Shopping for life insurance as a senior can be complicated — but it doesn’t have to be. Whether you’re shopping to replace a policy that’s about to expire or you’re shopping for the first time, we break down the best life insurance companies for seniors in various scenarios, using industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power.
The best life insurance companies for seniors of 2023
Best overall: Prudential
Best term life: Prudential
Best whole life: MassMutual
Cheapest: Protective
Best for people over 60: Pacific Life
Best for people over 70: Pacific Life
Best for people over 80: Mutual of Omaha
Methodology: How we chose the best life insurance companies for seniors in 2023
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.
Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall life insurance for seniors
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Prudential has competitive term life insurance rates for seniors of all ages, making it our top choice for people over 60, including 70-year-olds.
Prudential offers the most flexibility for people with health conditions associated with older age. People with osteoporosis or other aging-related health issues can qualify for cheaper premiums with Prudential than with other insurers.
Prudential also offers more flexible income requirements than other insurance companies, making it easier for retirees to get the amount of coverage they need.
A note on the word "seniors"
While the term “seniors” is becoming less common, we recognize that many older adults and their loved ones still use it, and we strive to make our content visible to everyone. We also use other terms recommended by the American Medical Association, like “older adults” and “people age 65 and over.” For more information about the use of language when referring to older adults, see this article from the Journal of the American Geriatrics Society.
→ Read more about health classifications and how they affect your life insurance premiums
Best term life insurance for seniors
Prudential
Why we chose it
As our best overall pick, Prudential also makes our top pick for term insurance for seniors due to its favorable guidelines toward health conditions associated with aging, its flexible income requirements, and its living benefits rider.
Term life insurance is one of the most popular types of life insurance because it’s affordable and comes with few rules and tax restrictions.
Term life insurance rates increase by an average of 4.5% to 9% every year you age, so it will be more expensive to buy as a senior, but still more affordable than other types of life insurance.
Best whole life insurance for seniors
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
Cons
High term life premiums
Term life not available through Policygenius
For seniors with minimal health complications seeking more than $50,000 of whole life coverage, MassMutual is a reputable company that pays higher dividends to its cash value policyholders than most of its competitors.
Whole life insurance is a type of permanent life insurance policy that doesn’t expire. It also includes a cash value component separate from the death benefit that grows tax-deferred. Because of that, it’s usually five to 15 times more expensive than traditional term life policies.
Whole life and other types of permanent life insurance are good options for people looking to use life insurance to diversify their investment portfolio or those with long-term financial obligations or coverage needs, like dependents who require lifelong care.
Cheapest life insurance for seniors
Protective
4.8
30+ year terms
Why we chose it
Protective has some of the most affordable and comprehensive life insurance options available.
Pros and cons
Pros
Competitive rates for all ages and health classifications
Good for people with mental health conditions, kidney conditions, and some cancers, including prostate cancer
Term lengths up to 40 years
Cons
Not available in New York
Not great for people who have had bankruptcy, marijuana users, or visa holders
No no-medical-exam policy options
Protective’s pricing makes it a top contender for seniors looking for relatively cheap term life insurance. Protective has flexible financial guidelines regarding unearned income such as pensions and Social Security, too.
Best life insurance for final expenses
Mutual of Omaha
4.5
No-medical-exam option
Why we chose it
Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that you can select the type of life insurance that best suits your needs.
Pros and cons
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
Mutual of Omaha offers several different final expense policies to account for older adults with varying health concerns.
Final expense insurance, also called burial insurance, is a type of permanent coverage designed to pay a small death benefit to cover end-of-life expenses, like a funeral. Maximum coverage amounts are typically between $20,000 and $40,000.
This type of policy can also be referred to as “simplified issue.” Simplified issue life insurance is a type of coverage that doesn’t require a medical exam and uses a simpler form of underwriting.
The term simplified issue life insurance can refer to burial insurance, but some companies offer simplified issue term policies.
Mutual of Omaha also offers a guaranteed issue life insurance option, which is costlier, but offers near-certain approval.
Best life insurance for people over 60
2023 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
Pacific Life’s rates stay competitive in nearly every age group, including people in their 60s who might have trouble finding affordable coverage. Pacific Life also offers life insurance to people with several types of health concerns, such as diabetes.
Best life insurance for people over 70: Pacific Life
Why we chose it
Pacific Life is also a great option for people over 70. In addition to its flexibility with some health conditions, the company has a coverage minimum of $50,000 for term policies, while other companies have a minimum of $100,000, offering older adults more flexibility for their coverage amounts.
Best life insurance for people over 80: Mutual of Omaha
Why we chose it
A final expense insurance policy from Mutual of Omaha is the best choice for seniors age 80 to 85 (age 85 is when most insurers stop offering coverage), as well as the best no-medical-exam life insurance option for this age group.
If you’re in your 80s, you might have difficulty buying a term life or whole life insurance policy due to your age or pre-existing conditions. A final expense insurance plan, also known as burial insurance, which offers coverage with few medical restrictions, is likely your best bet.
Compared to other insurance companies, Mutual of Omaha’s coverage amounts are more flexible and policies are available in more states. The insurer offers both simplified issue and guaranteed issue policy options.
Ready to shop for life insurance for seniors?
Summary of the best life insurance companies for seniors
Company | Policygenius rating | Best for | Types of policies | |
Prudential | 3.4/5 | Seniors, term life | Term life, whole life, universal | |
MassMutual | 3.8/5 | Whole life | Term life, whole life, universal | |
Protective | 4.9/5 | Affordability | Term life, whole life, universal | |
Pacific Life | 4.6/5 | People over 60, people over 70 | Term life, whole life, universal | |
Mutual of Omaha | 3.4/5 | Final expense, people over 80 | Term, simplified issue, guaranteed issue whole life, universal |
How much does life insurance for seniors cost?
A 60-year-old with only a few minor health conditions can expect to pay around $70 per month for a 10-year term life insurance policy with a $250,000 death benefit payout.
A 70-year-old with a similar health profile can expect to pay around $200 per month for the same coverage.
Your premiums will depend on your age, health, and the type of policy you decide to purchase. Below are a few additional approximations of rates for seniors applying for the different types of life insurance policies
Term life insurance
Age | Gender | $100,000 coverage amount | $250,000 coverage amount |
60 | Female | $34.00 | $62.58 |
Male | $42.45 | $82.68 | |
70 | Female | $85.89 | $173.39 |
Male | $112.02 | $245.02 | |
80 | Female | $389.44 | $717.96 |
Male | $488.01 | $959.26 |
Methodology: Average monthly rates are calculated for male and female applicants obtaining a $100,000 and $250,000 10-year term life insurance policy at a Preferred non-smoker health class. Average term life insurance rates are based on policies offered by Banner Life, Corebridge Financial, Foresters Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 06/01/2023.
Whole life insurance
Age | Gender | $50,000 coverage amount | $100,000 coverage amount |
60 | Female | $163.00 | $313.00 |
Male | $198.00 | $373.00 | |
70 | Female | $290.00 | $565.00 |
Male | $321.00 | $629.00 |
Methodology: Monthly rates are calculated for male and female applicants obtaining a $50,000 and $100,000 whole life insurance policy. Whole life insurance rates are based on policies offered by MassMutual. Individual rates will vary as specific circumstances will affect each customer’s rate. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
Guaranteed issue life insurance
Age | Gender | $15,000 coverage amount | $25,000 coverage amount |
60 | Female | $71.71 | $126.71 |
Male | $93.02 | $163.38 | |
70 | Female | $107.47 | $189.31 |
Male | $143.75 | $252.71 | |
80 | Female | $236.54 | $414.20 |
Male | $271.77 | $455.09 |
Methodology: Average estimated monthly rates are calculated for male and female applicants for a $15,000 and $25,000 guaranteed issue whole life insurance policy. Average whole life insurance rates are based on policies offered by Mutual of Omaha and Corebridge Financial. Not all policies are available in all states. Rate illustration valid as of 05/01/2023.
Final expense insurance
Age | Gender | $20,000 coverage amount | $40,000 coverage amount |
60 | Female | $62.53 | $121.86 |
Male | $84.32 | $165.43 | |
70 | Female | $103.28 | $203.35 |
Male | $146.01 | $288.82 | |
80 | Female | $193.66 | $384.12 |
Male | $276.26 | $549.31 |
Methodology: Estimated monthly rates are for male and female applicants for a $20,000 and $40,000 burial life insurance policy from Mutual of Omaha. Individual rates will vary as specific circumstances will affect each customer’s rate. Rate illustration valid as of 05/01/2023.
How much life insurance should a senior have?
Seniors should get enough life insurance to cover their remaining financial obligations — the amount will depend on the remaining needs, such as income for a surviving spouse, a funeral, or the remainder of a mortgage.
Speaking with an advisor can help you determine how much coverage is ideal for your situation.
What should seniors consider when shopping for life insurance?
First, think critically about your financial obligations. How would your loved ones pay for your final expenses? Is there any outstanding debt that you need covered? Are you more focused on estate planning and minimizing estate tax for your children?
Once you’ve determined how much coverage you need, you can start shopping around to apply with a company that has strong financial ratings.
It’s also important to apply with an insurer that’s a good fit for your health profile, since each insurance company calculates risk associated with various health conditions differently.
Most insurers want to see that seniors have a primary care physician, especially if they’re applying for a term policy. If you’re above the age of 70 and don’t have a doctor you see regularly, you may find it more difficult to qualify for a term policy.
What’s the best type of life insurance for seniors?
For people in their 60s, term life is likely still going to be the cheapest life insurance option, especially if you’re preparing to retire or still have any outstanding liabilities, like a mortgage.
For people in their 70s, it’s important to think through your financial obligations to determine if a term life policy would be better suited for you, as opposed to a final expense life insurance policy.
And for people in their 80s, a final expense policy is typically the best fit if your main financial concern would be your loved ones paying for a funeral and other final bills.
Every person’s coverage needs are different, so connecting with a licensed agent can help you find the right solution for your specific situation. At Policygenius, our agents are licensed in 50 states and can help you understand your policy options and determine which type of insurance is the best fit for you.
More about finding your best life insurance policy
Frequently asked questions
What’s the oldest age you can get life insurance?
You can get life insurance coverage up to 85 years old. Guaranteed issue whole life insurance policies are the most flexible coverage options when it comes to age eligibility — people age 80 to 85 can usually apply.
What’s better for seniors: whole life or term life insurance?
The type of coverage that's best for you will depend on your specific situation and your health. If you’re seeking coverage for estate planning or to cover final expenses, whole life is probably a good fit. If you’d like a few more years of coverage to pay off a mortgage and have few health complications, a term life policy is probably a better fit.
Are there any life insurance policies just for seniors?
Final expense life insurance policies are primarily intended for seniors who don’t have a need for high coverage but would like to cover end-of-life expenses, like a funeral. However, people can apply for most final expense coverage options starting at age 45.
