options below. Come along!

Should I Purchase Guaranteed Issue Life Insurance for Seniors?

Best Guaranteed Acceptance Life Insurance for Seniors

Let’s not mince words: purchasing life insurance for seniors can be costly, but several choices are available to help keep prices down. First, according to the actuarial tables that forecast human lifetime, its basic math: Our life expectancy decreases as we grow older. That’s why life insurance companies factor in mortality risk when determining a policy’s pricing, collecting a larger portion of premiums as you get older. This is true since they will very certainly have to issue a death claim to the surviving claimants sooner rather than later.

There are, however, life insurance policy options for elderly individuals that provide a variety of benefits, some of which are more reasonable than others. For example, if you’re in relatively good condition, 50 is still an appropriate age to look for affordable term life insurance coverage.

These simple policies have cheaper premiums than permanent life insurance, and you can choose a basic term policy with a duration of up to 20 years. In all, guaranteed issue life insurance for seniors is the greatest option for covering final expenses and minimizing estate taxes, although the premiums are much higher.

Best Guaranteed Acceptance Life Insurance for seniors

Best Guaranteed Acceptance Life Insurance for Seniors

Some life insurance options in this regard include:


For seniors, AIG has some of the best-guaranteed acceptance life insurance. One of these is final expenditure insurance. This policy has a lower benefit than other policies, but it can help pay for important needs like funeral bills. AIG provides these benefits up to $100,000 (with the medical exam) and a guaranteed-issue policy for cash value insurance that ranges from $5,000 to $25,000 and does not require a medical exam.

AIG offers this policy to those between the ages of 50 and 80. The application procedure takes about 15 minutes, and you’ll have your policy number almost immediately. A multiple graded death benefit is included in the policy. This implies that your dependents will get the premiums you paid plus 10% of the death benefit if you die during the first two years of owning the policy. After that, until you’ve owned the coverage for more than two years, they won’t earn the full death benefit.

AIG offers more than just final expenditure insurance to seniors. They also have fixed issue, term, whole life, and AIG policies, which pay out benefits while you’re alive if you have a chronic or critical disease. To receive a tailored life insurance quote, you must submit personal information such as your height, bodyweight, phone number, and e-mail address. 


If you need the best-guaranteed acceptance of life insurance for seniors, Transamerica stands as a great option.

Transamerica provides three account options for accumulating interest rates through its Financial Foundation Indexed Universal Life (FFIUL) insurance. This includes an S&P Score Account, a Global Index Account, or a Basic Interest Account, all of which allow you to choose how much risk you’re willing to take. In addition, Transamerica offers a universal basic interest rate on the policy as an added layer of protection. The policy’s face amount might range from $25,000 to $500,000 or more, and the issuance age can be as old as 80.

In exchange, you get lifestyle benefits like the option to withdraw money from your policy or take out a tax-free loan. Transamerica additionally provides a Terminal Illness Accelerated Death Benefit policy, which permits you to obtain a part of your life insurance while still alive.

One of the reasons their indexed life policies are so popular is that they offer an extra ten “Concierge Planning” cover choices. Their insurance also includes a no-lapse guarantee. You will keep your coverage, bond yields, and premiums as long as you make your monthly payments.

Transamerica needs you to fill out forms and answer some basic medical questions, including smoking or having any chronic illnesses.

Mutual of Omaha

Mutual of Omaha offers several unique senior life insurance coverages. They also have a full life insurance policy for people attained the age of 85 that doesn’t require a medical exam (guaranteed-issue). If you are ill, this policy can also provide tranquillity by ensuring that your loved ones receive financial assistance.

Their Guaranteed Whole Life Insurance policy has a benefit range of $2,000 to $25,000 and does not require a medical check. By providing your gender, zip region, date of birth, and the preferred coverage amount. A woman over the age of 80 who wants a $25,000 whole life insurance policy will pay $320 a month in quote fees.

Whole life insurance coverage for an 80-year-old male, on the other hand, would cost $330 each month. However, it’s worth noting that you’ll keep the coverage if you die of natural causes inside the first two years. The number of premiums you paid, plus 10%, will be distributed to your beneficiaries. They won’t obtain the full amount of your coverage for another two years after you buy it. This is referred to as a “graded death benefit” by insurance providers.

New York Life

New York Life offers one of the best-guaranteed acceptance life insurance for seniors. {Yet to read} It also offers plans with a variety of customizable deferred compensation options. They do this through the “Universal Life” policy, which has three options, including a guaranteed flexible death benefit option.

For example, you can choose a death benefit that comprises both the policy’s face value and cash value. Another possibility is that the adjusted total premiums you paid into the insurance, plus the policy’s face value. New York Life also has a “Chronic Care Option,” which allows you to enjoy tax-free access to your death benefits if you develop a chronic disease.

It also has a “Protection Up to Age 90” Universal Life policy option. They offer this to senior business owners to protect their firms. It provides at least $1 million in coverage for those. Who needs extensive life insurance protection. They also offer a no-medical-examination range for AARP subscribers. It covers them for $10,000 to $100,000 up until the age of 80. According to their website, New York Life also offers whole and term life insurance policies with term life lengths ranging from 10 to 20 years.

Personal details (such as a driver’s license and Social Security number). It is a current list of prescription drugs, and some health information is required upon signing up.

Penn Mutual

Penn Mutual presents two guaranteed acceptance senior life insurance solutions, each with its own set of payment possibilities. In addition, Penn Mutual provides dividends to its policyholders as a mutual fund firm. This can help you get the most out of your life insurance coverage. Because you can receive money in addition to the fixed interest rate.

Penn Mutual will guarantee your premium rate, so you won’t have to worry about it rising as you become older. With this in perspective, Penn Mutual’s “Guaranteed Whole Life” policy offers an innovative payment alternative for life policyholders. Here, you have the option of paying off the value of your policy is as soon as five years. Or spreading the policy expense out until you get to the age of 100. They also have Survivorship Choice Whole Life insurance, a two-person policy that can help with inheritance taxes and charity contributions. This policy’s maximum issue age is 85 years old.

Frequently Asked Questions

Is guaranteed acceptance life insurance good for seniors?

Yes. Guaranteed acceptance of life insurance benefits seniors because it does not require a medical exam or health questions to qualify.

What is the maximum number of guaranteed life insurance plans a person can have?

There are no legal restrictions on the number of life insurance plans you can own.

Is it possible to utilize guaranteed acceptance life insurance as burial insurance?

Yes. Guaranteed acceptance life insurance can be used as a kind of burial insurance. In addition, acceptance life insurance can provide small coverage, such as $10,000, to people looking for burial insurance.

What is the best-guaranteed acceptance of life insurance for seniors?

The following firms offer the best-guaranteed acceptance life insurance for seniors.”

  • AIG
  • Transamerica 
  • Mutual of Omaha
  • New York Life
  • Penn Mutual


In conclusion, insurance stands as a great choice for seniors. And if you desire to get the best-guaranteed life insurance for seniors, the highlight above will aid you immensely.


Adam Grabois is an expert in all aspects of Insurance and Property with 20 years of experience. He is a licensed broker of all lines including property, casualty, life, and health. As a licensed adjuster, he is well-versed in all aspects of insurance, and he owns All Needs Insurance agency in Florida.

He attended Tufts University where he earned his undergraduate degree, followed by a Master's degree from Columbia University.

Adam shares his breadth of experience by helping many businesses and individuals manage risk and protect themselves financially. He now shares this with the audience of the "Pro Insurance Info" website.

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