Many people associate life insurance with younger demographics, such as those starting families or purchasing homes. However, seniors often have a continuing need to protect their families financially. This may involve replacing a group policy that ended with retirement, covering funeral expenses, or establishing a financial legacy.
CNBC Select has compared numerous life insurance providers to identify the best options for seniors based on different criteria. (See our methodology for more information on how we made our picks).
Best Life Insurance Companies for Seniors
Best for low premiums: Pacific Life Best for no medical exam: Mutual of Omaha Best for customer service: State Farm Best for final expense insurance: AARP Best for whole life insurance: Guardian Best for couples: Prudential Best for growing cash value: MassMutual
Best for Low Premiums: Pacific Life
Pacific Life offers a range of life insurance options, including term, permanent, and no-exam policies. An accelerated death benefit is also included at no additional cost.
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Cost: The best way to estimate your costs is to request a quote. Online quote for term policy: No
Policy Highlights: Pacific Life provides term, permanent, and no-exam life insurance, with an accelerated death benefit included at no charge.
Pros:
- Most plans have an age limit of 90 for enrollment.
- Term policies can convert to permanent life without an exam.
Cons:
- No online quotes.
- Must be purchased through an advisor.
Who’s this for?: Pacific Life has affordable term life insurance for seniors that’s renewable up to age 95 after the level term period ends. In addition to term life, Pacific Life has indexed and variable universal life insurance policies that build cash value early and can supplement retirement income. Pacific Life doesn’t set maximum coverage limits, with some policies paying out more than $10 million.
Best for No Medical Exam: Mutual of Omaha
Mutual of Omaha offers a variety of life insurance policies, including term, whole, indexed universal life, and universal life policies.
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Cost: The best way to estimate your costs is to request a quote. Online quote for term policy: No
Policy Highlights: Mutual of Omaha provides term, whole, indexed universal life, and universal life policies.
Pros:
- Policies available up to age 85.
- No-medical-exam policies available.
- Can convert term life into a whole life policy with no medical exam.
Cons:
- Guaranteed whole life limited to $25,000.
- Online term life quotes not available.
Who’s this for?: Mutual of Omaha offers no-medical exam policies for those between 45 and 85 (or 50 and 75 in New York). Coverage can extend up to $25,000. The company also has other plans with high age caps, including term life policies up to age 80. Its online Mutual Cares platform offers seniors details about health and wellness, combating loneliness, estate planning, and additional resources.
Best for Customer Service: State Farm
State Farm provides a wide range of life insurance products, including term, whole, and universal life insurance.
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Cost: The best way to estimate your costs is to request a quote. Online quote for term policy: Yes
Policy Highlights: State Farm offers term, whole, and universal life insurance products, including survivorship and no-medical exam plans.
Pros:
- Reasonable rates.
- Top-rated for customer service.
- Return of premium benefit available.
- Term policies can be converted to permanent.
Cons:
- Policies must be purchased through a State Farm agent.
- Doesn’t sell policies in Rhode Island or Massachusetts.
- Fewer riders than the competition.
- Accelerated death benefit costs extra.
Who’s this for?: State Farm earned the top spot in J.D. Power’s U.S. Individual Life Insurance Study for the fifth consecutive year in 2024. You can apply for and buy a State Farm policy the same day, and premiums can be paid monthly or annually.
Best for Final Expense Insurance: AARP
AARP members have access to life insurance offers through New York Life. These policies can provide coverage for final expenses.
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Cost: The best way to estimate your costs is to request a quote. App available: Yes
Policy Highlights: AARP offers term and permanent life insurance products through New York Life, alongside other types of insurance.
Pros:
- No medical exam
- Guaranteed acceptance option
- A++ financial strength rating
Cons:
- Must be an AARP member to apply.
- Not available in all states.
Who’s this for?: This insurance provides AARP members with access to life insurance offers through New York Life, including up to $25,000 in coverage to help with funeral costs, cremation, medical and legal bills, and other end-of-life expenses. Acceptance is guaranteed without medical exams or health questions and provides fixed rates for the duration of the policy. However, benefits are limited in the first two years.
Best for Whole Life Insurance: Guardian
Guardian Life Insurance is a robust provider with coverage options available to age 90, with no maximum coverage limit.
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Cost: The best way to estimate your costs is to request a quote. App available: Yes
Policy Highlights: Guardian provides a variety of policies, including term, whole and universal. Term life insurance can be converted into whole or universal life policies.
Pros:
- Has paid dividends since 1868.
- Whole life insurance policies up to age 90.
- Available in all 50 states.
Cons:
- Can’t get rate quotes or apply online.
- Customer service not available 24/7.
- Doesn’t offer auto or home insurance.
Who’s this for?: Guardian offers robust whole life insurance policies up to age 90, including options for HIV+ policyholders. There’s no maximum coverage limit and endorsements include long-term care, waiver of premium and a charitable benefit rider that provides an extra 1% to a charity of your choice when your death benefit is paid out. Policyholders can convert term insurance to a whole life policy in the first five years for free, a benefit competitors usually charge for.
Best for Couples: Prudential
Prudential, one of the largest insurers by market share, offers a variety of policies to a wide spectrum of ages.
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Cost:The best way to estimate your costs is to request a quote.
Policy Highlights: Prudential is a large insurer with a long history offers a variety of policies.
Pros:
- One of the largest insurers with a long history.
- Offers a variety of policies to a wide spectrum of ages.
Cons:
- You may need to speak to an agent to find out how much a policy will cost.
Who’s this for?: Prudential offers universal life policies for applicants up to age 85 (and up to 90 for conversion from term life). The Survivorship BenefitAccess Rider allows couples to tap the death benefit if one or both become chronically or terminally ill. If you take a loan out against the cash value of your policy, Prudential’s overloan protection can shield you from a lapse in coverage if the money isn’t repaid.
Best for Growing Cash Value: MassMutual
MassMutual provides various whole life insurance options. These policies can build cash value quickly.
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Cost: The best way to estimate your costs is to request a quote. Online quote for term policy: No
Policy Highlights: MassMutual has several whole life insurance options, including a survivorship policy, as well as universal and variable life insurance products.
Pros:
- Variety of term and permanent policies
- High customer satisfaction rankings
Cons:
- Online quotes are not available
- Policies must be purchased through an agent
Who’s this for?: MassMutual’s whole life insurance policies grow cash value quickly with high interest rates with policies available for seniors up to age 90. MassMutual’s whole life customers are eligible for dividends, which the company has issued annually since 1869. The company anticipates a 6.40% dividend interest rate in 2025, accounting for a record $2.5 billion payout.
More on our Top Life Insurance Companies for Seniors
Pacific Life
Founded in 1868, Sacramento-based Pacific Life is the ninth-largest life insurance company in the U.S., with a market share of nearly 3%. It also offers annuities, which can provide a guaranteed income stream in retirement.
- Availability: Available nationwide except in New York
- Types of policies: Term, universal, indexed universal, variable universal
- J.D. Power customer satisfaction ranking: Above average
- NAIC complaint index: Fewer complaints than expected
Mutual of Omaha
Mutual of Omaha paid out nearly $7.1 billion in benefits in 2023 and has close to 6.5 million policies in force. In addition to life insurance, it offers long-term care and disability insurance, supplemental Medicare, mortgages, and investment services.
- Availability: Available nationwide except in New York
- Types of policies: Term, whole, universal, final expense
- J.D. Power customer satisfaction ranking: Above average
- NAIC complaint index: Fewer complaints than expected
State Farm
Founded as an auto insurance company in 1922, State Farm is now one of the largest life insurance providers in the U.S., with $1.1 trillion in policies in force. In 2023, it issued more than $725 million in dividends.
- Availability: Nationwide except Massachusetts and Rhode Island
- Types of policies: Term, whole, universal, joint universal, final expense
- J.D. Power customer satisfaction ranking: Above average
- NAIC complaint index: Fewer complaints than expected
AARP
Focused on the needs of Americans over 50, AARP offers no-medical-exam policies underwritten by New York Life with online approval available for term life plans up to $150,000 ($100,000 in New York) and whole life policies up to $50,000. AARP also offers long-term care policies and AARP Medicare Advantage, as well as insurance for homeowners, autos, travel, pets and more.
- Availability: Available in all 50 U.S. states
- Types of policies: Term, whole, final expense
- J.D. Power customer satisfaction ranking (for New York Life): Below average
- NAIC complaint index (for New York Life): Fewer complaints than expected
Guardian
The Guardian Life Insurance Company of America was the second-highest-ranked insurer in J.D. Power’s 2024 Individual Life Insurance Study. In addition to term, whole and universal life insurance, it offers disability insurance and critical illness policies. Guardian has paid dividends to eligible policyholders every year since 1868, with a record $1.4 billion payout in 2024.
- Availability: Available in all 50 states
- Types of policies: Term, whole, universal, joint
- J.D. Power customer satisfaction ranking: Above average
- NAIC complaint index: Fewer complaints than expected
Prudential
Founded in 1875 as the Widows and Orphans Friendly Society, Prudential is the nation’s fourth-largest life insurance company, with nearly $11 billion in direct premiums written in 2023. Term, whole and universal insurance policies are available through a network of more than 2,800 advisors nationwide.
- Available: Available in all 50 states
- Types of policies: Term, universal, indexed universal, indexed variable universal, variable universal, final expense
- J.D. Power customer satisfaction ranking: Below average
- NAIC complaint index: More complaints than expected
MassMutual
MassMutual or the Massachusetts Mutual Life Insurance Company, is the fifth largest life insurance provider in North America with direct premiums in 2023. It has issued dividends annually since 1869.
- Available: Available nationwide except in Alaska
- Types of policies: Term, whole, unisex, variable universal
- J.D. Power customer satisfaction ranking: Above average
- NAIC complaint index: More complaints than expected
How much does life insurance for seniors cost?
Seniors generally face higher life insurance premiums than younger adults. Here’s a look at the average monthly costs based on Policygenius data.
Source: Policygenius data, based on average rates for non-smokers in good health
What type of life insurance is best for seniors?
No single type of life insurance is suitable for everyone. Here’s a summary of some typical options:
Term life insurance
Term life insurance is a convenient and inexpensive option. This can be a good choice if you want to ensure your debts are covered. If you are over 60, a 20-year term may be the longest you’ll find.
Whole life insurance
A whole life policy stays in effect as long as your premiums are paid. The rates are higher than term life, but the benefit is potentially staying in effect forever. With a whole life policy, it can be an option if your priority is leaving a financial legacy for loved ones.
Universal life insurance
Universal life policies have a cash value component. However, they rely on monitoring investments either by the policyholder or by the insurance company. If the cash value is not monitored, the policy may end or it may require significant payments to continue coverage.
Final expense insurance
Also known as pre-need, funeral, or burial insurance. This is a popular option for seniors who want to ensure their loved ones are taken care of after their death. This type of insurance typically doesn’t require a medical exam or health questions, but can have certain limitations.
Pros of final expense insurance: Can pay for all final expenses, as well as protect other types of payments. Cons of final expense insurance: Premiums can be expensive given the typically limited payout.
How to choose life insurance as a senior
When buying life insurance after age 65, consider these factors:
- Your budget: Life insurance becomes more expensive after age 60. You may be tempted by policies without medical exams, which would typically come at a higher premium cost.
- Your goals: Are you buying the insurance to pay off a mortgage or cover daily expenses? Do you want to leave money for your family’s financial future or just to cover funeral costs? Your answers will help determine the right policy.
- Your health status: Do you have a pre-existing condition? This could affect whether you are approved. If so, guaranteed-issue whole life or universal life policies that don’t require a medical exam might be the better option.
Life Insurance FAQs
How old can you be and still get life insurance?
It’s usually possible to purchase life insurance at any age, depending on the policy and provider. The typical maximum age for term life is 85, while some whole life and universal policies are available up to age 90. You can get final expense or guaranteed issue policy past 85, though premiums will get considerably more expensive.
What is the best life insurance for seniors over 70?
The best life insurance for someone over 70 depends on their health, budget, and goals. If needing approval is a concern, you could purchase a guaranteed issue policy without a medical exam. If you have a greater budget or want to create a financial legacy, a whole life policy may suit your needs. The top life insurance companies for seniors depend on the kind of coverage wanted, how much one has to spend, and the goals for the payout.
Who has the best life insurance for seniors?
Pacific Life, Mutual of Omaha, State Farm, AARP, Guardian, Prudential, and MassMutual are considered among the leading providers, offering higher maximum issue ages, reasonable rates, and solid financial strength.
Is life insurance worth it for seniors?
Life insurance can be a valuable financial tool for seniors. A policy can pay for a funeral, protect your spouse, gift money to heirs, or provide for long-term care.
