6 Best Life Insurance Companies for Seniors
It’s important to note that while life insurance rates often increase with age, we found that seniors in the U.S. still have coverage options. We analyzed nearly 40 of the best life insurance providers before picking the following six companies as the best for older adults.
- Fidelity Life: Our top pick for seniors
- MassMutual: Our pick for guaranteed issue coverage for seniors
- State Farm: Our pick for customer satisfaction
- Northwestern Mutual: Our pick for a personalized experience
- Mutual of Omaha: Our pick for accelerated death benefits
- Guardian Life: Our pick for older seniors
Best Senior Life Insurance Companies Reviewed:
Fidelity Life
Best for seniors
4.2
Coverage: 4.1/5
Riders: 4.4/5
Availability and Ease of Use: 4.7/5
Brand Trust: 2.9/5
Our Review
Sample Cost$28-$68Policies OfferedTerm and wholeA.M. BestA-
Why We Picked Fidelity Life
Fidelity Life is worth considering if you are older, have serious health issues or have been denied coverage in the past. The company offers several options for permanent no-exam coverage, including whole life, final expense and accidental death benefit policies. Its term and whole products for applicants aged 50 to 85 do not require a medical exam.
The company’s no-exam RAPIDecision Senior Term Life is available to people aged 50 to 70 for terms of 10, 20 and 30 years for amounts from $10,000 to $150,000. Fidelity Life also holds an A rating with AM Best, indicating “excellent” financial strength, according to the credit rating agency.
Pros and Cons
Pros Offers no-exam coverage Customers can easily get quotes and apply online Provides an accidental death benefit policy Cons Standard term life policy is only issuable up to age 65 Offers fewer riders than some competitors
Coverage and Cost
Fidelity offers the following types of life insurance policies:
- Term life insurance
- Whole life insurance
- Guaranteed issue life insurance
Cost
To give you an idea of how much Fidelity Life coverage could cost, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. Our data includes rates for a 65-year-old man and woman but we could not obtain estimates for other ages from the company.
| $100k Coverage | $250k Coverage | $500k Coverage | |
| 65-year-old male | $75 | $142 | $273 |
| 65-year-old female | $48 | $93 | $176 |
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MassMutual
Best for permanent life insurance
4.7
Coverage: 4.4/5
Riders: 5/5
Availability and Ease of Use: 4.7/5
Brand Trust: 5/5
Our Review
Sample Cost$22-51Policies OfferedTerm, whole, universal and variable universalA.M. BestA++
Why We Picked MassMutual
MassMutual earned our pick as the best permanent life insurance company in part for issuing its Whole Life 100 policy to applicants up to age 90, a higher age limit than many providers we’ve reviewed. For seniors who might have trouble getting approved for standard life insurance coverage, the company offers a guaranteed issue policy available to applicants from ages 50 to 75.
MassMutual has a range of policy and rider options and receives high marks for its customer service. It earned the third-best spot on J.D. Power’s 2023 customer satisfaction survey, scoring 809 out of 1,000 points.
Pros and Cons
Pros Offers a guaranteed issue policy to customers up to age 75 Has paid investment dividends to whole life policyholders since 1869, when it was founded Extremely low volume of customer complaints, based on National Association of Insurance Commissioners (NAIC) research Cons Policies fees often higher than its competitors, based on our review Applicants must work directly with an agent for many policies
Coverage and Cost
MassMutual offers the following types of life insurance policies for seniors:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
- No-exam final expense life insurance
Cost
To estimate the cost of MassMutual life insurance coverage, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class.
| $100k Coverage | $250k Coverage | $500k Coverage | |
| 65-year-old male | $72 | $142 | $273 |
| 65-year-old female | $50 | $89 | $164 |
| 70-year-old male | $119 | $244 | $471 |
| 70-year-old female | $79 | $145 | $270 |
| 75-year-old male | $212 | $457 | $895 |
| 75-year-old female | $149 | $300 | $579 |
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State Farm
Best for customer satisfaction
4.6
Coverage: 4.7/5
Riders: 4.4/5
Availability and Ease of Use: 3.9/5
Brand Trust: 4.9/5
Our Review
Sample CostN/APolicies OfferedTerm, whole and universalA.M. BestA++
Why We Picked State Farm
Though State Farm is a household name primarily based on its status as the top property and auto insurer in the nation, it has also issued life insurance policies for nearly a century. State Farm earned points in our review for offering multiple bundling options and discounts. The company offers whole life policies in addition to term life insurance plans renewable up to age 95. For seniors who may have health issues, State Farm offers guaranteed issue final expense plans for applicants aged 45 to 80.
State Farm’s financial stability and longstanding reputation as a home and auto insurer also extend to its life insurance offerings. J.D. Power ranked the company No. 1 among life insurers in its 2023 customer satisfaction survey. State Farm Life also has an A++ financial strength rating from the credit rating agency AM Best, potentially offering peace of mind to policyholders that their beneficiaries will have financial protection.
Pros and Cons
Pros Highly rated customer service and strong financial marks Term life insurance renewable up to age 95 Coverage is available in all states Cons Whole life benefits max out at $15,000 Must connect with a representative to buy a policy
Coverage and Cost
State Farm offers the following types of life insurance policies:
- Term life insurance
- Whole life insurance
- Universal life insurance
- No-exam final expense life insurance
Cost
We were unable to obtain cost information for State Farm. Contact the company directly for more details on pricing.
Northwestern Mutual
Best for permanent life insurance
4.3
Coverage: 3.5/5
Riders: 3.8/5
Availability and Ease of Use: 4.2/5
Brand Trust: 5/5
Our Review
Sample Cost$21-$37Policies OfferedTerm, whole, universal and variable universalA.M. BestA++
Why We Picked Northwestern Mutual
Northwestern Mutual earned our pick for a personalized experience and could offer a good option for seniors looking for tailored customer service. Term life policies are available in most states up to age 65, and whole life policies offer benefits up to $25,000 for adults aged 45 to 85. One of Northwestern Mutual’s strengths is its diversity of products, including universal life and variable universal life. The provider also features far fewer complaints than expected for a company of its size. The company has provided additional value by paying dividends on its whole life insurance policies every year since 1872, according to its website.
Pros and Cons
Pros Low complaint ratio from NAIC Earned AM Best’s top rating for financial stability Consistently pays investment dividends to whole life policyholders Cons Offers few specifics about coverage amounts or riders available on its website Has a limited riders selection compared to some competitors we reviewed
Coverage and Cost
Northwestern Mutual offers the following coverage options to seniors:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Indexed universal life insurance
- Variable universal life
Cost
To estimate Northwestern Mutual’s life insurance pricing, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. Our data includes rates for a 65-year-old man and woman but we could not obtain estimates for other ages from the company.
| $100k Coverage | $250k Coverage | $500k Coverage | |
| 65-year-old male | $121 | $244 | $449 |
| 65-year-old female | $89 | $183 | $280 |
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Mutual of Omaha
Best for no-exam coverage
4.8
Coverage: 4.7/5
Riders: 5/5
Availability and Ease of Use: 4.5/5
Brand Trust: 4.9/5
Our Review
Sample Cost$21-$50Policies OfferedTerm, whole and universalA.M. BestA+
Why We Picked Mutual of Omaha
Mutual of Omaha earned our pick for best no-exam coverage because it offers lab-free underwriting to applicants up to age 85 across its policy options. Backed by its A+ rating with AM Best, Mutual of Omaha is a financially strong company offering term and permanent policies with accelerated death benefits. The company offers a guaranteed issue policy to new enrollees up to age 85 regardless of health conditions, with end-of-life benefits ranging from $2,000 to $25,000.
Mutual of Omaha’s broad range of coverage is matched by its efficient customer experience, as suggested by the company’s strong scores on the J.D. Power 2023 U.S. Individual Life Insurance Study and a below-average 0.43% NAIC complaint ratio.
Pros and Cons
Pros Seniors can buy whole life policies online Allows you to enroll in whole life coverage up to age 85 Offers a flexible accelerated death benefit Cons Extends a maximum death benefit of $25,000 Must buy certain policies over the phone if you’re older than 75
Coverage and Cost
Mutual of Omaha offers the following coverage options to seniors:
- Term life insurance
- Whole life insurance
- Universal life insurance
Cost
To get an idea of how much Mutual of Omaha policyholders might pay, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class:
| $100k Coverage | $250k Coverage | $500k Coverage | |
| 65-year-old male | $79 | $148 | $281 |
| 65-year-old female | $57 | $98 | $174 |
| 70-year-old male | $120 | $274 | $500 |
| 70-year-old female | $91 | $169 | $303 |
| 75-year-old male | $220 | $526 | $1,015 |
| 75-year-old female | $160 | $366 | $692 |
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Guardian Life
Best for an in-person experience
4.7
Coverage: 4.55/5
Riders: 5/5
Availability and Ease of Use: 4.5/5
Brand Trust: 4.9/5
Our Review
Sample Cost$21-$45Policies OfferedTerm, whole and universalA.M. BestA++
Why We Picked Guardian Life
Guardian Life is one of the few companies we researched that issues policies up to age 90. The company also has more than 3,000 financial representatives that can offer buying assistance, which is why it earned our pick for offering the best in-person experience. It offers no-exam policies up to $3 million in coverage, though seniors might face significant rates for higher coverage amounts.
It also features an A++ rating with AM Best, the highest possible financial strength score. One option that seniors might find attractive is Guardian Life’s SafeGuard360 product, which offers whole life insurance, long-term care and disability income insurance in one solution.
Pros and Cons
Pros Has paid investment dividends to whole life policyholders since 1868, when it was founded Features outstanding financial stability, according to its high AM Best rating 90-year age cap is higher than many competitors we reviewed Cons Online policy information is vague, based on our experience Must work through a life insurance agent to apply
Coverage and Cost
Guardian Life offers the following coverage options to seniors:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
Cost
To estimate how much life insurance costs with Guardian Life, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. Note that our data only includes estimates for policies with $250,000 and $500,000 in coverage.
| $250k Coverage | $500k Coverage | |
| 65-year-old male | $181 | $305 |
| 65-year-old female | $111 | $195 |
| 70-year-old male | $328 | $603 |
| 70-year-old female | $185 | $355 |
| 75-year-old male | $623 | $1,199 |
| 75-year-old female | $369 | $725 |
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The AM Best and J.D. Power scores listed for the best senior life insurance companies above are accurate as of August 2024.
How Much Does Life Insurance for Seniors Cost?
Some of the biggest factors that influence the price of life insurance include your age, health, gender, and the type and amount of coverage you’re seeking. Each provider sets its own rates, so we recommend contacting insurers directly or consulting with a licensed professional for your specific situation.
Senior Life Insurance Average Cost
We gathered cost data for life insurance companies by conducting a secret shopping process focused specifically on seniors ages 65 to 75. For the quotes, we used a sample tobacco-free applicant who qualifies for the preferred health rate class seeking a 10-year term policy. While our research serves to identify trends and competitive pricing among providers, we encourage readers to obtain personalized quotes from companies based on their unique situations.
Did You Know?
Our team conducted a survey of 1,000 life insurance policyholders. 36% of respondents said that cost was the most important factor when choosing a life insurance policy. Luckily, 55% of our respondents also said their monthly life insurance premiums are under $100.
Life Insurance Cost Calculator
Use this cost calculator courtesy of our partner Policygenius to get a personalized life insurance estimate.
What Are Common Life Insurance Choices for Seniors?
Because life insurance usually becomes more expensive as you get older, seniors might have fewer options when it comes to policy availability and cost. Here are some life insurance choices for seniors who may get priced out of standard life insurance coverage.
Life Insurance for Seniors With No Medical Exam
Most life insurance policies require a medical exam, which in part determines whether the insured person is eligible for coverage and at what cost. Some companies offer no-exam policies, which typically cost more than traditional policies but are more likely to extend coverage to applicants with medical conditions. Some no-exam policies are guaranteed issue plans, which means the company cannot deny you coverage as long as you meet the age and death benefit requirements.
Final Expense Life Insurance for Seniors
Also known as burial insurance, final expense life insurance is intended to cover end-of-life expenses that your loved ones would otherwise have to pay. Final expense policies generally provide lower coverage amounts because they extend coverage to higher-risk seniors who may have pre-existing health conditions.
Life Insurance for Seniors with Medicare
Medicare is the federal health insurance program for U.S. citizens aged 65 or older. Medicare does not offer life insurance, though one of our top picks — Mutual of Omaha — offers both Medicare coverage and life insurance.
Cheapest Life Insurance for Seniors
We researched costs for all the life insurance providers in our review by requesting quotes for a sample applicant. Here are our top providers in order of premium rates, starting with the lowest-cost provider for seniors only, for anyone aged 55 and younger we research affordable life insurance companies overall.
- MassMutual
- Fidelity Life
- Mutual of Omaha
- Guardian Life
- Northwestern Mutual
We did not include State Farm on the above list because we were unable to obtain cost information for the company. Contact the company directly for more details on pricing.
Is Life Insurance Worth It for Seniors?
Whether life insurance is worth it depends on your personal circ*mstances and financial goals. Here are some factors to consider:
Dependents
If you have dependents, such as a spouse or children, life insurance can provide financial support in the event of your unexpected death.
Debts
If you have significant debts, such as a mortgage or student loans, life insurance can help pay off those amounts and prevent your loved ones from inheriting the burden.
Final Expenses
Funeral and burial costs can be expensive. Life insurance can help cover these costs and ease the financial burden on your family.
Overall, life insurance can be a valuable tool offering peace of mind that anyone who relies on you financially is protected when you pass. If you have no debts or dependents, you may not get the full benefits of life insurance. Speaking with a trusted financial advisor can help you decide whether life insurance is a good idea.
Frequently Asked Questions About Senior Life Insurance
To get a quote for life insurance, you can go to the insurance company’s website or speak directly to an agent. You’ll need to submit some personal information such as your age, gender and ZIP code. Some companies and policies have age limits, and exact quotes will depend on a variety of factors, such as your health status and lifestyle.
The best life insurance policy for seniors will depend on factors such as your financial situation, age and health. We recommend consulting a licensed life insurance agent or financial advisor to help you find coverage that meets your needs. For example, seniors with several pre-existing conditions could be limited to buying guaranteed issue policies, while younger seniors and those in excellent health may qualify for more plans and coverage amounts.
Ultimately, the decision to purchase final expense coverage is up to you. While it is not required, final expense life insurance coverage is intended to cover the costs associated with your death. It can be a good way to protect your loved ones from having to pay out of pocket for funeral arrangements, burial costs and other end-of-life expenses.
Some insurance companies feature no-exam life insurance plans for seniors. Our top pick, Fidelity Life, offers RAPIDecision Senior Life Term policies that do not require a medical exam. No-exam life insurance policies may work for seniors who have pre-existing conditions and experience trouble qualifying for other types of coverage.
Methodology: Our System for Rating Senior Life Insurance Companies
Our team researches and ranks life insurance companies using an in-depth scoring system that considers the factors most important to consumers like you. Our analysis includes a comprehensive review of each provider we feature based on available coverage, customizability, availability, customer service and company reputation. Here are the factors we take into consideration when rating life insurance providers:
- Brand trust (40%): Life insurance payouts can exceed $100,000 or more, which makes choosing a reputable and trustworthy installer important. To assess brand trust, we use J.D. Power and Associates customer satisfaction surveys, AM Best credit rating scores and the National Association of Insurance Commissioners (NAIC) complaint index. The higher a company scores in each area, the more points it receives.
- Coverage (33%): The more policy options a life insurance company offers, the more opportunities you have to obtain the right coverage for your specific needs. For this reason, we give companies the most points for offering multiple types of life insurance, including various term, permanent and no-exam options.
- Availability and ease of use (19%): Since life insurance coverage options can be complex, we consider the ways a customer can reach a company — and how easy communication is. For this category, we research how many communication channels a company offers for general customer support, claims processing and the application process. Companies earn the most points for offering various ways to interact with an agent, both in-person and online.
- Riders (8%): Companies offering various life insurance riders or endorsem*nts allow policyholders to better customize their coverage. In this category, we determine how many riders a company offers and award the most points to providers with more than 10 options.
AM Best Disclaimer
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