Shopping for life insurance quotes 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 2023
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.
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 it will be pricier for seniors, but still cheaper than other life insurance options.
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.
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.
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.
Best life insurance for people over 60: Pacific Life
Pacific Life’s rates are 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.
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.  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
$100,000 coverage amount
$250,000 coverage amount
Whole life insurance rates for seniors
$50,000 coverage amount
$100,000 coverage amount
Guaranteed issue life insurance rates for seniors
$15,000 coverage amount
$25,000 coverage amount
Final expense insurance rates for seniors
$20,000 coverage amount
$40,000 coverage amount
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. When I worked directly with clients as an agent, I would often encourage them to think through questions such as:
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.
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.