Top 4 Worst Life Insurance Companies For Seniors In 2023
Posted in Final Expense Burial Insurance last updated on February 27, 2023
There are literally hundreds of life insurance companies out there that all compete for your business.
If you are looking for life insurance and you are 50+, don’t make the mistake of going with one of the following life insurance companies.
The companies on this page are some of the worst life insurance companies for seniors in the country!
If you want to compare prices among all of the top insurance companies and find the best deal, fill out our quoter.
Table Of Contents
Worst Life Insurance Companies For Seniors
Our list of worst life insurance companies for seniors is based on their number of customer complaints, prices compared to other companies, and customer service.
The world of life insurance is very complex with hundreds of different life insurance companies all competing fort your business.
Below are some of the worst life insurance companies in the nation that we highly recommend staying away from no matter what.
1. Colonial Penn | Guaranteed Issue
Age Range: 50-85
Coverage Amount: Up To 12 Units
Waiting Period: 2 year waiting period
States Available: All states except NY
Will It Expire: No
Why We Don’t Recommend…
Colonial Penn sells their policies in units and each unit is $9.95. This is a marketing tactic, making people think they can get large amounts of coverage for only $9.95.
Each unit covers less as you get older.
The only good thing about Colonial Penn is that they don’t turn anyone away, giving insurance to people who have cancer or are on dialysis. However, you can find much lower prices with other guaranteed issue companies.
Click here to read our full review and Colonial Penn prices.
| Age | Male 1 Unit | Female 1 Unit |
|---|---|---|
| 50 | $1,786 | $2,083 |
| 60 | $1,214 | $1,621 |
| 70 | $717 | $1,043 |
| 80 | $426 | $620 |
2. Lincoln Heritage | Funeral Advantage
Age Range: 0-85
Coverage Amount: Up To $35,000
Waiting Period: Varies (depends on product)
States Available: All states except NY
Will It Expire: No
Why We Don’t Recommend…
Lincoln Heritage is anywhere between 20%-300% more expensive than other companies that sell the same insurance. Lincoln Heritage will tell you that this price is worth it because it comes with added benefits like membership in the Funeral Consumer Guardian Society.
But you can get this and all of their benefits elsewhere for free.
Furthermore, most people will not qualify for their level plan (which is what they market to ensure your interest) and they will only offer you modified, where they substantially raise the price.
Lincoln Heritage has many customer complaints about aggressive marketing tactics and sales presentations.
You don’t need to overpay for your life insurance, and that’s what you’ll get with Lincoln Heritage.
Click here to read our full review of Lincoln Heritage.
| Age | Male Level $10,000 | Male Modified $10,000 | Female Level $10,000 | Female Modified $10,000 |
|---|---|---|---|---|
| 50 | $38.60 | $88.70 | $33.90 | $83.40 |
| 60 | $56.60 | $106.70 | $44.80 | $94.90 |
| 70 | $82.50 | $145.90 | $75.30 | $128.10 |
| 80 | $183.20 | $202.80 | $145.00 | $182.20 |
3. AARP Life Insurance | New York Life
Age Range: 50-80 (Depends on product)
Coverage Amount: Depends on product
Waiting Period: Varies (depends on product)
States Available: All states
Will It Expire: Depends on product
Why We Don’t Recommend…
AARP has three different products that all require AARP monthly membership fees. All policies are offered through New York Life.
AARP Term Life
Term life is their flagship product with up to $100,000 in coverage. This term product will always expire at age 80. If you die after 80 your family gets nothing. We do not recommend this product for this reason, and if you want term life you can get better prices elsewhere.
AARP Simplified Issue
Level (simplified issue) is like many of the companies on our list that has no waiting period and you must qualify via your health and medications. That being said their prices are still much higher than similar products here.
It is also more difficult to qualify for this product compared to others.
Here are their prices for no waiting period simplified whole life burial insurance. You can find better prices with companies elsewhere.
| Age | Male $10,000 | Female $10,000 |
|---|---|---|
| 50 | $33 | $25 |
| 60 | $48 | $37 |
| 70 | $79 | $63 |
| 80 | $123 | $100 |
AARP Guaranteed Issue
AARP also has a guaranteed issue product that has no health questions but with a two-year waiting period. This is available in all states except NJ and WA.
The age range is 50-80 and you can get up to $50,000. We don’t recommend their guaranteed issue product because you can find better prices elsewhere, and most people qualify for level products with no waiting period.
Click here to read our full review of all of AARP’s life insurance products.
4. Globe Life Insurance
Age Range: 18-79
Coverage Amount: $5,000-$100,000
Waiting Period: No
States Available: All states
Will It Expire: Yes at age 90
Why We Don’t Recommend…
Globe Life is probably one of the worst life insurance companies for seniors.
While their beginning prices are very low, they increase in price every 5 years.
This means it becomes very unaffordable later in life.
It also expires at age 90.
In fact, we help many seniors every day replace Globe Life policies because they come to us with sky-high premiums looking for better options.
Below are some of the rates for Globe Life and what they increase to later in life. These prices are for perfectly healthy people with no health conditions or prescriptions. You can find better prices elsewhere that are locked in for life.
| Age Bracket | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 51-55 | $13.00 | $17.91 | $23.61 | $33.49 |
| 56-60 | $16.14 | $23.16 | $29.74 | $43.60 |
| 61-65 | $20.28 | $30.84 | $37.89 | $58.49 |
| 66-70 | $26.19 | $42.24 | $49.58 | $80.73 |
| 71-75 | $35.38 | $59.54 | $67.81 | $114.79 |
| 76-80 | $49.72 | $79.46 | $96.41 | $154.59 |
| 81-85 | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) |
| 86-90 | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) |
Click here to read our full review on Globe Life.
Who Has The Best Life Insurance For Seniors?
Click here to read our top 10 life insurance companies for seniors.
If you are wondering who has the best life insurance for anyone over 50, the answer is quite easy.
To find the cheapest, best, most affordable life insurance for anyone over 50, you need to compare prices among the top-rated companies!
You can do so through our handy quoter on this page or by contacting us and we will go over all of your options.
That’s it for our list of worst life insurance companies for seniors.
Contact us today to compare your options or enroll in a plan for you, your family, and friends.
We look forward to speaking with you.
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