Best Life Insurance Companies for Seniors
As people age, the cost of life insurance coverage often increases, but many insurers still accommodate older adults, even those not in the best health. NerdWallet has reviewed various insurers offering term or whole life policies to seniors, taking into account star ratings, policy features, and maximum issue age.
Top Picks for Seniors
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Guardian Life: Best for payment flexibility
- NerdWallet rating: 5.0
- Term life max issue age: 75
- Whole life max issue age: 90
- Pros: Unique coverage options, very few complaints
- Cons: Minimal policy details online, can’t buy policy online
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MassMutual: Best for elderly applicants
- NerdWallet rating: 5.0
- Term life max issue age: 75
- Whole life max issue age: 90
- Pros: Wide range of policies, supports online claims
- Cons: Most policies require a medical exam
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Northwestern Mutual: Best for potential to earn dividends
- NerdWallet rating: 5.0
- Term life max issue age: 70
- Whole life max issue age: 85
- Pros: Fewer complaints than expected, highly rated for customer satisfaction
- Cons: Limited information on coverage amounts online
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New York Life: Best coverage range
- NerdWallet rating: 4.5
- Term life max issue age: 75 (1- and 10-year terms), 65 (15- and 20-year terms)
- Whole life max issue age: 85
- Pros: Low complaint volume, some policies eligible for dividends
- Cons: Quotes not available online
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USAA: Best for coverage flexibility
- NerdWallet rating: 4.5
- Term life max issue age: 70
- Whole life max issue age: 85
- Pros: Option to convert term policy to permanent coverage, low number of complaints
- Cons: Some policy types issued by partner companies, no live chat or email support
How We Ranked These Insurers
NerdWallet’s ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners, and financial strength ratings. We considered factors such as policies offered, financial strength, and complaint history.
More About Life Insurance for Seniors
- Term and whole life insurance are widely available options for seniors.
- Guaranteed issue life insurance is an alternative for those who can’t find traditional policies.
- Burial insurance (final expense insurance) can help cover end-of-life costs.
NerdWallet encourages consumers to compare several insurance quotes to find the best rate. Our ratings serve as a guide, but shopping around is crucial for getting the best deal.
