2024 Worst Life Insurance Companies for Seniors in USA
Posted in Burial Insurance Carrier Reviews last updated on January 2, 2024Are you looking to evaluate the worst life insurance companies for seniors? You are in the perfect place, we believe strongly in providing the best brands available to seniors when it comes to final expense insurance. That being said we also make it a point to warn about the worst life insurance companies for seniors.
That being said the companies we are going to discuss are the worst life insurance companies for seniors and should be avoided at all costs.
Table of contents
Understanding The Worst Life Insurance Companies for Seniors
Now what makes these companies so bad are quite a few different factors.
- Complaints
- Bad Customer Service
- Marketing Gimmicks
- Over Priced
We have gone into extensive detail regarding each of the companies in our list but to summarize it all the list above makes it very clear. The only real reason consumers know these company names is because they invest millions into their marketing efforts and brand awareness to make their companies “house hold names”.
Does that really mean anything? No, it does not just because a company is well known does not mean they offer a superior product period. Even the worst life insurance companies for seniors can be household names.
| Worst Life Insurance Companies for Seniors | Age Range | Coverage Amount | What Makes it The Worst | State Availability |
|---|---|---|---|---|
 | 50-85 | 12 Units Max | Automatic 2 Year Waiting Period | All States |
 | 0-85 | $35,000 Max | 20% More Expensive Compared to Other Companies | All States Except NY & WA |
 | 50-80 | Varies | Additional AARP Membership Fees Premiums Increase Every 5 Years on Term Policies | All Sates |
 | 18-79 | $100,000 Max | Premiums Increase Every 5 Years | All States |
 | 45-80 | $20,000 Max | Only One Company to Choose No Policy Riders No Guaranteed Issue Policies Over 80 | All States Except NY & WA |
Colonial Penn
Why you Shouldn’t Buy It
They advertise their $9.95 plan in their commercials as if it is only $9.95 a month for the plan. This is a marketing gimmick that deceives consumers. The truth is it is $9.95 per unit which is much lower than what consumers think. The older the insured is the less the unit will cover so if a unit is $1,000 then to get $10,000 worth of coverage it would be $99.50 a month for just a $10,000 policy.
That is how they get consumers, in addition to that even if you are healthy you will be pitched their Guaranteed Issue plan that has a 2-year waiting period automatically. Now if you are healthy you should not have to get a waiting period.
We go into greater detail in our Colonial Penn 995 Plan Review
Lincoln Heritage Funeral Advantage
Why You Shouldn’t Buy It
Lincoln Heritage uses a gimmick for their Funeral Guardian Society this allows a consumer to pick and plan their funeral before they die. Now this sounds good on the surface but Lincoln Heritage treats it as some special benefit for getting their plan when it is much more expensive than other companies.
In addition to this, you can preplan your funeral without their Guardian Society for free which means Lincoln Heritage is not worth overpaying.
We go into greater detail in our Lincoln Heritage Funeral Advantage Review
AARP Life Insurance (New York Life)
Why You Shouldn’t Buy It
You are already going to overpay by paying AARP monthly membership fees on top of the insurance you purchase from them. In addition to this their 2 products are not worth it.
Term Product
- $100,000 in Coverage (Other products go much higher than this)
- Expires at Age 80 No matter what
Simplified Issue Product
- Strict Underwriting Hard to Qualify
AARP Guaranteed Issue Product
- Over Priced
- 2 Year Waiting Period
We go more in-depth in our AARP Burial Life Insurance Review for Seniors.
Globe Life Insurance
Why You Shouldn’t Buy It
This product is an increasing term which means the life insurance increases in price every 5 years that goes by. It means your policy will become more and more expensive as time goes on until it becomes unaffordable this is one of the worst life insurance companies for seniors. This alone should help any consumers steer clear of this product
To add insult to injury all Globe Life policies expire at age 90 so if you outlive this policy while paying the outrageous premiums you get nothing in return.
We go into greater detail in our Globe Burial Insurance Review for Seniors.
Listed as Worst Life Insurance Companies for Paying Claims
According to lifeinsuranceattorney.com all of these companies are listed in their article on “70 Worst Life Insurance Companies for Paying Claims”. This proves you need to be cautious if you are considering one of the companies we have talked about in this article.
The claims process is what is going to affect your family the most. If you are with a company that has a bad track record of paying claims your family may not get the money they need to cover your end of life expenses.
This is widespread knowledge online if you read other life insurance blogs. The most common insurers on lists for worst life insurance companies for seniors and worst reviews is usually Colonial Penn, Lincoln Heritage, AARP and Globe Life.
Better Pricing and Better Companies Ages 19 – 91
Below we have included our table that displays better pricing compared to the companies we discussed. You will see better life insurance companies in our table as well as life insurance quotes directly from our quoting technology. This will give you a comprehensive idea of how much life insurance will cost with much better companies.
| Age | $10,000 Male Non Smoker | $10,000 Male Smoker | $10,000 Female Non Smoker | $10,000 Female Smoker |
|---|---|---|---|---|
| 19 | $12.87 | $16.59 | $12.03 | $13.74 |
| 20 | $13.19 | $17.02 | $12.13 | $15.40 |
| 21 | $13.50 | $17.46 | $12.74 | $17.02 |
| 22 | $14.17 | $18.18 | $13.06 | $17.05 |
| 23 | $14.54 | $18.51 | $13.77 | $17.08 |
| 24 | $15.43 | $19.19 | $15.16 | $17.10 |
| 25 | $15.95 | $20.00 | $15.28 | $17.39 |
| 26 | $16.28 | $20.83 | $15.40 | $17.69 |
| 27 | $16.61 | $21.75 | $15.51 | $17.95 |
| 28 | $16.92 | $22.15 | $15.61 | $18.22 |
| 29 | $17.25 | $22.54 | $15.73 | $18.48 |
| 30 | $17.57 | $23.07 | $16.09 | $19.06 |
| 31 | $17.97 | $23.60 | $16.45 | $19.66 |
| 32 | $19.84 | $24.25 | $16.79 | $20.21 |
| 33 | $20.34 | $25.00 | $17.12 | $20.75 |
| 34 | $20.93 | $25.83 | $17.45 | $21.28 |
| 35 | $21.53 | $26.59 | $17.99 | $21.89 |
| 36 | $22.14 | $27.37 | $18.54 | $22.50 |
| 37 | $22.84 | $28.18 | $19.06 | $23.08 |
| 38 | $23.54 | $29.08 | $19.55 | $23.62 |
| 39 | $24.34 | $29.87 | $20.05 | $24.18 |
| 40 | $23.13 | $30.66 | $20.70 | $24.98 |
| 41 | $23.62 | $31.43 | $19.75 | $25.80 |
| 42 | $24.11 | $32.21 | $19.93 | $26.57 |
| 43 | $24.64 | $32.93 | $20.10 | $27.30 |
| 44 | $25.18 | $33.41 | $20.38 | $28.03 |
| 45 | $25.79 | $34.00 | $20.88 | $28.80 |
| 46 | $26.43 | $34.57 | $21.43 | $29.55 |
| 47 | $27.10 | $35.17 | $22.01 | $28.06 |
| 48 | $27.71 | $35.58 | $22.33 | $28.56 |
| 49 | $27.35 | $38.27 | $21.78 | $29.22 |
| 50 | $28.29 | $39.47 | $23.56 | $30.14 |
| 51 | $29.26 | $40.77 | $24.48 | $31.06 |
| 52 | $30.31 | $42.22 | $25.09 | $32.72 |
| 53 | $31.47 | $43.83 | $25.62 | $34.54 |
| 54 | $32.77 | $45.44 | $26.26 | $38.99 |
| 55 | $34.25 | $48.12 | $27.11 | $40.85 |
| 56 | $35.88 | $52.06 | $28.20 | $42.71 |
| 57 | $37.69 | $54.25 | $29.51 | $42.30 |
| 58 | $39.64 | $56.72 | $31.70 | $43.61 |
| 59 | $40.10 | $55.60 | $31.00 | $44.50 |
| 60 | $41.84 | $56.72 | $31.70 | $43.61 |
| 61 | $43.76 | $59.64 | $32.87 | $45.19 |
| 62 | $46.41 | $63.28 | $34.51 | $47.48 |
| 63 | $49.07 | $67.72 | $36.06 | $49.78 |
| 64 | $51.22 | $69.53 | $37.72 | $52.07 |
| 65 | $53.58 | $72.72 | $39.36 | $54.36 |
| 66 | $56.48 | $76.06 | $41.01 | $56.66 |
| 67 | $59.85 | $80.53 | $43.44 | $60.22 |
| 68 | $63.18 | $84.67 | $45.86 | $63.60 |
| 69 | $66.84 | $89.65 | $48.29 | $66.09 |
| 70 | $70.79 | $94.64 | $50.81 | $70.45 |
| 71 | $73.15 | $98.31 | $53.24 | $72.18 |
| 72 | $78.81 | $103.97 | $56.20 | $75.86 |
| 73 | $83.99 | $109.94 | $58.46 | $79.74 |
| 74 | $89.46 | $116.69 | $63.55 | $84.14 |
| 75 | $94.87 | $123.65 | $67.78 | $88.66 |
| 76 | $99.97 | $132.48 | $72.41 | $94.42 |
| 77 | $107.04 | $141.32 | $78.25 | $101.63 |
| 78 | $114.13 | $150.57 | $83.51 | $108.24 |
| 79 | $122.13 | $161.81 | $88.44 | $115.15 |
| 80 | $129.52 | $171.23 | $93.41 | $125.01 |
| 81 | $139.73 | $181.75 | $98.43 | $135.14 |
| 82 | $149.95 | $192.98 | $106.21 | $147.04 |
| 83 | $160.16 | $204.65 | $113.96 | $160.56 |
| 84 | $171.02 | $219.19 | $121.31 | $170.76 |
| 85 | $181.88 | $237.28 | $128.55 | $179.58 |
| 86 | $192.74 | $257.57 | $135.90 | $192.35 |
| 87 | $236.25 | $337.32 | $171.33 | $237.32 |
| 88 | $276.68 | $353.99 | $205.98 | $253.99 |
| 89 | $317.10 | $370.65 | $240.63 | $278.99 |
| 90 | $357.53 | $378.98 | $275.28 | $303.99 |
Conclusion
These are all the absolute worst life insurance companies for seniors and should be avoided at all costs. To get the best options available to you, you need to work with an independent insurance broker like us with access to all the top major carriers on the market.
This allows our agents to work for you not the insurance companies and help you shop for the best plan available to you and your situation.