Worst Life Insurance Companies for Seniors
Posted in Burial Insurance Carrier Reviews last updated on May 26, 2023We 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.
The thing is in order to get the perfect policy for you and your loved ones you need to work with an independent insurance agency that offers multiple companies. This is how you will find the best options in the life insurance industry.
These companies we are going to discuss in this article have captive agents which means they can only sell you one product with the company they work for which means your options are so limited finding the best solution to your problem with captive agents like that is impossible.
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
Worst Life Insurance Companies for Seniors (The Why?)
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.
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.
Trustage
Why You Shouldn’t Buy It
Trustage is simply overpriced and they only offer one product which is why they are overpriced compared to what we offer. In addition to this, you do not have an insurance agent present to assist you with your search. Many consumers may think this is good but it is not, insurance agents can shop the market for you and find you the best product and premium available.
We go into greater detail in our Trustage Life Insurance Review.
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 Sample Quotes | $10,000 Male Smoker Sample Quotes | $10,000 Female Non Smoker Sample Quotes | $10,000 Female Smoker Sample Quotes | Final Expense Companies Available per Age |
|---|---|---|---|---|---|
| 19 | $12.87 | $16.59 | $12.03 | $13.74 | Liberty Bankers Life, Sentinel Security Life |
| 20 | $13.19 | $17.02 | $12.13 | $15.40 | Liberty Bankers Life, Sentinel Security Life |
| 21 | $13.50 | $17.46 | $12.74 | $17.02 | Liberty Bankers Life, Sentinel Security Life |
| 22 | $14.17 | $18.18 | $13.06 | $17.05 | Liberty Bankers Life, Sentinel Security Life |
| 23 | $14.54 | $18.51 | $13.77 | $17.08 | Liberty Bankers Life, Sentinel Security Life |
| 24 | $15.43 | $19.19 | $15.16 | $17.10 | Liberty Bankers Life, Sentinel Security Life |
| 25 | $15.95 | $20.00 | $15.28 | $17.39 | Liberty Bankers Life, Sentinel Security Life |
| 26 | $16.28 | $20.83 | $15.40 | $17.69 | Liberty Bankers Life, Sentinel Security Life |
| 27 | $16.61 | $21.75 | $15.51 | $17.95 | Liberty Bankers Life, Sentinel Security Life |
| 28 | $16.92 | $22.15 | $15.61 | $18.22 | Liberty Bankers Life, Sentinel Security Life |
| 29 | $17.25 | $22.54 | $15.73 | $18.48 | Liberty Bankers Life, Sentinel Security Life |
| 30 | $17.57 | $23.07 | $16.09 | $19.06 | Liberty Bankers Life, Sentinel Security Life |
| 31 | $17.97 | $23.60 | $16.45 | $19.66 | Liberty Bankers Life, Sentinel Security Life |
| 32 | $19.84 | $24.25 | $16.79 | $20.21 | Liberty Bankers Life, Sentinel Security Life |
| 33 | $20.34 | $25.00 | $17.12 | $20.75 | Liberty Bankers Life, Sentinel Security Life |
| 34 | $20.93 | $25.83 | $17.45 | $21.28 | Liberty Bankers Life, Sentinel Security Life |
| 35 | $21.53 | $26.59 | $17.99 | $21.89 | Liberty Bankers Life, Sentinel Security Life |
| 36 | $22.14 | $27.37 | $18.54 | $22.50 | Liberty Bankers Life, Sentinel Security Life |
| 37 | $22.84 | $28.18 | $19.06 | $23.08 | Liberty Bankers Life, Sentinel Security Life |
| 38 | $23.54 | $29.08 | $19.55 | $23.62 | Liberty Bankers Life, Sentinel Security Life |
| 39 | $24.34 | $29.87 | $20.05 | $24.18 | Liberty Bankers Life, Sentinel Security Life |
| 40 | $23.13 | $30.66 | $20.70 | $24.98 | Liberty Bankers Life, Sentinel Security Life, Aetna Accendo, Guarantee Trust Life, Great Western |
| 41 | $23.62 | $31.43 | $19.75 | $25.80 | Liberty Bankers Life, Sentinel Security Life, Aetna Accendo, Guarantee Trust Life, Great Western |
| 42 | $24.11 | $32.21 | $19.93 | $26.57 | Liberty Bankers Life, Sentinel Security Life, Aetna Accendo, Guarantee Trust Life, Great Western |
| 43 | $24.64 | $32.93 | $20.10 | $27.30 | Liberty Bankers Life, Sentinel Security Life, Aetna Accendo, Guarantee Trust Life, Great Western |
| 44 | $25.18 | $33.41 | $20.38 | $28.03 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Guarantee Trust Life, Aetna Accendo, Great Western |
| 45 | $25.79 | $34.00 | $20.88 | $28.80 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Guarantee Trust Life, Aetna Accendo, Great Western |
| 46 | $26.43 | $34.57 | $21.43 | $29.55 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Guarantee Trust Life, Aetna Accendo, Great Western |
| 47 | $27.10 | $35.17 | $22.01 | $28.06 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Guarantee Trust Life, Aetna Accendo, Great Western |
| 48 | $27.71 | $35.58 | $22.33 | $28.56 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western |
| 49 | $27.35 | $38.27 | $21.78 | $29.22 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life, |
| 50 | $28.29 | $39.47 | $23.56 | $30.14 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 51 | $29.26 | $40.77 | $24.48 | $31.06 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 52 | $30.31 | $42.22 | $25.09 | $32.72 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 53 | $31.47 | $43.83 | $25.62 | $34.54 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 54 | $32.77 | $45.44 | $26.26 | $38.99 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 55 | $34.25 | $48.12 | $27.11 | $40.85 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 56 | $35.88 | $52.06 | $28.20 | $42.71 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 57 | $37.69 | $54.25 | $29.51 | $42.30 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 58 | $39.64 | $56.72 | $31.70 | $43.61 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 59 | $40.10 | $55.60 | $31.00 | $44.50 | Liberty Bankers Life, Sentinel Security Life, Mutual of Omaha, Aetna Accendo, Guarantee Trust Life, Great Western, AIG, American Amicable, Gerber, Prosperity Life |
| 60 | $41.84 | $56.72 | $31.70 | $43.61 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 61 | $43.76 | $59.64 | $32.87 | $45.19 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 62 | $46.41 | $63.28 | $34.51 | $47.48 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 63 | $49.07 | $67.72 | $36.06 | $49.78 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 64 | $51.22 | $69.53 | $37.72 | $52.07 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 65 | $53.58 | $72.72 | $39.36 | $54.36 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 66 | $56.48 | $76.06 | $41.01 | $56.66 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 67 | $59.85 | $80.53 | $43.44 | $60.22 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 68 | $63.18 | $84.67 | $45.86 | $63.60 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 69 | $66.84 | $89.65 | $48.29 | $66.09 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 70 | $70.79 | $94.64 | $50.81 | $70.45 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 71 | $73.15 | $98.31 | $53.24 | $72.18 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 72 | $78.81 | $103.97 | $56.20 | $75.86 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 73 | $83.99 | $109.94 | $58.46 | $79.74 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 74 | $89.46 | $116.69 | $63.55 | $84.14 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 75 | $94.87 | $123.65 | $67.78 | $88.66 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 76 | $99.97 | $132.48 | $72.41 | $94.42 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 77 | $107.04 | $141.32 | $78.25 | $101.63 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 78 | $114.13 | $150.57 | $83.51 | $108.24 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 79 | $122.13 | $161.81 | $88.44 | $115.15 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 80 | $129.52 | $171.23 | $93.41 | $125.01 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 81 | $139.73 | $181.75 | $98.43 | $135.14 | Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company |
| 82 | $149.95 | $192.98 | $106.21 | $147.04 | Mutual of Omaha, Aetna, American Amicable, Sentinel Security Life,Guarantee Trust Life, |
| 83 | $160.16 | $204.65 | $113.96 | $160.56 | Mutual of Omaha, Aetna, American Amicable, Sentinel Security Life,Guarantee Trust Life, |
| 84 | $171.02 | $219.19 | $121.31 | $170.76 | Mutual of Omaha, Aetna, American Amicable, Sentinel Security Life,Guarantee Trust Life, |
| 85 | $181.88 | $237.28 | $128.55 | $179.58 | Mutual of Omaha, Aetna, American Amicable, Sentinel Security Life,Guarantee Trust Life |
| 86 | $192.74 | $257.57 | $135.90 | $192.35 | Mutual of Omaha, Aetna, American Amicable, Sentinel Security Life,Guarantee Trust Life |
| 87 | $236.25 | $337.32 | $171.33 | $237.32 | Aetna Accendo, Guarantee Trust Life |
| 88 | $276.68 | $353.99 | $205.98 | $253.99 | Aetna Accendo, Guarantee Trust Life |
| 89 | $317.10 | $370.65 | $240.63 | $278.99 | Aetna Accendo, Guarantee Trust Life |
| 91 | $387.32 | $387.32 | $337.32 | $337.32 | Guarantee Trust Life |
| 90 | $357.53 | $378.98 | $275.28 | $303.99 | Aetna Accendo, Guarantee Trust Life |
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.