Best Life Insurance for Retired Federal Employees | Top 3 Picks On 2021

Looking for the best life insurance for retired federal employees? One of the most reliable methods to provide for loved ones when you pass away is through life insurance. However, determining which life insurance policy is appropriate for retired federal employees can be difficult. Thus, we have made this post to aid you. Insurance coverage for retired federal employees varies by employer and can include a medical exam (also known as a life insurance exam) or simply answering health questions.

It can pay off significant debts like a mortgage or cover little expenses like funeral costs. Although you’ll indeed pay higher for life insurance as you become older, that doesn’t imply you don’t have alternatives. Affordable life insurance policies are available for folks who want to leave monetary benefits to their family or cover their final needs.

You could be able to pay as little as $15 per month or as much as $1,000 per month. In this article, we’ll cover all of your options regarding the best life insurance for retired federal employees– so you can make the right decision.

When you Retire as a Federal Employee, do you need Life Insurance?

Best Life Insurance For Retired Federal Employees

You’ve undoubtedly had life insurance for most of your adult life. You might not have given it much thought if your employer had included it in your benefits package. You were aware that it existed, but you didn’t know much about it. Or, especially if you have children, you may have taken out a policy as part of smart financial planning.

But now you’re on your way to retirement—or perhaps you’ve already arrived. Your work no longer pays for life insurance, so you must decide whether to purchase a new policy or go into your golden years without one. What is the best option? Don’t you get sick of hearing that there isn’t a simple solution?

This is because your bank, investment accounts, and your needs are distinct from those of your relatives or friends. What’s acceptable to them may or may not be acceptable to you.

What Role does Life Insurance Play?

Best Life Insurance For Retired Federal Employees

Before retirement, many families rely on the majority of their family income to maintain their standard of living. When two people work, both incomes are usually required to keep the family’s quality of life afloat. The same is true if only one person works.

If one of those earners dies, the family may find itself in financial straits at the most inconvenient of times. The purpose of the best life insurance for retired federal employees is to safeguard your family from losing money if you or another key salary earner dies.

Life insurance comes in a variety of forms, just like any other insurance policy. Term life insurance covers you for a specific amount of time, usually 10 to 30 years. Permanent life insurance, often known as cash-value insurance, is a type of life insurance frequently used in estate planning. It’s available in two varieties: whole life and universal life.

Best Life Insurance for Retired Federal Employees

Best Life Insurance for Retired Federal Employees

Solid life insurance coverage is vital for protecting your wealth and ensuring that your family is taken care of, regardless of your age. Whole life insurance is typically thought of as a long-term investment. You still have lots of options as a retired federal employee. Many insurance companies provide coverage for persons beyond the age of 65 and even up to 90.

The best life insurance companies for retired federal employees typically provide various policy options and cover those over 60. Life insurance can be valuable asset protection and estate planning tool. Our top selections for life insurance for retired federal employees can assist you in finding the best policy for your circumstances. They are as follows:

New York Life 

New York Life stands as the largest mutual life insurance firm in the United States in terms of revenue. The company offers various types of coverage, including term, full life, and universal life, to retired federal employees. Furthermore, clients can get dividends on a whole life policy from the firm if they buy it before they turn 90.

The term life policy is accessible up to the age of 75, and it provides a conversion option to permanent coverage and a level premium choice to fit any budget. In addition, you can get permanent cover later without taking a medical exam if you choose the Policy Purchase option.

For retired government employees, New York Life offers a few benefits:

  • Some universal life plans include a money-back guarantee.
  • Chronic care and terminal disease are among the Living Benefits possibilities.
  • At a later date, you can purchase paid-up additions to your whole life insurance.
  • The term life policy’s Spouse’s Paid-Up option allows your surviving spouse to acquire life insurance for themselves without having to take a medical exam.

You’ll need to chat with a financial professional to acquire a quote.

John Hancock

For retired federal employees, John Hancock offers a variety of policy alternatives, including expedited death benefits, customizable underwriting, and potential premium reimbursements. John Hancock, which was founded in 1862, offers both term and permanent life insurance.

In addition, John Hancock offers essential insurance for retired federal employees, including expedited death benefits, adjustable underwriting for health conditions, and potential premium rebates based on activity levels.

John Hancock offers term life insurance with terms ranging from ten to thirty years and a maximum coverage age of 80. At 75 years old, for example, the maximum period is 15 years. If your questionnaire is clear, a term life policy can provide without a medical exam.

John Hancock offers permanent life cover up to 121 and can be granted up to 90. Funeral costs and cash value buildup that you can withdraw from are included in some plans, as well as some other alternatives, such as:

  • A no-lapse death benefit protection guarantee
  • Participation options in the market
  • Interest rates that are guaranteed

Living extras such as severe illness and long-term care are available as rider options on John Hancock policies.


Transamerica, created in 1930, provides term, total, and variable universal insurance to federal retirees up to 85. The firm gives term life insurance with living benefit riders that range from 10 to 30 years. In addition, there are various universal life insurance alternatives available and a whole life option with level rates and guaranteed cash values.

Transamerica does provide a definite issue final expense insurance that is the finest for this form of protection, even though most of their plans involve medical exams. There are no medical tests or labs required; instead, they use computerized underwriting and issue coverage right away. This policy has the following features:

  • Premiums are fixed until you reach the age of 121.
  • There is no waiting period.
  • Depending on the strategy, issue ages can range from 80 to 85 years old.
  • Depending on the issue age, a $1,000 minimal death benefit and a max of $25,000 to $50,000 are available.

Transamerica offers riders an accelerated death benefit, an accidental death value, and a benefit for their offspring and grandchildren. You may acquire a quotation from Transamerica online or by calling them and speaking with an agent.

American International Group (AIG)

If you’re a retired government employee searching for term life insurance, AIG is a wonderful option. AIG was founded in 1926 and is the eighth largest life insurance company in the United States. It provides term life, variable life, and whole life with guaranteed issues.

AIG offers 18 various term lengths, some of which include living benefit alternatives. It has one of the most generous terms, up to 35 years. You can acquire term life insurance from AIG until the age of 80. AIG offers permanent life insurance up to 80, including whole life and universal life policies with coverage up to 100. QoL goods include in some of the programs at no extra charge.

Frequently Asked Questions

Is life insurance for retired federal employees worth it?

Yes. Life insurance for retired federal employees is worth it, as it comes with diverse merits.

Do you require life insurance if you don’t owe anyone anything?

Count yourself as fortunate if you are debt-free. You’ll be able to live without the economic pressure that millions of Americans experience due to debt. Your life insurance requirements will significantly get a reduction too.

Do I need life insurance if I don’t have a family?

Because no one is dependent on their income, single adults without children frequently do not require life insurance. However, if you don’t have life cover, someone else (your relatives) may have to pay for your funeral.

Which companies offer the best life insurance for retired federal employees?

The companies which offer the best life insurance for retired federal employees include:

  • New York Life
  • John Hancock
  • Transamerica
  • AIG


In conclusion, life insurance comes with diverse merits. And if you desire more help regarding the best life insurance for retired federal employees, the tips highlighted 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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