LIFE INSURANCE FOR SENIORS
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Way.com: The Better Way to Shop for Life Insurance
No Medical Exams
100% Online
Get estimates in seconds
4.9/5 Rating on the App Store
Key Takeaways
Your needs and current financial situation are the two most important aspects that play a role in determining whether or not you should purchase an insurance policy—buying a life insurance policy for anyone aged between 55 and 90 is typically senior life insurance. Although we might consider life insurance a burden when discussing senior citizens, there are quite a few reasons why seniors need life insurance.
Life insurance can provide seniors and their families with a sense of financial security by helping to pay off outstanding debts, medical expenses, and other costs associated with end-of-life care. If the senior passes away unexpectedly, their loved ones may be able to rely on the money from their life insurance policy.
As we get older, it is important to start thinking about our estate planning, and life insurance can provide funds that can be used to pay estate taxes or for the transfer of wealth.
Here are the best life insurance companies for seniors that cater to their financial needs post sixty years of age. The different policies offered; the AM best rating of the companies is discussed below.
| Company | Policies Offered | Maximum Issue Age | AM Best Rating | |
|---|---|---|---|---|
| New York Life | Term, Whole, Universal | Term-75 | Whole-90 | A++ |
| Prudential | Term, Universal, Survivorship | Up to 90 | A+ | |
| State Farm | Term, Whole, Universal | Term-75 | Whole-80 | A++ |
| Mutual of Omaha | Whole, Universal, Variable | NA | A+ | |
| Guardian | Term, Whole, Universal | Term-75 | Whole-90 | A++ |
Here are the best life insurance companies for seniors with advantages and drawbacks.
New York Life has many life insurance policies to suit different needs. Its term life policies have terms of 10–20 years and can be converted to permanent policies for a fee. Its permanent life policies offer customized death benefits and cash value growth options. However, New York Life does not offer online quotes or purchases.
| Pros | Cons |
|---|---|
| Different policy variants are available. | A medical examination is needed for some policies |
| Availability of custom coverage | Cannot apply online |
| Can convert term policy to permanent policy. |
Prudential is a good option if you are over 60 and looking for the best policy options and coverage. In addition to more flexible income requirements, Prudential provides senior citizens who suffer from asthma or depression coverage options that are among the most affordable in the industry.
| Pros | Cons |
|---|---|
| Flexibility in the income requirements | Not suitable for younger applicants |
| Good choice for applicants above 60 years | A medical examination is required for almost every policy. |
| Considers applicants with any immigration status. |
If you are a senior looking for term life insurance, State Farm offers several variants like Select Term, Return of Premium Term, and Instant Answer Term. After the term expires, the company allows you to keep the policy in force; it can be renewed each year at your current age until you turn 95. State Farm additionally provides a Return of Premium Term policy. If the death benefit is not used within the policy's 20- or 30-year term, you are eligible to receive a refund of your premiums.
| Pros | Cons |
|---|---|
|
Extensive availability of term policies |
There are age restrictions for policies with no examination |
|
Renewability of policies up to 95 years |
|
|
Restricted no exam policies are available |
|
It is the best option for guaranteed issue life insurance because it offers the most comprehensive coverage in addition to not requiring a medical exam. Mutual of Omaha may be more expensive than its competitors. Still, it stands out in terms of its financial stability and the satisfaction level it provides its customers. Similarly, if you are a senior planning to purchase a final expense policy, you can do so.
| Pros | Cons |
|---|---|
| Good financial strength | Policies are costlier |
| Excellent customer ratings | The turnaround pace is slower. |
| A medical examination is not required for older applicants. |
Guardian Life, life insurance policies have different age limits depending on the policy and terms. Term life policies have a maximum age of 75, while variable universal policies have 85.
Long-term care, waiver of premium, guaranteed insurability, accelerated terminal illness, guardian participation index, and charitable benefit riders are available for most policies. Like many insurance companies, you may need an agent to buy a whole life policy, but you can apply for a term life policy online.
| Pros | Cons |
|---|---|
| Availability of many insurance riders | Certain policies are unavailable in Newyork |
| Flexible premiums | Online applications only for term life policies. |
The average cost of life insurance for a senior female across insurance companies and policies that provide coverage for $500,000 and $1,000,000 for ten years is $2656 and $4861, respectively.
| Company | Term life insurance policy name | Cost per year: 70-year-old female for $500,000 in coverage for 10 years | Cost per year: 70-year-old female for $1,000,000 in coverage for 10 years |
|---|---|---|---|
| Protective | Classic Choice | $2,325 | $4,312 |
| Pacific Life | PL Promise Term | $2,325 | $4,312 |
| Principal | Term | $2,325 | $4,312 |
| Penn Mutual | Non-Convertible Term | $2,394 | $4,328 |
| Ohio National | FlexTerm Series XI | $2,401 | $4,351 |
| Equitable | Term Series 160 | $2,401 | $4,331 |
| American General | Select-a-Term | $2,417 | $4,580 |
| Midland National | Premier Term | $2,461 | $4,581 |
| Minnesota Life | Advantage Elite Select | $2,466 | $4,851 |
| Transamerica | Trendsetter Super | $2,716 | $4,766 |
| Ameritas | Value Plus Term | $2,716 | $4,996 |
| Nationwide | YourLife GLT | $2,871 | $5,201 |
| Mutual of Omaha | Term Life Answers | $3,038 | $4,818 |
| Guardian | Level Term | $3,106 | $5,786 |
| USAA | Level Term | $3,170 | $6,045 |
The average cost of life insurance for a senior female across insurance companies and policies that provide coverage for $500,000 and $1,000,000 for ten years is $3979 and $7587, respectively.
| Company | Term life insurance policy name | Cost per year: 70-year-old male for $500,000 in coverage for 10 years | Cost per year: 70-year-old male for $1,000,000 in coverage for 10 years |
|---|---|---|---|
| Transamerica | Trendsetter Super | $3,396 | $6,396 |
| Protective | Classic Choice | $3,690 | $7,044 |
| Pacific Life | PL Promise Term | $3,690 | $6,935 |
| Principal | Term | $3,690 | $8,875 |
| Penn Mutual | Non-Convertible Term | $3,740 | $7,046 |
| Equitable | Term Series 160 | $3,741 | $7,291 |
| Ameritas | Value Plus Term | $3,881 | $7,396 |
| Ohio National | FlexTerm Series XI | $3,896 | $7,091 |
| American General | Select-a-Term | $3,900 | $7,280 |
| Mutual of Omaha | Term Life Answers | $3,938 | $7,668 |
| Minnesota Life | Advantage Elite Select | $4,126 | $8,171 |
| Guardian | Level Term | $4,311 | $8,246 |
| Nationwide | YourLife GLT | $4,666 | $8,471 |
| USAA | Level Term | $5,370 | $9,155 |
| Age | $10,000 | $25,000 |
|---|---|---|
| 50 | $70 | $107 |
| 60 | $61 | $144 |
| 70 | $97 | $221 |
| 80 | $181 | $425 |
By focusing on a few factors, you can choose a senior life insurance policy that meets your needs and provides financial security for your loved ones.
Based on the general requirements of seniors, these are the types of life insurance policies that can be opted for by seniors.
Since its reasonably priced, term life insurance is an option that can be considered for people of any age. This insurance is offered for five, ten, twenty, and even thirty years. However, once the term is up, the insurance policy will no longer be valid, and the benefits shall be received only during the active policy period.
Permanent insurance can be broken down into whole life and universal. These will provide the policyholder with life insurance coverage for the entirety of the policy's term. A cash value addition is included, which can potentially increase in value over time. For this reason, permanent life insurance can also be considered a form of investment.
Seniors over 60 or 70 should steer clear of whole life or universal insurance, both of which can be quite expensive
Simplified issue life insurance is a good option if you are looking for benefits that cover the cost of funeral expenses and give a small inheritance to the beneficiary. In addition to this, it is not necessary to undergo a medical examination; rather, a health questionnaire must be completed.
Guaranteed life insurance is a perfect alternative for senior citizens who aren't in the best of health. This is because it does not reject claims based on health-related issues and does not demand any kind of medical examination. However, the premiums are significantly higher, and the coverage is substantially lower.
When considering insurance tailored to senior citizens, we might think about supplemental or final expense insurance. In other words, these would be sufficient to cover the funeral costs and any other costs associated with the end of life. Similarly, supplemental insurance can prepare you financially for a serious illness.
If you are over 70 and looking for life insurance, it is recommended that you choose either supplemental or final expense insurance as your policy type. In other words, opt for policies that do not require a medical exam to be purchased.
Different life insurance policies with no medical examinations are available with Nationwide, Haven Life, Guardian, Penn Mutual, and Pacific Life insurance providers.
The life insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
The best policy for your family will depend on various factors, including your family's financial situation, health needs, and lifestyle preferences—for example, the size of your family, income, health needs, and your life preferences. Counting in the different policies and quotes will help you understand the best policy for your family.
Term life insurance policies typically cover 10–30 years. If your death has happened after the policy has expired, your beneficiaries will not receive a death benefit. Some term life insurance policies allow renewal or conversion into a permanent policy. Renewing or converting the policy may require a higher premium but will benefit your beneficiaries.
For older people in poor health, guaranteed issue insurance is a good choice. This life insurance does not require you to undergo a medical exam or answer any health-related questions, and if you apply for it, you will never be denied coverage regardless of your health.
Seniors should buy term or whole life insurance depending on their needs, budget, and duration. A term policy may be a good choice if you only need coverage for a short time, like the last few years of mortgage payments. Get permanent whole life or burial insurance to provide for loved ones after death.
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