2024 Best Life Insurance Companies for Seniors

Senior life insurance policies can be harder to come by and at a much higher cost than policies for young or middle-aged adults. Unfortunately, with age comes risk, but that shouldn’t mean that seniors should be ineligible for a quality and affordable life insurance policy.

There are many life insurance policies available, offered by many different life insurance companies. This article breaks down some of the best life insurance companies for seniors by policy type so you can make an informed decision when buying your policy.

Best Senior Life Insurance Companies

The best life insurance for seniors will be flexible with age, coverage amounts, and in some cases, health status. Of course, most people want to settle for the cheapest life insurance policy, but sometimes coverage matters more than the price for seniors.

In short, seniors are at a greater risk of inheriting a chronic illness which ultimately influences life insurance rates and eligibility. In fact, the National Council on Aging indicates that 80% of seniors have at least one chronic condition.

Again, age and health shouldn’t entirely disqualify seniors for life insurance. Instead, those with age-related health concerns may just need to choose a different policy type. This is why we’ve broken down the best life insurance companies for seniors by policy type, highlighted below.

Best Overall: AIG

Term Life Insurance: Transamerica

Guaranteed Universal Life Insurance: Lincoln Financial

Whole Life Insurance: MassMutual

Final Expense Insurance: Mutual of Omaha

Guaranteed Issue Life Insurance: AIG

In the forthcoming sections, we’ll provide a more comprehensive overview of each of the companies listed above.

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Best Senior Life Insurance Companies by Coverage Type

There are many life insurance policy options for seniors. At the end of the day, the best policy and company will ultimately depend on a person’s age, health, and life insurance needs. For example, there are some age restrictions associated with some policy types.

In addition, any seniors with major health concerns might not be eligible for a traditional term or whole life insurance policy. Instead, these seniors may need to rely on final expense or guaranteed issue life insurance policies to get adequate coverage. (For more information, read our “Best Term Life Insurance Companies & Coverage Options“).

Of course, each person’s life insurance needs differ. If you’re a high-profile senior with a large estate and outstanding debts, you might want a larger death benefit. Some policies, such as final expense insurance, won’t offer a major death benefit. A guaranteed universal life insurance policy could be a more suitable option in this case.

On the other hand, some seniors may not have a large estate or many close relatives. For these seniors, it might be worthwhile to invest in a final expense insurance policy designed to cover the costs of a funeral.

If you’re still unsure which policy is best for you, the following sections should help simplify any important details related to each policy type. Below, we have a brief comparison of our top life insurance companies for seniors.

Best Senior Life Insurance Companies by Life Insurance Type

While you may see that AIG is listed as our top guaranteed-issue life insurance company, it also offers an abundance of other policy types which are almost always available to seniors. This is why we’ve classified AIG as the best overall life insurance company for seniors.

Below, we break down each of the best companies by policy type.

Best Term Life Insurance for Seniors

Company Name: Transamerica

A.M. Best Rating: A

Policy Name: TrendSetter Super

• Type of Coverage: Term Life Insurance

• Minimum Death Benefit: $25,000

• Maximum Death Benefit: $1,000,000+

• Term Lengths: 10, 15, 20, 25, and 30 years

• Age Range: 18-80 years old

• Pros

• • • Flexible coverage amounts for seniors
    • Longer term lengths than competitors
    • Plans are convertible
    • May not require a medical exam

• Cons

• • May not be available to those over 80
  • Potential eligibility issues for unhealthy seniors

For additional information see our Transamerica Life Insurance Review.

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Company Name: Lincoln Financial Group

A.M. Best Rating: A+

Policy Name: LifeGuarantee UL

• Type of Coverage: Guaranteed Universal Life Insurance

• Minimum Death Benefit: $100,000

• Maximum Death Benefit: $1,000,000+

• Age Range: 18-85 years old

• Pros

• • • Complementary and optional living benefits riders
    • High potential coverage amounts
    • Large age range covered

• Cons

• • High minimum coverage amount
  • May require a physical within the past year

For additional information see our Lincoln Life Insurance Review.

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Company Name: MassMututal

A.M. Best Rating: A++

Policy Name: Whole Life Legacy

• Type of Coverage: Participating Whole Life Insurance

• Minimum Death Benefit: $25,000

• Maximum Death Benefit: $1,000,000+

• Age Range: 0-85 years old

• Pros

• • • High potential coverage amounts
    • Large age range covered
    • Guaranteed coverage and cash values
    • Cash value can earn dividends
    • Multiple payment options

• Cons

• • One of the most expensive policy options

For additional information see our MassMutual Life Insurance Review.

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Company Name: Mutual of Omaha

A.M. Best Rating: A+

Policy Name: Living Promise Whole Life Insurance

• Type of Coverage: Final Expense Whole Life Insurance

• Minimum Death Benefit: $2,000

• Maximum Death Benefit: $40,000

• Age Range: 50-85 years old

• Pros

• • • Covers most seniors
    • Can be more affordable
    • No medical exam required
    • Potential cash value growth

• Cons

• • Smaller death benefit (designed for funeral expenses)
  • May not deliver full death benefit for two years

For additional information, see our Mutual of Omaha Life Insurance Review.

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Company Name: AIG

A.M. Best Rating: A

Policy Name: Guaranteed Issue Whole Life Insurance

• Type of Coverage: Guaranteed Approval Whole Life Insurance

• Minimum Death Benefit: $5,000

• Maximum Death Benefit: $25,000

• Age Range: 50-85 years old

• Pros

• • • Covers most seniors
    • No medical exam required
    • Fast application process
    • Complementary living benefits riders

• Cons

• • Smaller death benefit
  • Can be more expensive than other options
  • May not deliver full death benefit for two years

For additional information, see our AIG Life Insurance Review.

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Choosing the Best Senior Life Insurance

When it comes to choosing the best life insurance policy, most people simply want the cheapest policy. The cheapest life insurance policy for seniors will vary based on the policy type they choose or are eligible for.

If you’re a senior and you need $500,000 in coverage, you can’t expect to pay the same amount as a senior who is buying a low-coverage final expense insurance policy. Life insurance rates vary greatly for seniors depending on age, health, and coverage amount in addition to other factors.

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To get the best rates, you’ll want to determine how much coverage you need and compare life insurance policy types and companies to see which is the most affordable while meeting your needs. Some policy types are easier to predict than others. Below, you can see how much you might pay for final expense insurance with Mutual of Omaha.

Sample Mutual of Omaha Final Expense Rates for a $15,000 Policy

As you can see, even final expense rates can change dramatically as age increases. It’s not uncommon for older adults to pay twice as much for life insurance if they wait to buy a policy for a decade. If you’re considering life insurance, it’s best to invest sooner rather than later.

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Best Senior Life Insurance: The Bottom Line

While seniors may pay more for life insurance than young adults, this doesn’t mean that life insurance has to be overwhelmingly expensive. There are many options for seniors with different financial needs.

To get the best coverage, seniors should determine how much life insurance they need and get quotes from multiple providers. We feel confident that our top senior life insurance companies would be a great place to start.

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