Guardian, New York Life and USAA top our list of the best life insurance companies for seniors.
The cost of life insurance coverage can increase with age, but many insurers will accommodate older adults, even if they’re not in the best of health.
Here are NerdWallet’s picks for the best life insurance companies for seniors based on factors such as maximum issue age, flexibility and medical exam requirements.
About Guardian’s life insurance for seniors
Guardian Life offers both term and whole life insurance that suit seniors, but the company’s payment options are particularly helpful if you expect to have lower or less flexible income in later years. Note that Guardian is also a mutual company, so permanent policyholders may be eligible for dividends.
📄 Policy type: Term.
Coverage amount: $100,000+.
Max issue age: 75 (1-year and 10-year terms), 70 (15-year term), 65 (20-year term).
📄 Policy type: Whole.
Coverage amount: $25,000+.
Max issue age: 90.
Riders available:
- Accelerated death benefit.
- Accidental death benefit.
- Waiver of premium.
- DuoGuard (beneficiary purchase option).
- Guaranteed insurability.
- Paid-up additions.
- Index participation feature.
- Lifetime protection builder.
- Long-term care.
- Policy split option.
- 10-year annually renewable term.
- Disability income waiver benefit.
Online experience: Guardian’s site has helpful information about life insurance generally but doesn’t offer many policy-specific details. Once you’re a policyholder, you can manage your life insurance and change beneficiaries online.
What to know about applying for a policy: You can get an estimated rate for a term life policy online but you’ll have to connect with Guardian’s financial professionals for whole life quotes. Most Guardian Life policies require a medical exam.
Where this insurer stands out: Guardian offers several options for when and how you pay for whole life insurance. For example, you can choose to pay premiums for a period of 10 or 20 years, after which the policy is paid up — it stays active, but you no longer owe any money for it. (You can also do regular, continuing payments if you’d prefer.)
Guardian also makes our list of cheap life insurance thanks to its affordable rates for term life insurance.
» Read the full review: Guardian Life insurance
About AARP / New York Life’s life insurance for seniors
AARP is one of our top picks for best burial insurance. Any AARP member can qualify for up to $30,000 in guaranteed acceptance life insurance from New York Life, which is a generous coverage amount for this type of policy.
📄 Policy type: Guaranteed Acceptance Life Insurance.
Coverage amount: Up to $30,000. You may be able to request a higher coverage amount by calling New York Life.
Max issue age: 85 (80 in certain states and territories; 75 in New York).
Riders: N/A.
Online experience: AARP’s site is fairly transparent about policy details and offers the ability to get a quote and apply for term, whole life and guaranteed acceptance life insurance online. The AARP/NYL program even has its own online portal where you can make payments and manage beneficiaries.
What to know about applying for a policy: This coverage is permanent and doesn’t require a medical exam or health questions. AARP members and their spouses up to age 85 are eligible in most locations, but a few states and territories have lower age limits to apply. If you’re not an AARP member yet, don’t worry. You can still get a quote and purchase a policy, but your AARP membership fee will be included in your first premium.
Where this insurer stands out: If you might not qualify or be able to afford other types of coverage due to your age or health, AARP’s burial insurance through New York Life is worth considering. Older adults and seniors can use these smaller whole life policies to cover the cost of final expenses for their loved ones.
» Read the full review: AARP/New York Life life insurance
About USAA life insurance for seniors
Unlike some of its other financial products, USAA’s life insurance isn’t limited to military families so anyone can apply. And for seniors looking to skip the medical exam, USAA offers a guaranteed issue policy, underwritten by Mutual of Omaha.
📄 Policy type: Term.
Coverage amount: $100,000 to $10 million.
Max issue age: 70.
📄 Policy type: Whole.
Coverage amount: $25,000 to $10 million.
Max issue age: 85.
Riders:
- Term life event option rider.
- Military severe injury benefit.
- Military future insurability.
- Accelerated death benefit.
- Life Event Option (LEO).
- Waiver of premium.
Online experience: USAA’s website offers basic policy information and the ability to get a quote for both term and permanent life insurance. But you won’t be able to actually buy a policy online.
What to know about applying for a policy: USAA’s Eagle Express can offer same-day coverage without a medical exam to those who qualify, but other policies may require one.
Where this insurer stands out: USAA’s term policies allow you to convert to permanent life insurance if you decide you want lifelong coverage before the term ends.
» Read the full review: USAA life insurance
About Northwestern Mutual life insurance for seniors
Northwestern Mutual has both term and whole life policies. Since the company’s life insurance offerings require a medical exam, these options are best for relatively healthy seniors looking for traditional life insurance rather than guaranteed issue or burial insurance.
📄 Policy type: Term.
Coverage amount: $100,000+.
Max issue age: 70.
📄 Policy type: Whole.
Coverage amount: $50,000+.
Max issue age: 85.
Riders:
- Waiver of premium.
- Additional purchase benefit.
- Accelerated care benefit.
Online experience: Northwestern Mutual’s site is a little vague about policy details, so plan on speaking to an agent when you’re ready to learn more. You’ll be asked for contact information so you can be matched to a financial advisor in your region.
What to know about applying for a policy: Northwestern Mutual is open about its life insurance policies requiring medical review, so you’ll probably be asked to take a medical exam.
Where this insurer stands out: Northwestern Mutual has better complaint rates than most life insurance companies NerdWallet reviews. The company also consistently ranks near the top of J.D. Power studies on customer satisfaction with individual life insurance.
» Read the full review: Northwestern Mutual life insurance
About MassMutual life insurance for seniors
MassMutual gets top marks for financial strength and complaint rates. This insurer is also a mutual company, which means some permanent policyholders may be eligible to earn dividends. Just note MassMutual may require a medical exam to qualify for life insurance, so these policies will be more accessible to older adults without major health conditions.
📄 Policy type: Term.
Coverage amount: $100,000+.
Max issue age: 75.
📄 Policy type: Whole.
Coverage amount: $25,000+.
Max issue age: 90.
Riders:
- Accelerated death benefit.
- Waiver of premium.
- Paid-up additions.
- Long-term care access.
- Guaranteed insurability.
- Renewable term.
- Life insurance supplement.
- Yearly term purchase.
Online experience: MassMutual’s site provides helpful information around deciding what kind and how much life insurance you need, but not the policy details that come in handy when you’re trying to comparison shop. The good news is MassMutual does have an app for policyholders that gets positive reviews.
What to know about applying for a policy: Most MassMutual policies require a medical exam to qualify. You’ll also have to work with an agent if you want to get a quote, apply for or purchase a policy.
Where this insurer stands out: Because it issues policies at high maximum ages, MassMutual whole life insurance might be accessible to older applicants even after many competitors’ policies aren’t due to age.
» Read the full review: MassMutual life insurance
What is the best life insurance coverage for seniors?
If you’re an older adult, the best life insurance coverage depends on your family’s needs and your financial situation. If you have dependents and a mortgage, the higher coverage amounts offered by traditional term life policies may be a better fit.
However, if you’re looking to use life insurance for final expenses or a modest inheritance, smaller amounts of whole life insurance could be more than enough to meet your needs.
Is life insurance for seniors worth it?
Life insurance rates can rise dramatically as you age, so it’s natural to wonder if buying life insurance is a smart financial decision over the age of 60. If you don’t have anyone who depends on you financially, you may not need life insurance.
Keep in mind, though, that small amounts of life insurance may be helpful for your loved ones in the immediate aftermath of your death. These funds don’t get caught up in probate through an estate and can be used to pay for funeral and burial costs or any lingering medical bills.
How much does life insurance for seniors cost?
Let’s look at a healthy, nonsmoking 60-year-old applicant. A man can expect to pay $2,644 per year for a $500,000, 20-year term life policy, while a woman could pay $1,885, according to LifeStein.com, a life insurance brokerage. For a whole life policy worth $500,000, the average annual cost is $14,517 for a man and $12,670 for a woman.
Pros and cons of life insurance for seniors
Pros
- Pays out a death benefit to your loved ones.
- May provide cash value you can borrow against in retirement.
Cons
- Higher premiums with age.
- Lower coverage amounts.
More about buying life insurance as a senior
Term and whole life insurance are widely available, and can be good options for seniors in many cases.
If you can’t find a traditional term or whole life policy, look into guaranteed issue life insurance. These policies don’t require a medical exam, and acceptance is guaranteed. Alternatively, you may want to consider burial insurance. These are small whole life policies that can help cover end-of-life costs like funeral expenses.
