Best Guaranteed Acceptance Life Insurance Companies in January 2024

COMPANY HIGHLIGHTS

MoneyGeek Score: 90.8
J.D. Power (out of 1,000): 783.4
AM Best Rating: A+
NAIC Complaint Index: 1.20

MoneyGeek's Take: Mutual of Omaha tops our list as the overall best guaranteed acceptance life insurance provider for its nationwide availability, fast claims payout and ease of quoting and purchasing coverage online.

For over 100 years, Mutual of Omaha has offered quality life insurance products nationwide. Its guaranteed acceptance whole life insurance product is available to consumers between ages 45 and 85 (50–75 for New York residents). Mutual of Omaha’s guaranteed acceptance life insurance has no health questions or medical exams to complete, and you can apply online or over the phone.

You can choose a death benefit from $2,000–$25,000 (coverage begins at $5,000 for state of Washington residents). Rates are based on your current age when applying, along with your gender and the coverage amount. Smokers and nonsmokers get the same rate with Mutual of Omaha’s guaranteed acceptance whole life insurance.

For non-accidental deaths that occur in the first two years of the policy, Mutual of Omaha will pay a graded death benefit to your chosen beneficiary. This graded death benefit amount includes all premiums paid plus 10% interest. After the two-year period, your beneficiary will receive the full death benefit amount, regardless of the cause of death.

If you need more coverage and don’t have serious health problems, you can contact Mutual of Omaha to be considered for up to $40,000 in simplified issue whole life insurance. While there’s no medical exam, you will have to answer a few health questions to qualify.

Policy Types Offered:

• Guaranteed Whole Life Insurance

COMPANY HIGHLIGHTS

MoneyGeek Score: N/A
J.D. Power (out of 1,000): N/A
AM Best Rating: N/A
NAIC Complaint Index: N/A

MoneyGeek's Take: Our pick for the easiest online application is Ethos Life. This digital agent life insurance company offers a 100% online quote and application process that takes 10 minutes or less to complete.

Ethos Life offers an entirely digital platform with a simple quote and application process. Most can get a quote in just a few minutes and complete the entire application in 10 minutes or less. The Ethos guaranteed acceptance life insurance product is offered through AAA Life, one of the digital distributor's underwriting partners. Coverage ranges from $1,000–$30,000 and is for consumers between ages 66 and 85. Once you accept the rate and get approved instantly, you can make a credit card payment and then you’re immediately covered. As long as you keep up with your premium payments, the policy stays in force until the policyholder passes away.

The Ethos Life guaranteed acceptance whole life insurance policy comes with a graded death benefit for the first two years. If you die from a non-accidental death, your beneficiary will receive a refund of all the premiums paid, plus a generous 30% interest — this is the highest interest amount in our list of the best guaranteed acceptance life insurance companies. The policy is guaranteed to build cash value over time, which you can access while alive as a loan, or you can withdraw the funds. Once you reach age 100, premiums are no longer required, and the policy is considered paid in full, but the coverage remains in effect.

Policy Types Offered:

• Whole life insurance for seniors

COMPANY HIGHLIGHTS

MoneyGeek Score: 87.2
J.D. Power (out of 1,000): 768.1
AM Best Rating: A+
NAIC Complaint Index: 1.00

MoneyGeek's Take: MetLife offers the best high coverage guaranteed acceptance life insurance, where eligible applicants can choose up to $50,000 in coverage.

MetLife's guaranteed acceptance whole life insurance policy is only available through the company's advisors, so you can't get a quote or apply online. But, out of all the guaranteed acceptance life insurance companies, MetLife has the highest coverage amount available, up to $50,000. Applicants can apply as young as age 45, and rates are available up to age 80. MetLife’s whole life policy is guaranteed to be issued with no health questions or medical exams, with level rates and cash value that builds over time. You can take a loan against the cash value, but if it’s not paid off before you die, it will reduce the death benefit owed to your beneficiary.

Though coverage is in place from the moment you accept the policy and make your first payment, MetLife includes a limited death benefit feature similar to other carriers. MetLife’s graded death benefit for the first two years applies to non-accidental deaths, with premiums returned, including 10% interest, to your beneficiary. If you’re unsure how much final expense life insurance coverage you need, speaking with a MetLife advisor can help you decide before you apply.

Policy Types Offered:

• Guaranteed Acceptance
• Whole Life Insurance

COMPANY HIGHLIGHTS

MoneyGeek Score: 87.5
J.D. Power (out of 1,000): 771.5
AM Best Rating: A++
NAIC Complaint Index: 0.16

MoneyGeek's Take: New York Life is one of the oldest and most respected life insurance companies in the industry. As a mutual insurer, New York Life puts reputation and communication at the forefront of its business, making it our top pick for this category.

New York Life is one of the oldest names in the life insurance industry. Its longevity and success in the industry are thanks in large part to its reputation and communication style. The company has been in business for over 175 years and has the highest possible financial ratings, which indicates its ability to pay out life insurance death benefits. When you purchase life insurance from New York Life, you get a dedicated agent who works with you, meeting your needs as they change. New York Life has partnered with the AARP Life Insurance Program to offer guaranteed acceptance life insurance with no health questions or medical exams.

New York Life’s graded death benefit returns paid premiums plus 10% interest if you die in the first two years. However, residents of Pennsylvania, Missouri and Minnesota get higher amounts according to state laws (40%–400% of premiums paid). New York Life’s guaranteed issue whole life insurance policy includes an accelerated death benefit rider. If you are diagnosed with a terminal illness with a life expectancy of two years or less, you can access up to half of the death benefit to use however you choose. The amount you use as a living benefit will reduce the death benefit amount your beneficiary receives when you pass away.

Policy Types Offered:

• AARP Guaranteed Acceptance Life Insurance