Best life insurance for seniors at every age

Seniors in their 60s, 70s, 80s looking for cheap life insurance may have limited options. We’ve reviewed the top life insurance companies for seniors to help you find the best one for your circumstances.

Rebecca Shoenthal author photo

By

Rebecca Shoenthal

Rebecca Shoenthal

Licensed Insurance Expert

Rebecca Shoenthal is an insurance editor and licensed Life, Health, and Disability agent at Policygenius in New York City. Previously, she worked as a nonfiction book editor. She has a B.A. in Media and Journalism from the University of North Carolina at Chapel Hill.

Published July 30, 2021|3 min read

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Most seniors do not need life insurance because they no longer have dependents to support or a mortgage to pay off. But if you have coverage needs such as supplemental retirement income, long-term care, passing along an estate to future generations, supporting dependents, or paying off debt, you can still get the coverage you need. Keep in mind, however, that life insurance becomes more expensive as you age. 

Read on for our five best life insurance companies for seniors over 65. 

Key Takeaways

  • Life insurance is more expensive for seniors, but there are some cheaper options

  • Seniors can use life insurance to supplement retirement, leave an estate for future generations, or pay for end-of-life expenses

  • Pacific Life’s guaranteed universal life insurance is one of the most practical policies for seniors

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Best overall: Pacific Life’s guaranteed universal life

The best life insurance for seniors is straightforward, reliable coverage. That’s why we recommend Pacific Life’s guaranteed universal life insurance for most seniors over age 65. 

Premiums for guaranteed universal life insurance stay level over time and interest rates are baked into the premiums when you sign up for the policy. It also has a “no-lapse” guarantee and so as long as you pay your premiums, you’ll have coverage.

“Guaranteed universal life insurance is the most suitable policy for seniors and Pacific Life has one of the best priced products available,” says Patrick Hanzel, CFP™ and Advanced Planning Team Lead at Policygenius.

Guaranteed universal is a permanent type of insurance that most closely resembles the benefits of term life insurance, but is best for seniors who might pay more for a term life policy. 

Pacific Life offers the most competitive guaranteed universal life insurance policies for seniors at most ages. 

Pros

  • Competitive rates at every age

  • High confidence ratings

Cons

  • No accelerated underwriting

  • No online quote tool on their website

→ Read our full Pacific Life review.

Best no-exam: Transamerica

No-medical exam life insurance evaluates your previous health records instead of requiring a medical exam. Typically, younger applicants are eligible for no-exam or accelerated underwriting because they are healthier than older applicants. 

But some no-exam policies, like guaranteed issue life insurance, don’t evaluate your medical background and simply require that you pay your premiums to get coverage.

We recommend Transamerica for seniors who do not want to take the medical exam. Transamerica offers no-exam policies for adults between 65 and 70 for face value amounts between $25k - $30k at the most affordable price. 

Pros

  • Competitive rates 

  • No medical exam for people under a certain age or coverage amount

  • Former smokers may be eligible for lower rates than they could find from other insurers

Cons

  • Mixed customer ratings

  • Most policy changes require a paper form

→ Read our full Transamerica review.

Best final expense: Mutual of Omaha Living Promise

Final expense policies are a type of permanent life insurance with a low death benefit meant to pay for end-of-life expenses such as funeral or burial costs. There are two types: guaranteed issue and simplified issue. Final expense life insurance is typically much more expensive than other types of permanent insurance.

Mutual of Omaha Living Promise is the best option available for seniors looking for final expense life insurance because it offers a wide range of death benefits amounts and provides coverage to people with pre-existing conditions or complicated medical histories.

Pros

  • Competitive underwriting for a range of health conditions, like a history of cancer

  • No-medical exam options for older applicants

  • Strong financial and customer ratings

Cons

  • Policies are more expensive

  • Slow turnaround time

→ Read our full Mutual of Omaha review.

Best term life for seniors over 70 and 80: Prudential

Term life insurance is one of the most affordable life insurance options available at any age because there is no cash value. 

Prudential offers some of the cheapest term life insurance coverage for seniors up to age 85 and covers seniors with complex health risks that may not be able to get coverage from other insurers. 

Pros

  • Affordable for seniors

  • High confidence ratings

  • Competitive underwriting for a range of medical conditions

Cons

  • Mixed customer ratings

→ Read our full Prudential review.

Best whole life for seniors over 70 and 80: Mutual of Omaha Living Promise

Seniors shopping for whole life insurance over the age of 70 have limited options that won’t break the bank. Final expense life insurance is the most practical type of whole life insurance for seniors because it provides a guaranteed death benefit with few underwriting restrictions. 

For seniors over 70 and seniors over 80, we recommend Mutual of Omaha’s Living Promise policy. Coverage up to $40k is available up to age 85 and you have the option to add on an accidental death rider

Pros

  • Competitive underwriting for a range of health conditions, like a history of cancer

  • No-medical exam options for older applicants

  • Strong financial and customer ratings

Cons

  • Policies are more expensive

  • Slow turnaround time

→ Read our full Mutual of Omaha review.

Still not sure which type of life insurance is best for you? Reach out to a Policygenius agent for free to learn more and compare coverage across multiple companies. 

Frequently asked questions

What is the best life insurance for seniors?

Guaranteed universal life insurance is one of the best, most affordable options available for seniors over age 65 because. These types of policies provide permanent coverage that can be used for final expenses.

Is there an age limit for life insurance?

Most life insurance companies do not offer coverage for people over age 85. Select guaranteed issue policies may be available from select insurers.

Do seniors need life insurance?

Most seniors do not need life insurance because they no longer have dependents or outstanding debt. However, some seniors may want life insurance to cover end-of-life care, funeral expenses, or to supplement retirement income.