It’s true, older individuals may face more costly premiums, and some goals for a life insurance policy – such as covering lost income – may be less important if you are retired. Still, a life insurance policy can be a good idea in many cases, offering benefits including helping your loved ones cover your final expenses.
Generally, a term life insurance or long-term care insurance policy may make more sense for seniors, but it depends on your particular needs. With the needs of seniors in mind, we analyzed top insurance providers to find the best life insurance companies for them. Read on to learn more.
Getting Life Insurance for Seniors at a Glance
Shopping for a life insurance policy as a senior is similar to comparing policies at any other age. You’ll first decide the type of policy that is right for you and then compare offerings from different life insurance companies to find an affordable option that meets your particular needs.
We analyzed life insurance companies to find options that suited the needs of older insured – featuring affordable premiums, high customer satisfaction scores, flexible policy options, and more.
Comparing the Best Life Insurance Companies for Seniors
MassMutual: Best for term life insurance
State Farm: Best for no-medical-exam policies
Guardian Life: Best for unique coverage options
Pacific Life: Best for customizable policies
New York Life: Best for coverage amounts
Protective: Best for affordability
Mutual of Omaha: Best for final expense insurance
Nationwide: Best for survivorship policy
USAA: Best for military members
Take a closer look at our picks for the best life insurance companies for seniors.
1. MassMutual
Best for: Term life insurance
Online purchase: No
Policies offered: Whole life, term life, universal life, variable universal life, and long-term care, and life insurance
Why we chose MassMutual: Catering specifically to those seeking reliable, temporary coverage with future flexibility, MassMutual provides a vast selection of policies backed by strong financial stability. The option to convert term policies to permanent coverage without a medical exam ensures your insurance can evolve with your life stages.
Pros:
Variety of policies to choose from
Combination long-term care and life insurance plans available
Convert some term life insurance policies to permanent life insurance without medical exam
Cons:
Must contact a representative to get full plan details
Customized quotes not available online
2. State Farm
Best for: No-medical-exam policies
Online purchase: No
Policies offered: Term life, whole life, universal life, and guaranteed issue final expense insurance
Why we chose State Farm: Catering specifically to seniors and those seeking hassle-free coverage, State Farm provides accessible options that remove the barriers of traditional underwriting. The guaranteed issue final expense policy ensures acceptance without a medical exam, helping to provide peace of mind and cover end-of-life costs without the stress of health disqualifications.
Pros:
No medical exam required for guaranteed issue final expense policies
Joint and survivorship policies available
Flexible care options
Cons:
Not available in all states
Term life policies only available for applicants under 75
3. Guardian Life
Best for: Unique coverage options
Online purchase: No
Policies offered: Term life, whole life, and universal life insurance
Why we chose Guardian Life: Catering specifically to individuals with unique health needs or long-term planning goals, Guardian Life provides inclusive coverage options that many competitors overlook. The availability of policies for HIV+ applicants and an extended conversion rider ensures you have access to protection when you need it most, helping to bridge the gap between specialized health needs and financial security.
Pros:
Extended conversion rider for term-long convertibility of term life insurance policies
Long-term care rider available
Policies available for HIV+ applicants under 65
Cons:
Online quotes only available for term life insurance
Must contact a representative to get full plan details
4. Pacific Life
Best for: Customizable policies
Online purchase: No
Policies offered: Term life, universal life, indexed universal life, and variable universal life insurance
Why we chose Pacific Life: Catering specifically to older applicants and those who value flexibility, Pacific Life provides highly customizable policies that extend well into your later years. The ability for applicants up to age 90 to secure coverage, combined with convertible term options, ensures you aren't aged out of the market, helping to maintain a financial safety net for your estate and heirs.
Pros:
Several policies available for applicants up to age 90
Many term life policies are convertible without a medical exam
Policy details available online
Cons:
Does not offer online quotes
Product availability varies by state
Read the full Pacific Life review
5. New York Life
Best for: Coverage amounts
Online purchase: No
Policies offered: Term life, whole life, universal life, variable universal life, and long-term care insurance
Why we chose New York Life: Catering specifically to families looking for substantial protection and asset growth, New York Life provides a diverse range of permanent policies with unique add-ons. The Spouse Paid-Up Purchase Option ensures that surviving partners can use death benefit proceeds to purchase their own paid-up life insurance, helping to extend financial security to the next generation without additional premiums.
Pros:
Variable policy options
Spouse paid-up purchase option
Cons:
Some riders not available in all states
Quotes not available online
Read the full New York Life review
6. Protective
Best for: Affordability
Online purchase: Yes
Policies offered: Term life, whole life, universal life and variable universal life insurance
Why we chose Protective: Catering specifically to budget-conscious shoppers, Protective provides some of the most affordable rates on the market without sacrificing policy variety. The availability of online applications for select policies ensures a streamlined and cost-effective buying process, helping families secure high-quality coverage that fits comfortably within their monthly budget.
Pros:
Online application available for some policies
Policies available for applicants up to age 85
Variety of riders available
Cons:
Not all policies offer online quote and application
Most policies require medical exam
Read the full Protective review
7. Mutual of Omaha
Best for: Final expense insurance
Online purchase: Yes
Policies offered: Term life, whole life, children’s whole life, universal life, long-term care, and accidental death insurance
Why we chose Mutual of Omaha: Catering specifically to seniors planning for end-of-life expenses, Mutual of Omaha provides a straightforward path to securing final expense insurance. The guaranteed whole life option ensures you cannot be denied coverage due to health issues, helping to relieve your loved ones of the financial burden associated with funeral and burial costs.
Pros:
Policies available for applicants up to 85
Guaranteed whole life insurance available
Convertible term policies available
Cons:
Some policies require you to work with an agent
Online quotes not available for all policies
8. Nationwide
Best for: Survivorship policy
Online purchase: Yes
Policies offered: Term life, whole universal, indexed universal, variable universal life and long-term care insurance
Why we chose Nationwide: Catering specifically to couples and families with complex planning needs, Nationwide provides versatile policies that can protect two lives under a single plan. The survivorship policy option ensures that benefits are paid out after the second insured passes, helping to provide liquidity for estate taxes or leaving a significant legacy for heirs.
Pros:
Survivorship policy available for couples
Policies available for applicants up to 85
Flexible policy options
Cons:
Not all policies offer online quote and application process
Term life insurance only available for applicants up to 55
Some policies require you to work with an agent
Read the full Nationwide review
9. USAA
Best for: Military members
Online purchase: Yes
Policies offered: Term and permanent life insurance
Why we chose USAA: Catering specifically to active military members and veterans, USAA provides specialized protection designed to withstand the unique risks of service. The inclusion of severe injury benefits and coverage during wartime ensures that servicemembers are never left vulnerable, helping to provide unmatched security for those who serve our country.
Pros:
Additional policy features available for servicemembers
Policies available for applicants up to 90 years old
Online quotes available for most policies
Cons:
Fewer policy options than competitors
Some policies not available in all states
Methodology: How We Picked the Best Life Insurance Companies for Seniors
To choose the best life insurance companies for seniors, we compared providers that offered policies suited to the particular demographic. The top companies featured available policies with max issue ages above 65, with preference given to those with higher maximum ages. Additionally, the best life insurance companies for seniors offered policies that could be purchased without a medical exam and relevant riders, such as for long-term care.
The life insurance companies featured here also rated highly based on our standard life insurance methodology, which evaluates providers based on the following key categories:
Coverage options: The best life insurance companies offer several different kinds of policies, such as term life or whole life insurance, with a variety of coverage limits available to choose from. They also feature riders such as accidental death or waiver of premium which allow the insured to customize their plans. Eligibility for a life insurance policy should also be wide, with plans available for a range of ages, health statuses, and other demographics.
Availability: Top providers offer policies to a variety of age ranges and demographics, including niche groups who may struggle to find coverage, such as smokers or those with pre-existing health conditions. We also give preference to companies that operate in more U.S. states.
Affordability: In addition to affordable premiums compared to other life insurance companies, we look for transparent rates with no hidden fees. Most importantly, the top life insurance companies offer value for their prices in the form of useful policy features and benefits.
User experience: We believe finding a life insurance policy shouldn’t be complicated, so we look for life insurance providers who offer easy-to-navigate websites with clearly outlined policy details. We also consider the speed of the application process, including any applicable medical exam requirements.
Customer service: To ensure any issues with applying for or navigating a life insurance policy can be navigated smoothly, we prioritize companies with positive customer service reputations. We consider feedback from customers on sources like Trustpilot and the Better Business Bureau, in addition to available support channels and average response time.
Top companies combine a variety of policy options with flexible application requirements, affordable premiums, easy-to-navigate online experiences, and top-rated customer service.
What Is Senior Life Insurance?
Life insurance policies are not specific to age groups, so choosing a life insurance company as a senior involves the same process as for younger individuals.
“Senior life insurance is not a category all its own. Policies for seniors are often built and priced along a similar structure to policies designed for younger folks,” explains Ian Bloom, CFP and owner and financial planner at Open World Financial Life Planning.
But if you are getting older, finding a life insurance policy may be pricier, and the best kind of coverage may differ.
“These policies can be very expensive due to the higher risk to the insurance company. However, in certain scenarios, they can still be worth it,” says Bloom.
Even if you are retired, a life insurance policy can offer your loved ones financial security when you pass or help to cover final expenses. However, the best kind of coverage for you will depend on your budget, age, health, and goals.
Types of Life Insurance for Seniors
Life insurance policies come in many shapes and sizes, and the best for you will depend on the expenses you want to cover for your beneficiaries after you pass.
“For instance, you could have someone who is 65, who plans to keep working for a few years, and they may be interested in a term life policy for the purpose of protecting that income, especially if they have people who depend on them financially,” emphasizes Katherine Murbach Crawford, licensed life insurance agent and product marketing writer at Brighthouse Financial.
“On the other hand, you could have someone who's 65 and retired – so they're not concerned about income replacement, but instead, they might want to ensure their family can afford to cover their final expenses, like a funeral. In this case, they may look at different kinds of simplified issue policies instead, which are generally more expensive, but they don't expire,” she adds.
Top life insurance options for seniors include:
Term life insurance: These policies, which offer coverage for specific terms (say five or 10 years), can be a good option for seniors who want to ensure their beneficiaries receive enough benefits to cover debts like a mortgage. Term life insurance can have higher premiums than other options – especially for seniors – so you’ll need to consider how much you can afford to spend.
Guaranteed universal life insurance: “For a more inexpensive policy designed to handle final expenses, a person may consider looking for a guaranteed issue policy. These policies are offered in smaller benefit amounts, but the senior won't be turned down due to age and/or health,” Bloom says.
Long-term care insurance: A long-term care policy is a good option to consider if you are worried about costs for ongoing care due to illness in older age. These policies can help cover expenses that may not be included in your health insurance policy. Eligibility may be limited if you have a pre-existing condition.
You might consider customizing a policy with relevant riders or optional benefits.
Choosing a Life Insurance Policy as a Senior
When comparing life insurance policies, there are several factors to consider to ensure you are getting a good deal.
Senior Life Insurance Cost
Unfortunately, life insurance premiums for older insureds can be higher than for younger individuals.
“Life insurance [gets] more expensive as we grow older because we're considered riskier to insure as we age. So that's a main factor that seniors will consider when shopping for life insurance and comparing premiums – along with health,” explains Crawford.
The actual cost of your life insurance policy will be determined by factors including coverage, age, location, and health conditions.
“Certain health conditions can make it difficult to qualify for some types of life insurance, or otherwise make it prohibitively expensive,” says Crawford.
You’ll want to strike a balance between coverage and cost, so don’t be afraid to shop around for a policy that meets your needs within budget.
Coverage Options
Determining how much life insurance coverage you need is a personal calculation that will vary by individual.
“Ask yourself what you would want to have happen if you passed away, then add up the costs. As an example, you may want to pay off your house so your spouse can continue to live there on a reduced income. You may also want to leave money to your kids or grandkids. If you have $150,000 left on the mortgage and want to leave $20,000 to each of your five grandkids, you would want a policy that totals to $250,000. Expenses that often figure into this total include final expenses, debt payoff, living expenses for a spouse, inheritance/legacy and charity,” details Bloom.
Customer Experience
The best life insurance companies will provide exceptional customer support and help you find the exact right policy for your needs. Consider flexibility in customizing life insurance plans from a particular company, as well as customer reviews on support experiences.
When comparing life insurance companies, you may also want to consult a professional who can help you navigate the complexities of policy structures, coverage amounts, and cost.
“It's really important to work with a licensed agent and a financial professional you trust, which is especially true for seniors, to ensure they're getting the most cost-efficient option that makes the most sense for their financial goals,” emphasizes Crawford.
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