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Best life insurance for seniors (2024)

Prudential, MassMutual, and Protective made our list of the best life insurance companies for seniors, including people in their 60s, 70s, and 80s with health conditions.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
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Reviewed by

Patrick Hanzel, CFP®Patrick Hanzel, CFP®Certified Financial Planner™ & Advanced Planning ManagerPatrick Hanzel, CFP®, is a certified financial planner and advanced planning manager at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

Updated|6 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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Shopping for life insurance as a senior can be complicated — but it doesn’t have to be. Whether you’re replacing a policy or looking at quotes for the first time, we researched the best life insurance companies for older adults using industry data, pricing from Policygenius carrier partners, and ratings from third parties like AM Best and J.D. Power.

The 5 best life insurance companies for seniors in 2024

Company

AM Best rating

Policygenius rating

Best for

Maximum issue age

MassMutual

A++

4.9/5 ★

Whole life

70

Protective

A+

4.8/5 ★

Affordability

80

Pacific Life

A+

4.8/5 ★

People over 60, people over 70

80

Mutual of Omaha

A+

4.5/5 ★

Final expense, people over 80

85

Prudential

A+

4.1/5 ★

Seniors, term life

75

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

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2024 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

Best overall life insurance for seniors: Prudential

Prudential offers affordable term life insurance rates to people over age 60, including 70-year-olds. People with osteoporosis or other aging-related health issues can get cheaper rates 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.

Read more about how health classifications affect your rates

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.

Best term life insurance for seniors: Prudential

Prudential is also our top term life insurance company for seniors thanks to its favorable guidelines toward health conditions associated with aging, flexible income requirements, and living benefits rider

Term life insurance is one of the most popular types of life insurance because it’s affordable and doesn’t come with any complex tax restrictions or regulations. Term life insurance rates increase by an average of 4.5% to 9% each year as you get older. This means term life will be pricier for seniors, but still cheaper than other life insurance options.

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2024 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

Best whole life insurance for seniors: MassMutual

For seniors who want 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 includes a cash value component separate from the death benefit that grows tax-deferred. Because of that, it’s much more expensive than traditional term life policies.

Permanent life insurance can be beneficial for people who want to use life insurance as an investment tool, or people who have long-term financial obligations, like dependents who need lifelong support.

Protective

Protective logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

Why we chose itchevron icon

Protective has some of the most affordable and comprehensive life insurance options available.

Pros and conschevron icon

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

Cheapest life insurance for seniors: Protective

Protective’s pricing makes it a top contender for seniors looking for relatively cheap term life insurance. It can offer cheaper rates than some of its competitors.

Protective also has flexible financial guidelines regarding unearned income such as pensions, Social Security, and investment income. However, the company does require a minimum household income of $25,000.

Mutual of Omaha

Mutual of Omaha logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

Pros

  • No-medical-exam options for older applicants

  • Strong financial and customer ratings

Cons

  • Policies are more expensive than average

  • Slow turnaround time

Best life insurance for final expenses: Mutual of Omaha

Mutual of Omaha offers a wide array of 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 that doesn’t expire and is designed to cover end-of-life expenses, like a funeral. Maximum coverage amounts are typically between $20,000 and $40,000.

Final expense policies are a type of simplified issue life insurance. Simplified issue life insurance is a type of coverage that uses a simpler application process and doesn’t require a medical exam.

Mutual of Omaha also offers guaranteed issue life insurance, which is another final expense option. It’s costlier than a simplified issue policy, but offers near-certain approval.

Best life insurance for people over 80: Mutual of Omaha

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.

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.

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2024 Policygenius award winner

Pacific Life

Pacific Life logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

Best life insurance for people over 60: Pacific Life

Pacific Life’s rates are more affordable compared to some of its competitors, even for people in their 60s. 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

Pacific Life is also a great option for people over 70. In addition to its flexibility with some health conditions, the company has a low 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.

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How much does life insurance for seniors cost?

A healthy 60-year-old can pay between $63 and $83 per month for a 10-year term life insurance policy with a $250,000 death benefit.

A healthy 70-year-old can pay between $174 and $245 per month, and a healthy 80-year-old could pay between $718 and $960 per month for the same coverage.

Men’s life insurance rates are higher than women’s because, historically, actuarial tables show that men usually die earlier than women. [1] In addition to gender and age, your premiums will depend on your health and the type of policy you decide to purchase.

Term life insurance rates for seniors

Age

Gender

$100,000 coverage amount

$250,000 coverage amount

60

Female

$34.13

$62.60

Male

$42.45

$82.70

70

Female

$85.89

$173.39

Male

$112.00

$245.01

80

Female

$389.44

$717.96

Male

$488.01

$959.26

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Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining $100,000 and $250,000, 10-year term life insurance policies. Life insurance averages are based on policies offered by Policygenius from Corebridge Financial, Foresters Financial, Legal & General America, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.

Whole life insurance rates for seniors

Age

Gender

$50,000 coverage amount

$100,000 coverage amount

60

Female

$169.00

$324.50

Male

$206.50

$394.50

70

Female

$297.50

$580.00

Male

$332.50

$652.00

Methodology: Monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining $50,000 and $100,000 whole life insurance policies. Whole life insurance rates are based on policies offered by Policygenius from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 01/01/2024.

Guaranteed issue life insurance rates for seniors

Age

Gender

$15,000 coverage amount

$25,000 coverage amount

60

Female

$62.52

$105.21

Male

$84.82

$140.69

70

Female

$95.31

$158.19

Male

$129.50

$215.16

80

Female

$189.77

$315.62

Male

$235.06

$391.09

Collapse table

Methodology: Average monthly rates are calculated for male and female applicants obtaining $15,000 and $25,000 guaranteed issue whole life insurance policies. Life insurance rates are based on policies offered by Policygenius from Mutual of Omaha. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.

Final expense insurance rates for seniors

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

Collapse table

Methodology: Average monthly rates are for male and female applicants obtaining $20,000 and $40,000 simplified issue final expense policies. Life insurance rates are based on policies offered by Policygenius from Mutual of Omaha. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.

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?

Financial responsibilities

First, think critically about your financial obligations. When I worked directly with clients as an agent, I would often encourage them to think through questions such as:

  • How would your loved ones pay for your end-of-life expenses, including funeral or cremation costs?

  • Is there any outstanding debt that you need covered?

  • Are you more focused on estate planning and minimizing estate tax for your children?

Finding the right company

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 insurance company that’s a good fit for your health profile, since each insurer treats health conditions differently when assigning your rates.

Working with an independent broker is an easy way to compare policies from top insurers in one spot.

Health considerations 

Most insurers want to see that seniors have a primary care doctor, especially if they’re applying for a term life 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 term life insurance.

Policy terms and conditions

You’ll want to know whether the policy you’re selecting has a level death benefit or a graded death benefit, especially if you’re applying for a final expense policy.

  • A level death benefit means that once you’ve purchased the policy, you’re covered under the full death benefit.

  • A graded death benefit means that for a period of time — often two years — the beneficiaries will receive only a portion of the death benefit if the insured dies. After the waiting period, the full death benefit will become active.

If you have a high-risk health condition, your options may be limited to policies with graded death benefits. So for example, if you buy a $10,000 final expense policy, the full $10,000 payout may only become active one to two years later.

The insurance agent you’re working with will be able to outline the features of your policy before you buy.

What’s the best type of life insurance policy for seniors?

People in their 60s can usually get the most coverage for the best price by buying a term life policy. This will be ideal if you’re preparing to retire or you still have outstanding liabilities, like a mortgage. 

If you’re in your 70s, the best type of policy for you depends on your personal financial situation. You may need a term life policy, a final expense policy, or no coverage at all. And if you’re in your 80s, a final expense policy will likely be your best option.

Everyone’s coverage needs are different, so connecting with a licensed agent can help you find the right solution for your 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 only need a few more years of coverage and you’re in good health, a term life policy is probably a better fit.

Are there any life insurance policies just for seniors?

Seniors can choose from several different types of life insurance, including term, whole, and final expense. Final expense life insurance policies are primarily intended for seniors who don’t need much coverage but would like to cover end-of-life expenses, like a funeral.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. Social Security Administration

    . "

    Life Tables for the United States Social Security Area 1900-2100

    ." Accessed October 30, 2023.

Author

Katherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Editor

Antonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Patrick Hanzel, CFP®, is a certified financial planner and advanced planning manager at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

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