Some companies allow seniors to enroll in life insurance past age 60. Check out our guide to the best senior life insurance to learn more.
The 6 Best Senior Life Insurance Companies of April 2024
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Via Secure Partner Policygenius
Updated:
Apr 18, 2024
Written by
Graham Ray
Graham Ray
Edited by
Tori Addison
Tori Addison
The MarketWatch Guides team selected Fidelity Life as our pick for the best life insurance company for seniors after doing extensive market research on age limits, cost, customer service and other factors. While we formulate our picks to help you in your search, we recommend working with a licensed life insurance agent or financial advisor to help you make an informed decision before you choose a policy.
6 Best Life Insurance Companies for Seniors
It’s important to note that while life insurance rates often increase with age, we found that the following companies provide the best coverage options for older adults.
- Fidelity Life: Our top pick for seniors
- MassMutual: Our pick for guaranteed issue coverage for seniors
- State Farm: Our pick for customer satisfaction
- Northwestern Mutual: Our pick for a personalized experience
- Mutual of Omaha: Our pick for accelerated death benefits
- Guardian Life: Our pick for older seniors
Fidelity Life
Our pick for accidental death coverage
Maximum issue age: 85 years
AM Best rating: A
MassMutual
Best for permanent life insurance
Maximum issue age: 90 years
AM Best rating: A++
State Farm
Best for customer satisfaction
Maximum issue age: 80 years
AM Best rating: A++
Northwestern Mutual
Our pick for a personalized experience
Maximum issue age: 85 years
AM Best rating: A++
Mutual of Omaha
Best for no-exam coverage
Maximum issue age: 85 years
AM Best rating: A+
Guardian Life
Best for an in-person experience
Maximum issue age: 90 years
AM Best rating: A++
Average Life Insurance Cost
Some of the biggest factors that influence the price you pay for life insurance include your age, health, gender, and the type and amount of coverage you’re seeking. Each provider sets its own rates, so we recommend contacting insurers directly or consulting with a licensed professional for your specific situation.
Senior Life Insurance Average Cost
We gathered cost data for life insurance companies by conducting a secret shopping process focused specifically on seniors ages 65 to 75. For the quotes, we used a sample tobacco-free applicant who qualifies for the preferred health rate class seeking a 10-year term policy. While our research serves to identify trends and competitive pricing among providers, we encourage readers to obtain personalized quotes from companies based on their unique situations.
Life Insurance Cost Calculator
Use this tool to calculate your life insurance premium estimate.
Common Life Insurance Choices for Seniors
Because life insurance usually becomes more expensive as you get older, seniors might have fewer options when it comes to policy availability and cost. Here are some life insurance choices for seniors who may get priced out of standard life insurance coverage.
Life Insurance for Seniors With No Medical Exam
Most life insurance policies require a medical exam, which in part determines whether the insured person is eligible for coverage and at what cost. Some companies offer no-exam policies, which typically cost more than traditional policies but are more likely to extend coverage to applicants with medical conditions. Some no-exam policies are guaranteed issue plans, which means the company cannot deny you coverage as long as you meet the age and death benefit requirements.
Final Expense Life Insurance for Seniors
Also known as burial insurance, final expense life insurance is intended to cover end-of-life expenses that your loved ones would otherwise have to pay. Final expense policies generally provide lower coverage amounts because they extend coverage to higher-risk seniors who may have pre-existing health conditions.
Life Insurance for Seniors with Medicare
Medicare is the federal health insurance program for U.S. citizens aged 65 or older. Medicare does not offer life insurance, though one of our top picks — Mutual of Omaha — offers both Medicare coverage and life insurance.
Affordable Life Insurance for Seniors
We researched costs for all the life insurance providers in our review by requesting quotes for a sample applicant. Here are our top providers in order of premium rates, starting with the lowest-cost provider for seniors only, for anyone aged 55 and younger we research affordable life insurance companies overall.
We did not include State Farm on the above list because we were unable to obtain cost information for the company. Contact the company directly for more details on pricing.
Is Life Insurance Worth It for Seniors?
Whether life insurance is worth it depends on your personal circumstances and financial goals. Here are some factors to consider:
- Dependents: If you have dependents, such as a spouse or children, life insurance can provide financial support in the event of your unexpected death.
- Debts: If you have significant debts, such as a mortgage or student loans, life insurance can help pay off those amounts and prevent your loved ones from inheriting the burden.
- Final expenses: Funeral and burial costs can be expensive. Life insurance can help cover these costs and ease the financial burden on your family.
Overall, life insurance can be a valuable tool offering peace of mind that anyone who relies on you financially is protected when you pass. If you have no debts or dependents, you may not get the full benefits of life insurance. Speaking with a trusted financial advisor can help you decide whether life insurance is a good idea.
Frequently Asked Questions About Senior Life Insurance
To get a quote for life insurance, you can go to the insurance company’s website or speak directly to an agent. You’ll need to submit some personal information such as your age, gender and ZIP code. Some companies and policies have age limits, and exact quotes will depend on a variety of factors, such as your health status and lifestyle.
The best life insurance policy for seniors will depend on factors such as your financial situation, age and health. We recommend consulting a licensed life insurance agent or financial advisor to help you find coverage that meets your needs. For example, seniors with several pre-existing conditions could be limited to buying guaranteed issue policies, while younger seniors and those in excellent health may qualify for more plans and coverage amounts.
Ultimately, the decision to purchase final expense coverage is up to you. While it is not required, final expense life insurance coverage is intended to cover the costs associated with your death. It can be a good way to protect your loved ones from having to pay out of pocket for funeral arrangements, burial costs and other end-of-life expenses.
Some insurance companies feature no-exam life insurance plans for seniors. Our top pick, Fidelity Life, offers RAPIDecision Senior Life Term policies that do not require a medical exam. No-exam life insurance policies may work for seniors who have pre-existing conditions and experience trouble qualifying for other types of coverage.
Methodology: Our System for Ranking the Best Life Insurance Companies
Our team researches and ranks life insurance companies using an in-depth scoring system that considers the factors most important to consumers like you. Our analysis includes a comprehensive review of each provider we feature based on available coverage, customizability, availability, customer service and company reputation. Here are the factors we take into consideration when rating life insurance providers:
- Brand trust (40%): Life insurance payouts can exceed $100,000 or more, which makes choosing a reputable and trustworthy installer important. To assess brand trust, we use J.D. Power and Associates customer satisfaction surveys, AM Best credit rating scores and the National Association of Insurance Commissioners (NAIC) complaint index. The higher a company scores in each area, the more points it receives.
- Coverage (33%): The more policy options a life insurance company offers, the more opportunities you have to obtain the right coverage for your specific needs. For this reason, we give companies the most points for offering multiple types of life insurance, including various term, permanent and no-exam options.
- Availability and ease of use (19%): Since life insurance coverage options can be complex, we consider the ways a customer can reach a company — and how easy communication is. For this category, we research how many communication channels a company offers for general customer support, claims processing and the application process. Companies earn the most points for offering various ways to interact with an agent, both in-person and online.
- Riders (8%): Companies offering various life insurance riders or endorsements allow policyholders to better customize their coverage. In this category, we determine how many riders a company offers and award the most points to providers with more than 10 options.