Many retirees start thinking seriously about life insurance to pay for funeral expenses or to help take care of their family. However, as you age, your premiums increase. While the life insurance policies with the best rates and coverage might have passed you by, there are still life insurance options for older people.
Seniors looking for the best life insurance often have different priorities than younger people who buy life insurance. For example, seniors are less likely to view life insurance as an investment vehicle just as younger people are less concerned about end-of-life benefits. As such, we've taken these priorities into consideration when selecting the best life insurance for seniors.
Here are Business Insider's picks for the best senior life insurance.
Best senior life insurance for customer satisfaction: State Farm Life Insurance
State Farm Life Insurance takes the top spot in JD Power's life insurance customer satisfaction study. JD Power gathers thousands of consumer reviews and gives each insurer a score out of 1,000. State Farm offers a range of insurance products, including auto, life, pet, homeowners, and renters, with multi-policy discounts and other incentives to keep your insurance there.
Some policies exclude seniors over age 65 from applying for the first time. But all life insurance policies are quoted by licensed insurance agents employed by State Farm. Meeting with a State Farm agent allows buyers to communicate goals and needs and answer critical questions agents might have. In addition, qualifying seniors can access limited whole, term, and universal policies. State Farm is among the companies also offering survivorship universal options. Essentially, spouses can get insured together, and a surviving spouse can continue to make payments and increase the death benefit. Both spouses can also take out loans and other withdrawals against the policy once they meet the requirements.
Read our State Farm life insurance review.
Best senior life insurance for term life: Mutual of Omaha Life Insurance
Mutual of Omaha Life Insurance remains one of the industry's most stable life insurance companies. Its size allows it to be more flexible in its underwriting for specific populations, including seniors. Regardless of your age, a licensed insurance agent can sort through your options and find one that makes sense.
However, its term life insurance policy stands out for seniors applying for the first time or younger buyers looking to renew term life policies. Term life insurance policies with Mutual of Omaha are renewable for qualifying applicants up to age 94. Of note, not all applicants will qualify to renew policies beyond any age, as approval is based on health history and other factors. Many life insurance policies also require a medical exam. However, Mutual of Omaha stands alone as it does not cut off term life buyers over 65.
Read our Mutual of Omaha life insurance review.
Best senior life insurance for retirement planning: New York Life Insurance
New York Life Insurance caters to a forward-thinking customer. It offers many robust investment options. So its agents are extensively trained to answer all questions about its policies. Questions could be as simple as what penalties you'll pay to take early withdrawals or loans from your life insurance policy.
Like other retirement planning vehicles, the earlier you start, the better. Premiums will be lower, and you can apply for a large payout. But if you can afford higher premiums at a later age, New York Life still offers comprehensive policies with loans and early withdrawal options to take you into retirement.
Riders can also customize its coverage. For example, whole life insurance customers can buy a living benefits rider to withdraw money in the event of a terminal illness. Buyers can also add an accidental death rider until age 70 for an extra death benefit for loved ones. This satisfies borrowers who want stability but like the idea of a higher payout should they die in their prime working years.
Read our New York life insurance review.
Best senior life insurance for end-of-life care: John Hancock Life Insurance
John Hancock Life Insurance is among many life insurance companies offering an accelerated death benefit, or "living benefits." Even if you don't want to use your life insurance for retirement planning, you have early withdrawal options to keep you comfortable in the event of a terminal illness. Buyers can exercise the rider at any age as long as waiting periods and other terms are met.
If you develop a qualifying condition, John Hancock will pay 50-100% of your qualifying death benefit while you're still alive. However, it caps accelerated death benefit claims at $1 million if you expect to live a year or less. This could help balance costly medical bills and end-of-life costs beyond what social security or disability payments would comfortably cover.
Read our John Hancock life insurance review.
Best senior life insurance for flexibility: USAA Life Insurance
USAA Life Insurance policies are available to Americans from all walks of life, including military and non-military buyers. However, it offers unique whole life coverage to active duty military members beyond the government's equivalent of employer life insurance. USAA policies stick with the buyer wherever they work. With options for active duty military members, USAA is common among veterans with combat-related illnesses and disabilities sustained during deployment. Of course, buyers purchase these policies before the conditions become apparent.
USAA is among the limited life insurance providers still offering coverage with a history of cancer. Of course, not all buyers will qualify, and policy options are limited. Accounting for state laws, USAA life insurance policies may also pay out after a drug overdose (frequency may increase with more daily medications to treat age-related conditions) when other life insurance companies refuse. For seniors looking for a bit of flexibility, USAA could be an ideal option.
Read our USAA life insurance review.
Best senior life insurance for universal life: Prudential Life Insurance
Prudential Life Insurance offers survivorship options for life insurance shoppers. Unlike a standard life insurance policy, it covers two people. When one person passes, the policy continues growing as long as the surviving spouse continues making payments. The policy can increase to $65 million with a maximum age of 85. The two insureds cannot have an age gap of more than 25 years.
The PruLife SUL Protector program encompasses multiple categories such as the Preferred Best, Preferred Smoker, and Preferred Non-Tobacco. Universal life insurance policies with Prudential allow loans. So both parties can pull money out of the policy via loans at the cost of the final death benefit.
Read our Prudential life insurance review.
Best senior life insurance for guaranteed issue: Corebridge Direct
Corebridge Direct cannot deny your application for its guaranteed issue life insurance if you fall within the set age limits. Seniors aged 50 to 80 enjoy guaranteed coverage with no medical exam, and the application is 100% online.
Corebridge's guaranteed life policies are small, ranging from $5,000 to $25,000. It's best used as burial insurance, covering funeral expenses and/or a small death benefit for surviving family members.
Alternatively, Corebridge's simplified issue whole life insurance offers a no-medical exam option with a death benefit between $5,000 and $35,000.
Read our Corebridge Direct life insurance review.
Best senior life insurance with no medical exam: AARP Life Insurance
Through a partnership with New York Life, AARP Life Insurance offers up to $50,000 in whole life coverage with no medical exam required, though applicants will have to answer a health questionnaire. Policies can accumulate cash value and policies are paid up when policyholders reach 95.
Read our AARP life insurance review.
Senior Life Insurance Options Ranked by Customer Satisfaction
Online reviews are a great place to find out how a company treats its customers. This is true for any business, life insurance included. Unfortunately, it's also subject to the same biases.
Many people who leave reviews on places like the Better Business Bureau and Trustpilot do so because they have something to say, which is often negative. Fortunately, there are third-party organizations that measure customer satisfaction for a more balanced assessment of these companies.
JD Power conducts an annual study of life insurance based on reported customer satisfaction. Then it assigns companies a score out of 1,000, listing the top performers on its website. Here are how these life insurance companies were ranked by JD Power in 2024.
| Company | JD Power Rankings (Max 1,000 points) |
| State Farm | 699 |
| Guardian Life | 685 |
| MassMutual | 673 |
| Northwestern Mutual | 670 |
| Nationwide | 666 |
| Mutual of Omaha | 659 |
| Pacific Life | 657 |
| Penn Mutual | 657 |
| Protective Life | 653 |
| Lincoln Financial Group | 652 |
| Study Average | 648 |
| John Hancock | 644 |
| MetLife | 644 |
| Midland National Life | 643 |
| National Life Group | 641 |
| New York Life | 639 |
| Globe Life | 631 |
| Prudential | 626 |
| Transamerica (AEGON) | 594 |
| Primerica | 588 |
| Corebridge Financial | 575 |
For context, it's worth mentioning that overall customer satisfaction in life insurance companies dropped significantly. In 2023, the JD Power customer satisfaction average was 790. The average dropped to 648 in 2024.
Why Seniors Need Life Insurance
Life insurance is often thought of within the context of a younger person passing away early. However, seniors can also benefit from taking out a life insurance policy, though the purposes and benefits are often different.
Final Expenses: Most life insurance policies available to seniors are final expense policies, which help cover funeral costs, medical bills, and other end-of-life expenses, relieving the financial burden on loved ones.
Paying off remaining debt: When you pass away, your remaining debt doesn't evaporate. Your loved ones may inherit your assets, but they may also inherit your debt. If you don't have the means to pay off your debt, like a mortgage or medical debt, before you die, a life insurance policy can help your loved ones pay it off.
Lost income: Ideally, your senior years will be spent leisuring, preferably near a large body of water. Unfortunately, as the age of retirement keeps moving back, families are increasingly dependent on the income earned by older folks. As a result, life insurance may be needed to replace lost income when you pass away.
Legacy Planning: Even if your family doesn't have immediate need for money after you pass, you can still leave a strong foundation which your children and grandchildren can build upon.
Types of Life Insurance for Seniors
Guaranteed Issue Life Insurance
Guaranteed issue life insurance is a type of no medical life insurance with low qualifications for applicants. As a trade off, it has high premiums and offers limited coverage amounts, usually only enough to cover final expenses like funerals and burials/cremations. As such, it's typically meant for older people between the ages of 50 and 80, and many providers have age minimums.
While this policy is limited, that's by design. It really has one function, offering an option to seniors with poor health who wouldn't qualify for other life insurance policies. It'll ensure that your loved ones don't struggle with large funeral bills once you're gone.
Simplified Issue Life Insurance
Simplified issue life insurance, similar to guaranteed issue, doesn't require a medical exam, instead requiring you to fill out a health questionnaire. However, qualifications for simplified issue are higher, and you may be denied if you have a serious or terminal illness. While it's harder to qualify, your premiums are lower than guaranteed issue life insurance, and your coverage will be higher. However, your coverage will still be lower compared to coverage from other types of life insurance.
Term Life Insurance
Term life insurance is generally the cheapest life insurance because it does not guarantee a payout. Instead, you're covered for a specific term, usually 10, 20, or 30 years — though you'll find shorter and longer terms on the market.
Term life is ideal for people who need coverage during a specific period in their life. For example, you may take out a term life insurance policy to cover your loved ones as you pay off a mortgage. If you pass away before the mortgage is paid off, the death benefits from your policy will help pay off the rest of your debts.
Some life insurance companies allow policyholders to convert their term life insurance policies to permanent policies. Some companies guarantee the ability to convert within a certain time frame regardless of your health at the time of conversion.
You can find read more about the best term life insurance companies.
Why You Should Trust Us: How We Review Life Insurance for Seniors
As such, Business Insider's methodology is an assessment of what an insurance provider gives you and how much you have to pay for it. Our life insurance rating methodology looks at a few key factors.
To ensure a fair and even playing field for insurance companies and customers, we look at policy options, average premiums, the application process, coverage exclusions, customer satisfaction, and financial stability. We also factor in recent controversies and ways an insurance company may engage with and improve its community.
Factors such as customer satisfaction and average premiums are equally weighted. However, we are aware not all charitable efforts are recognized, and not all controversies are based on facts, so a company's engagement with its community and recent controversies are considered separately.
You can learn more about how Business Insider rates life insurance companies.
Best Life Insurance for Seniors FAQ
There is an age limit on life insurance because ultimately, any insurance is a calculation of risk. As you age, an insurer's chances of a loss grow exponentially. As such, companies place stricter limits on coverage or don't cover seniors.
Term life insurance works by offering temporary coverage, usually from 10 to 30 years. However, providers often limit available terms for senior buyers.
The best type of life insurance for seniors will generally be a guaranteed issue life insurance policy, as it doesn't require a medical exam and is generally restricted to people 50 and older.
The cheapest life insurance for seniors depends on where you live and your insurance needs, but GEICO and Mutual of Omaha are known for offering affordable rates.
Life insurance could be worth it over 65, especially if you have a spouse and no other plans to cover end-of-life expenses. Many life insurance policies have options for people up to 85 years old.
