The best life insurance options for seniors in 2022
Seniors shopping for life insurance plans have special considerations to weigh since rates are based on age and health. Here’s how to find the best policy in your 60s, 70s, and 80s.
By
Rebecca Shoenthal
Rebecca Shoenthal
Licensed Insurance Expert
Amanda Shih
Amanda Shih
Editor & Licensed Insurance Expert
Expert reviewed
Expert reviewed
This article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.
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by
Patrick Hanzel, CFP®Patrick Hanzel, CFP®
CERTIFIED FINANCIAL PLANNER™ & Advanced Planning Team Lead
Updated January 4, 2022|6 min read
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Seniors can use a life insurance policy to support dependents, pay off debt, or cover funeral expenses and end-of-life medical costs. And although people in their 60s, 70s, and 80s will pay more for life insurance, some companies offer more competitive prices than others. Term life insurance is the most affordable choice for healthy seniors, but final expense life insurance is available for people with serious medical concerns. To help you find the coverage you need at a competitive price, we rounded up the top life insurance company recommendations for seniors, including life insurance rates by age group.
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The best life insurance companies for seniors in 2022
Because life insurance isn’t one-size-fits-all, the best life insurance company for depends on your unique risk profile, including age and health history.
| Company | Policygenius rating | Best for |
|---|---|---|
| Prudential | 3.4 | Overall |
| Protective | 4.9 | Value, Best for healthy seniors |
| Pacific Life | 4.6 | Value |
| Mutual of Omaha | 3.4 | Final expense, Best for 80-year-olds |
Not sure which company is the best fit? A licensed Policygenius agent can talk you through the options, help you compare quotes, and walk you through the application process so you can find the company — and policy — that works for you.
Prudential
3.4
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
One of the top life insurance carriers for seniors aged 60 to 65, and people with many different medical conditions.
Pros
High financial ratings
Competitive underwriting for a range of medical conditions
Comprehensive online resources
Cons
Very high premiums
Mixed customer ratings
Complicated quote tool
Prudential has the most competitive rates for seniors of all ages, making it our overall best choice for people over 60, including 70-year-olds. It offers the most flexibility for people with health conditions associated with older age. Individuals with osteoporosis or other aging-related health issues, for example, can qualify for lower premiums with Prudential than with other insurers. It also offers more flexible income requirements than other insurance companies, making it easier for retirees to get the amount of coverage they need.
Protective
4.9
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
Competitive rates, ease of use, and up to $50 million in coverage make Protective a top-tier choice for a straightforward life insurance policy.
Pros
One of the best values on the market
Variety of coverage amounts and term lengths
Solid suite of online tools
Cons
Slow application approval
Zero no-medical-exam options
Protective also offers extremely competitive term life rates for healthy seniors in their 60s and 70s — emphasis on healthy. Compared to other top companies, Protective has some of the most affordable and comprehensive life insurance options available — including several different term lengths and coverage amounts up to $50 million.
Pacific Life
4.6
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
Pacific Life offers competitive rates at every age and solid coverage options for people with mental health concerns.
Pros
Affordable prices at every age
Strong financial ratings
Cons
No accelerated underwriting
No online quote tool
Pacific Life’s rates stay competitive in nearly every age group, including people over 60 who typically have trouble finding affordable coverage. Pacific Life also offers life insurance for several types of health concerns, such as mild depression and anxiety, obesity, and sleep apnea.
Mutual of Omaha
3.4
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
With competitive underwriting for a range of health conditions and strong financial and customer ratings, Mutual of Omaha is one of the best companies out there.
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 than the average
Slow turnaround time
A final expense policy from Mutual of Omaha is the best choice for seniors age 80 to 85 (age 85 is when most insurers stop offering coverage). If you’re in your 80s, you can have difficulty buying a term or whole life insurance policy due to older age and pre-existing conditions, so a final expense plan is likely your best bet. Compared to other Policygenius partners, Mutual of Omaha’s coverage amounts are more flexible and policies are available in more states.
How much does life insurance cost for seniors?
A life insurance policy will be more expensive for older buyers than younger ones, and rates will be higher still for seniors with illnesses that could shorten their lifespans, such as heart disease or kidney disease. Below is a quick comparison of rates for people in different age groups.
Life insurance for people in their 60s
| Age | Sex | Term life | Whole life | Simplified issue | Guaranteed issue |
|---|---|---|---|---|---|
| 60 | Female | $32.95 | $149.00 | $141.88 | $204.25 |
| Male | $42.09 | $182.00 | $192.88 | $248.71 | |
| 65 | Female | $50.22 | $196.00 | $180.00 | $241.71 |
| Male | $67.63 | $234.00 | $252.42 | $299.25 |
Life insurance for people in their 70s
| Age | Sex | Term life | Whole life | Simplified issue | Guaranteed issue |
|---|---|---|---|---|---|
| 70 | Female | $81.86 | $264.00 | $237.25 | $314.71 |
| Male | $109.78 | $314.00 | $337.29 | $388.63 | |
| 75 | Female | $136.90 | N/A | $327.00 | $436.83 |
| Male | $192.87 | N/A | $456.04 | $505.63 |
Life insurance for people in their 80s
| Age | Sex | Term life | Whole life | Simplified issue | Guaranteed issue |
|---|---|---|---|---|---|
| 80 | Female | $373.91 | N/A | $448.83 | $551.96 |
| Male | $488.40 | N/A | $642.17 | $665.67 | |
| 85 | Female | N/A | N/A | $624.25 | N/A |
| Male | N/A | N/A | $890.33 | N/A |
What are the different types of life insurance available to seniors?
Term life insurance for seniors
Most older adults don’t need life insurance since they tend to have few financial obligations or dependents. For those that do need coverage, term life insurance is the best option for people over 60 looking for a benefit higher than $25,000.
You’ll need to answer medical questions and undergo a medical exam to get covered. If you have a history of health complications, it may be difficult to qualify for a term policy or your premiums could be costly. Seniors are usually limited to policies that last 10 or 20 years.
→ See term life insurance rates for seniors
Whole life insurance for seniors
It isn’t cost-effective to buy a whole life insurance policy when you're older. Whole life is 5 to 15 times more expensive than term life, and the cash value feature takes years to build significant value.
But that doesn’t apply if you have an existing policy. “Seniors with good permanent policies with affordable premiums should, in many cases, maintain them,” says James M. Wallace, a certified financial planner and senior partner at Millenium Planning Group. Unless the premiums don’t fit your budget anymore, a cash value account that has had time to earn interest can be useful in retirement.
→ See whole life insurance rates for seniors
Final expense life insurance for seniors
Final expense insurance is the best option for seniors with medical conditions that make getting term or whole life insurance too costly or difficult. There are two types: guaranteed issue and simplified issue. These policies offer a small death benefit for end-of-life costs and have few medical restrictions.
“Final expense policies can benefit seniors with few assets and the need for cash for final expenses,” says Wallace. However, both policies come with higher premiums because they don’t require a medical exam to qualify.
→ Read more about final expense insurance
Hybrid long-term care insurance for seniors
Hybrid life insurance or hybrid long-term care insurance is a life insurance policy with an added long-term care (LTC) rider. An LTC rider is a type of living benefits rider that allows you to use your policy’s death benefit to pay for long-term care expenses like assisted living.
“Even having a modest amount of insurance like long-term care insurance allows a family to take care of their loved one’s immediate needs and buys them time to come up with long-term solutions,” says Melissa B. Brennan, a certified financial planner at ARS Private Wealth.
If you don’t qualify for a life insurance policy, you can consider a costlier standalone long-term care policy. No matter which type of coverage you’re leaning toward, a Policygenius agent can help you weigh your options and make the best choice.
→ Read more about hybrid long-term care insurance
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What should seniors look for in a life insurance policy?
Because life insurance becomes more expensive as you age and if your health worsens, seniors have a few special considerations when shopping for life insurance.
How much life insurance do you need? You can save money or be able to consider more types of insurance if you need less coverage, but make sure you’re not overlooking any gaps in your financial plan.
What type of policy should you buy? If you need less than $40,000 in coverage or have health issues, you’ll need a different policy than someone who needs $100,000 in coverage.
Which insurer is best for your age and health? Rates change significantly between age 65 and 85, and health situations vary within those ages too.
What riders does your provider offer? Confirm with your provider if certain add-ons, like living benefits riders, are important to you.
Life insurance isn’t a worthwhile investment if you’re a senior with no dependents or outstanding debts. But if you still have financial obligations or need help covering end-of-life expenses, a policy can help your family take over those responsibilities. Work with an independent agent to find the best insurer for your circumstances.
→ Read our full guide to buying life insurance
Methodology: How we chose the best companies for seniors
Policygenius takes a comprehensive approach to determine the best life insurance companies out there. We don't get paid for reviews and evaluate an extensive set of criteria to come up with an unbiased analysis to help you find the right insurer.
Our independent analyses consist of life insurance recommendations by experts in the field, data from the life insurance companies we offer in our marketplace, and third-party life insurance ratings agencies.
These ratings evaluate an insurer’s ability to meet its financial obligations, financial health, customer satisfaction, marketing practices, and more.
→ Learn more about our ratings methodology for life insurance reviews here
Frequently asked questions
What is the best life insurance for seniors?
Healthy seniors in their 60s and 70s may qualify for term life insurance through Prudential, Protective, or Pacific Life. Older applicants with serious medical concerns can apply for final expense life insurance through Mutual of Omaha, which offers lower coverage amounts.
Can seniors get cheap life insurance?
Seniors should comparison shop with a licensed agent to get the most competitively priced life insurance. Because health issues increase with age, life insurance is more expensive for people over the age of 60.
Does COVID-19 affect the life insurance application process or eligibility?
Due to the ever-changing nature of the coronavirus pandemic, some insurers are modifying processes and/or imposing coverage restrictions on certain health conditions or age groups. Speak to a Policygenius agent for free to find out how to get the most affordable policy.
Rebecca Shoenthal
Licensed Insurance Expert
Amanda Shih
Editor & Licensed Insurance Expert