Life Insurance for Seniors: Top Companies Across Multiple Categories
Buying life insurance can be a great way to protect your family, even if you’re older, your children are grown, and your mortgage is paid off. You might want to replace a group policy that ended when you retired, get coverage for funeral expenses, or leave a financial legacy behind.
CNBC Select analyzed numerous life insurance companies to identify the best options for seniors in various categories. Here are the top picks:
Best for Affordability: Pacific Life
Best for No Medical Exam: Mutual of Omaha
Mutual of Omaha provides term, whole, indexed universal life, and universal life policies. Policies are available up to age 80 for term policies and up to age 85 for final expense coverage. Mutual of Omaha offers no-medical-exam policies with guaranteed acceptance and coverage up to $25,000.
Best for Customer Service: State Farm
State Farm offers nearly a dozen term, whole, and universal life insurance products, including survivorship and no-medical-exam plans. In 2024, State Farm earned the top spot in J.D. Power’s U.S. Individual Life Insurance Study. You can purchase a State Farm policy the same day you apply, and premiums can be paid monthly or annually.
Best for Final Expense Insurance: AARP
AARP offers term and permanent life insurance products through New York Life. Members have access to life insurance offers with $25,000 in coverage to help with funeral costs, cremation, medical and legal bills, and other end-of-life expenses. Acceptance is guaranteed with no medical exam or health questions, and rates are fixed for the life of the policy.
Best for Whole Life Insurance: Guardian
Guardian offers a variety of policies, including term, whole, and universal life insurance. Whole life insurance policies are available up to age 90, with no maximum coverage limit. Guardian policyholders can convert term insurance to whole life for free within the first five years.
Best for Couples: Prudential
Prudential offers universal life policies for applicants up to age 85 (and up to 90 for conversion from term life). The survivorship rider allows couples to tap the death benefit if one or both become chronically or terminally ill.
Best for Growing Cash Value: MassMutual
MassMutual’s whole life insurance policies grow cash value quickly with high interest rates. Policies are available for seniors up to age 90. Whole life customers are eligible for dividends, which MassMutual has issued annually since 1869.
Factors to Consider When Choosing Life Insurance as a Senior
When buying life insurance after age 65, consider the following factors:
- Your budget: Life insurance for seniors is more expensive than for younger adults. Consider whether you need a policy without a medical exam, which may have higher premiums.
- Your goals: Are you buying insurance to pay off debts, cover funeral expenses, or leave a financial legacy? Your goals will guide your policy choice.
- Your health status: If you have pre-existing conditions, you may want to consider guaranteed-issue whole life or universal life policies that don’t require a medical exam.
Life Insurance for Seniors FAQs
- How old can you be and still get life insurance?: You can buy life insurance at any age, depending on the policy and provider. The maximum age for term life is typically 85, while some whole life and universal policies are available up to age 90.
- What is the best life insurance for seniors over 70?: The best life insurance depends on your health, budget, and goals. Consider guaranteed issue policies for final expenses or whole life policies for a financial legacy.
- Is life insurance worth it for seniors?: Life insurance can be valuable for seniors, covering funeral expenses, protecting spouses, or providing for long-term care.
